KARACHI: A ‘bloodshed’ was seen at Pakistan Stock Exchange Tuesday due to across-the-board panic selling following investor concerns over political instability and economic situation in the country.
The market opened in negative zone and after remaining in severe selling pressure, closed in deep red with heavy losses.
The benchmark KSE-100 Index plunged by 1,138.37 points or 2.78 percent and closed below 40,000 crucial level at 39,832.45 points. The index hit 41,037.14 points intraday high and 39,532.02 points intraday low.
Due to heavy selling, daily trading volumes on ready counter increased to 265.284 million shares as compared to 142.576 million shares traded Monday while daily traded value on ready counter increased to Rs 6.536 billion against previous session’s Rs 3.811 billion.
BRIndex100 fell by 127.89 points or 3.15 percent to close at 3,937.73 points with total daily turnover of 226.008 million shares.
BRIndex30 declined by 626.45 points or 4.29 percent to close at 13,975.43 points with total daily trading volumes of 148.224 million shares.
Foreign investors also remained net sellers of shares worth $608,072. The market capitalization declined by Rs 152 billion to Rs 6.355 trillion. Out of total 341 active scrips, 283 closed in negative and only 37 in positive while the value of 21 stocks remained unchanged.
WorldCall Telecom was the volume leader with 33.588 million shares however lost Rs 0.06 to close at Rs 1.17 followed by K-Electric that closed at Rs 2.29, down Rs 0.17 with 19.975 million shares. Hascol Petroleum decreased by Rs 0.83 to close at Rs 5.26 with 12.525 million shares.
Rafhan Maize and Bata Pak were the top gainers increasing by Rs 190.00 and Rs 49.33 respectively to close at Rs 8355.00 and Rs 1600.33 while Pak Services and Nestle Pakistan were the top losers declining by Rs 116.00 and Rs 90.28 respectively to close at Rs 1432.00 and Rs 5250.00.
An analyst at Arif Habib Limited said that a bloodshed session was recorded at the PSX. The benchmark KSE-100 Index opened in the red zone because of political instability and redemptions plunged by 1,437 points during the intraday trading session, which resulted in investors staying aside and the market closing in negative. However, healthy volumes were recorded across-the-board, on the contrary, 3rd tier stocks remained volume leaders.
Sectors contributing to the performance include Technology & Communication (down 191.1 points), Commercial Banks (down 104.8 points), E&P’s (down 100.3 points), Cement (down 98.8 points) and Fertilizer (down 94.1 points).
BR Automobile Assembler Index plunged by 250.73 points or 3.29 percent to close at 7,377.91 points with total turnover of 4.742 million shares.
BR Cement Index declined by 131.26 points or 3.35 percent to close at 3,792.43 points with 18.008 million shares.
BR Commercial Banks Index lost 105.08 points or 1.29 percent to close at 8,066.23 points with 27.439 million shares.
BR Power Generation and Distribution Index inched down by 159.96 points or 2.52 percent to close at 6,191.36 points with 31.994 million shares.
BR Oil and Gas Index decreased by 118.63 points or 3.19 percent to close at 3,598.37 points with 24.446 million shares.
BR Tech. & Comm. Index closed at 4,439.05 points, down 243.76 points or 5.21 percent with 62.747 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that deteriorating political, security and economic conditions took a toll on the market and the KSE-100 Index crashed to close below the level of 40,000 at 39,832 losing 1,138 points or 2.8 percent.
The initial gain of 66 points was wiped out within minutes and selling pressure kept intensifying as panic set in. Market volume clocked in at 263 million shares where WTL (down 4.9 percent), KEL (down 6.9 percent), HASCOL (down 14 percent), CNERGY (4.2 percent) and TELE (down 11 percent) were the volume leaders.
Copyright Business Recorder, 2022
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