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KARACHI: Pakistan Stock Exchange (PSX) on Friday remained under pressure and closed on negative note due to selling on investor concerns over prevailing political situation in the country.

The benchmark KSE-100 index fell by 89.48 points or 0.21 percent and closed at 42,730.24 points. During the session, the index hit 42,600.28 points intra-day low level.

Total daily trading volumes on ready counter stood at 189.283 million shares as compared to 181.226 million shares traded on Thursday while total daily traded value on ready counter declined to Rs 5.060 billion against previous session’s Rs 6.159 billion.

BRIndex100 lost 17.18 points or 0.4 percent to close at 4,302.69 points with total daily turnover of 152.225 million shares.

BRIndex30 declined by 164.32 points or 1.01 percent to close at 16,115.12 points with total daily trading volumes of 121.154 million shares.

The foreign investors however remained net buyers of shares worth $143,406.Total market capitalization declined by Rs 10 billion to Rs 6.826 trillion. Out of total 334 active scrips, 186 closed in negative and 121 in positive while the value of 27 stocks remained unchanged.

Unity Foods was the volume leader with 58.795 million shares however declined by Rs 0.65 to close at Rs 16.72 followed by WorldCall Telecom that closed at Rs 1.45, down Rs 0.01 with 14.851 million shares. Hascol Petroleum gained Rs 0.02 to close at Rs 7.88 with 9.850 million shares.

Sapphire Fiber and Premium Textile were the top gainers increasing by Rs 76.69 and Rs 46.65 respectively to close at Rs 1230.00 and Rs 668.75 while Allawasaya Textile and Reliance Cotton were the top losers declining by Rs 182.41 and Rs 47.30 respectively to close at Rs 2249.77 and Rs 625.91.

An analyst at Arif Habib Limited said that a negative session was witnessed at the PSX. The market opened in the negative zone and continued to trade in the same range as a lack-luster opening session concluded. Investors’ participation in the market remained low due to the ongoing political chaos. The second session began with the same momentum and remained negative until the closing bell. The mainboard volumes remained decent, as third-tier companies continued to dominate the volume board.

Sectors contributing to the performance include Commercial Banks (down 27.4points), Technology & Communication (down 24.3points), E&P’s (down 22.4points), Textile Composite (down 12.0points) and Vanaspati & Allied Industries (down 8.2points).

BR Automobile Assembler Index decreased by 41.7 points or 0.47 percent to close at 8,879.62 points with total daily turnover of 6.241 million shares.

BR Cement Index inched up by 4.74 points or 0.11 percent to close at 4,495.41 points with 9.799 million shares.

BR Commercial Index lost 28.73 points or 0.34 percent to close at 8,461.94 points with 11.940 million shares.

BR Power Generation and Distribution Index gained 15.53 points or 0.22 percent to close at 6,973.16 points with 7.356 million shares.

BR Oil and Gas Index closed at 3,891.50 points, down 6.41 points or 0.16 percent with 20.491 million shares.

BR Tech & Comm. Index declined by 42.09 points or 0.89 percent to close at 4,672.45 points with 28.256 million shares.

An analyst at Topline Securities said that the KSE-100 Index remained under pressure during the trading session, where index declined to make an intraday low of minus 219 points and settled at 42,730 level, down by 0.2 percent.

This pressure in market can be attributed to news that Pakistan and IMF after another round of engagement couldn’t finalize a schedule for formal talks on the overdue ninth review of a $7.0 billion loan programme amid a lack of clarity on flood-related financial requirements and declining revenue stream in the wake of lower imports.

TRG, PPL, UBL, OGDC and BAHL lost value to weigh down on the index by minus 86 points.

Copyright Business Recorder, 2022

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