KARACHI: Pakistan Stock Exchange Friday witnessed a bearish trend due to panic selling on investor concern over deteriorating political and law & order situation in the country.

The benchmark KSE-100 Index declined by 234.40 points or 0.56 percent and closed below 42,000 psychological level at 41,856.31 points. The index hit 41,718.90 points intraday low.

Trading activity also remained low as daily volumes on ready counter decreased to 298.094 million shares as compared to 325.716 million shares traded Thursday. The daily traded value on ready counter declined to Rs 5.465 billion against Thursday’s Rs 7.208 billion.

BRIndex100 lost 29.52 points or 0.7 percent to close at 4,171.03 points with total daily turnover of 208.482 million shares.

BRIndex30 plunged by 213.93 points or 1.37 percent to close at 15,415.15 points with total daily trading volumes of 138.974 million shares.

The market capitalization declined by Rs 39 billion to Rs 6.733 trillion. Out of total 343 active scrips, 198 closed in negative and 113 in positive while the value of 32 stocks remained unchanged.

WorldCall Telecom was the volume leader with 73.160 million shares and gained Rs 0.03 to close at Rs 1.57 followed by Hascol Petroleum that inched up by Rs 0.05 to close at Rs 8.39 with 73.150 million shares. SSGC increased by Rs 0.82 to close at Rs 10.37 with 9.357 million shares.

Sanofi-Aventis and Pak Tobacco were the top gainers increasing by Rs 45.95 and Rs 18.00 respectively to close at Rs 1,028.00 and Rs 918.00 while Abbott Lab and Ismail Industries were the top losers declining by Rs 43.15 and Rs 36.75 respectively to close at R 551.85 and Rs 453.25.

An analyst at Topline Securities said that the KSE-100 Index traded in the negative zone during the trading session on account of assassination attempt on PTI`s Chief in which he managed to escape with minor injuries, which has resulted in increase in political tension across the country.

The KSE-100 Index declined 0.56 percent to settle at 41,856 level. Major contribution to the index came from DAWH, FATIMA, HMB, PAKT and NBP, as they cumulatively contributed 45 points to the index, on the flip side FFC, HBL, OGDC, TRG and ABOT lost value to weigh down on the index by 153 points.

BR Automobile Assembler Index decreased by 30.37 points or 0.34 percent to close at 8,845.17 points with total turnover of 2.388 million shares.

BR Cement Index declined by 67.13 points or 1.48 percent to close at 4,468.56 points with 17.733 million shares.

BR Commercial Banks Index inched down by 21.48 points or 0.26 percent to close at 8,199.29 points with 14.261 million shares.

BR Power Generation and Distribution Index fell by 10.28 points or 0.15 percent to close at 6,722.70 points with 8.594 million shares.

BR Oil and Gas Index lost 15.73 points or 0.42 percent to close at 3,772.51 points with 88.342 million shares.

BR Tech. & Comm. Index closed at 4,347.17 points, down 72.03 points or 1.63 percent with 98.410 million shares.

An analyst at Arif Habib Limited said that a negative session was observed at the PSX. Due to the ongoing political uneasiness, the market tanked as soon as the bell rang and kept losing ground during both sessions, which caused investors to shy away from the equity market, drying up volumes across the board while third-tier equities continued to garner attention.

Sectors contributing to the performance include Technology and Communication (down 55.4 points), Cement (down 55.8 points), Commercial Banks (down 22.3 points), E&P (down 23.7 points) and Pharmaceuticals (down 25.3 points).

Copyright Business Recorder, 2022

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