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KARACHI: Pakistan Stock Exchange Monday witnessed a bloodbath due to across-the-board selling on investor concerns over prevailing economic and political situation in the country.

The market opened in the green, but lack of investor participation and redemptions caused the market to close in deep red with heavy losses.

The benchmark KSE-100 Index plunged by 537.43 points or 1.28 percent and closed below 42,000 crucial level at 41,612.67 points. The index hit 42,248.53 points intraday high and 41,513.91 points intraday low.

Trading activity remained very thin as total daily volumes on ready counter decreased to 126.256 million shares as compared to 143.209 million shares traded on last Friday while total daily traded value on ready counter declined to Rs 3.244 billion against previous session’s Rs 5.094 billion.

PSX remains under severe pressure

BRIndex100 decreased by 73.06 points or 1.73 percent to close at 4,152.24 points with total daily turnover of 98.715 million shares.

BRIndex30 declined by 241.31 points or 1.56 percent to close at 15,276.60 points with total daily trading volumes of 60.801 million shares.

Foreign investors however remained net buyers of shares worth $36,432. Total market capitalization declined by Rs 66 billion to Rs 6.661 trillion. Out of total 329 active scrips, 250 closed in negative and only 61 in positive while the value of 18 stocks remained unchanged.

WorldCall Telecom was the volume leader with 9.849 million shares however lost Rs 0.05 to close at Rs 1.36 followed by Fauji Cement that closed at Rs 12.51, down Rs 0.65 with 9.477 million shares. Hascol Petroleum gained Rs 0.07 to close at Rs 7.76 with 8.038 million shares.

Pak Services and Reliance Cotton were the top gainers increasing by Rs 64.57 and Rs 40.00 respectively to close at Rs 926.31 and Rs 705.00 while Premium Textile and J.D.W. Sugar were the top losers declining by Rs 35.11 and Rs 27.72 respectively to close at Rs 650.00 and Rs 416.28.

An analyst at Topline Securities said that Pakistan equities closed negative where benchmark KSE-100 Index settled at 41,612 level, down 1.28 percent.

After a slight positive opening market witnessed profit taking as investor varied over delayed IMF 9th review and subsequent approval of $1.2 billion loan tranche followed by unstable economic conditions and poor foreign reserves led the investor’s confidence in check. Market made an intraday low of 635 points where major pressure came from SYS, LUCK, ENGRO, MTL and CHCC cumulatively dented the Index by 194 points.

BR Automobile Assembler Index declined by 164.03 points or 1.91 percent to close at 8,420.53 points with total turnover of 3.342 million shares.

BR Cement Index plunged by 162.68 points or 3.91 percent to close at 3,997.73 points with 16.440 million shares.

BR Commercial Banks Index lost 78.78 points or 0.93 percent to close at 8,353.97 points with 6.701 million shares.

BR Power Generation and Distribution Index fell by 94.08 points or 1.37 percent to close at 6,752.22 points with 10.731 million shares.

BR Oil and Gas Index inched down by 46.92 points or 1.22 percent to close at 3,802.57 points with 13.837 million shares.

BR Tech. & Comm. Index closed at 4,642.69 points, down 103.7 points or 2.18 percent with 18.684 million shares.

“A bloodbath session was recorded at the PSX,” an analyst at Arif Habib Limited said. The market opened in the green, but lack of investor participation and redemptions caused the KSE-100 index to drop 632.29 points intraday and close in the red.

Volumes in the main-board dried up notably as a result of political noise in the country, and third-tier companies continued to lead the volume board. Sectors contributing to the performance include Cement (down 127.1 points), Technology & Communication (down 89.0 points), Commercial Banks (down 76.2 points), Fertilizer (down 50.6 points) and E&P (down 42.4 points).

Copyright Business Recorder, 2022

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