KARACHI: Pakistan Stock Exchange Monday witnessed a rangebound session as investors remained cautious due to prevailing economic and political situation in the country.
The market opened on positive note, however failed to continue this trend due to investors’ lack of interest and selling pressure forced the market to close in red zone.
The benchmark KSE-100 Index hit 41,784.48 points intraday high and 41,507.79 points intraday low before closing at 41,540.55 points, down 157.73 points or 0.38 percent.
Trading activity remained thin as total daily volumes on ready counter decreased to 133.556 million shares as compared to 191.388 million shares traded on last Friday while total daily traded value on ready counter declined to Rs 3.236 billion against previous session’s Rs 3.583 billion. BRIndex100 lost 18.26 points or 0.44 percent to close at 4,145.65 points with total daily turnover of 97.385 million shares.
BRIndex30 declined by 137.97 points or 0.9 percent to close at 15,209.26 points with total daily trading volumes of 49.536 million shares.
Foreign investors also remained net sellers of shares worth $3.638. Total market capitalization declined by Rs 30 billion to Rs 6.610 trillion. Out of total 323 active scrips, 204 closed in negative and only 92 in positive while the value of 27 stocks remained unchanged.
Dewan Motors was the volume leader with 8.523 million shares and increased by Rs 1.11 to close at Rs 16.68 followed by WorldCall Telecom that lost Rs 0.03 to close at Rs 1.35 with 7.264 million shares. Dewan Farooque Spinning gained Rs 0.23 to close at Rs 4.57 with 6.513 million shares.
Premium Textile and Indus Motor Co were the top gainers increasing by Rs 44.00 and Rs 19.14 respectively to close at Rs 668.90 and Rs 995.01 while Unilever Foods and Nestle Pakistan were the top losers declining by Rs 750.00 and Rs 131.00 respectively to close at Rs 25,000.00 and Rs 5650.00.
An analyst at Arif Habib Limited said that the week began with a rangebound session at the PSX. The benchmark KSE-100 Index opened in the green but failed to maintain momentum due to political and economic uncertainty, as investors chose to stay on the sidelines. Volumes on the main-board remained low, though decent volumes in third-tier stocks were recorded.
Sectors contributing to the performance include Chemical (down 33.2 points), Commercial Banks (down 32.6 points), Automobile Parts & Accessories (down 16.9 points), OMCs (down 15.8 points) and Food & Personal Care Products (down 15.3 points).
BR Automobile Assembler Index plunged by 54.87 points or 0.66 percent to close at 8,276.75 points with total turnover of 8.865 million shares.
BR Cement Index lost 5.42 points or 0.13 percent to close at 4,018.83 points with 6.205 million shares.
BR Commercial Banks Index decreased by 30.91 points or 0.37 points to close at 8,358.51 points with 22.005 million shares.
BR Power Generation and Distribution Index declined by 33.66 points or 0.5 percent to close at 6,649.45 points with 8.219 million shares.
BR Oil and Gas Index inched down by 2.67 points or 0.07 percent to close at 3,815.24 points with 11.062 million shares.
BR Tech. & Comm. Index closed at 4,687.97 points, down 5.45 points or 0.12 percent with 21.639 million shares. An analyst at Topline Securities said that lackluster activity witnessed at the bourse as the benchmark KSE-100 Index settled at 41,540 level, down 0.38 percent. After a positive opening market witnessed some profit-taking as investor remained concerned over economic and political conditions which led the market to make an intraday low of minus 157 points.
Copyright Business Recorder, 2022
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