KARACHI: Pakistan Stock Exchange Monday witnessed a mixed trend and after moving both ways, closed on a negative note due to selling in various sectors.
The market opened on positive note however selling pressure on investor concerns over prevailing economic and political situation forced the market in red zone.
The benchmark KSE-100 Index declined by 213.75 points or 0.46 percent and closed at 39,835.90 points. The index hit 40,183.81 points intraday high and 39,815.57 points intraday low.
Trading activity remained low as daily volumes on ready counter decreased to 105.892 million shares as compared to 135.135 million shares traded last Friday. Daily traded value on ready counter declined to Rs 1.835 billion against previous session’s Rs 3.201 billion.
BRIndex100 lost 37.55 points or 0.91 percent to close at 4,075.82 points with total daily turnover of 102.659 million shares.
BRIndex30 decreased by 211.94 points or 1.43 percent to close at 14,604.90 points with total daily trading volumes of 74.848 million shares.
Foreign investors were also net sellers of shares worth $40,361. Total market capitalization declined by Rs 28 billion to Rs 6.065 trillion. Out of total 297 active scrips, 174 closed in negative and 104 in positive while the value of 19 stocks remained unchanged.
WorldCall Telecom was the volume leader with 34.131 million shares and closed at Rs 1.19, up Rs 0.01 followed by JS Bank that gained Rs 0.37 to close at Rs 4.46 with 10.396 million shares. K-Electric lost Rs 0.04 to close at Rs 2.01 with 5.622 million shares.
Khyber Textile and Murree Brewery were the top gainers increasing by Rs 39.80 and Rs 14.85 respectively to close at Rs 570.52 and Rs 334.85 while Sapphire Fiber and Pak Services were the top losers declining by Rs 75.55 and Rs 66.06 respectively to close at Rs 942.33 and Rs 825.55.
An analyst at Arif Habib Limited said that a mixed session was recorded at the PSX to kick off the business week. The market opened in the green zone, but lack of investor involvement drove the index down into the red zone, where it remained for the rest of the trading session, swinging in both directions and eventually closing in the red. Investors chose to stay on the sidelines due to the ongoing delay in IMF negotiations. Volumes in the main-board dried up, while third-tier companies continued to dominate the volume board.
Sectors contributing to the performance include Cement (down 39.0 points), E&P (down 37.2 points), Miscellaneous (down 34.9 points), Technology & Communication (down 33.8 points) and Commercial Banks (down 27.2 points).
BR Automobile Assembler Index lost 19.34 points or 0.26 percent to close at 7,562.08 points with total turnover of 907,119 shares.
BR Cement Index fell by 36.31 points or 0.92 percent to close at 3,889.39 points with 12.711 million shares.
BR Commercial Banks Index inched down by 18.8 points or 0.23 percent to close at 8,181.12 points with 43.112 million shares.
BR Power Generation and Distribution Index decreased by 73.51 points or 1.03 percent to close at 7,096.30 points with 4.625 million shares.
BR Oil and Gas Index declined by 64.8 points or 1.63 percent to close at 3,913.66 points with 15.169 million shares.
BR Tech. & Comm. Index closed at 4,130.61 points, down 35.12 points or 0.84 percent with 21.759 million shares.
Muhammad Waqar Iqbal at JS Global Capital said that the market opened on a positive note and gained 134 points initially but failed to sustain the momentum due to low volumes. Traded volume stood at 106 million shares where WTL (up 0.8 percent), JSBL (up 9.0 percent), KEL (down 2.0 percent), TELE (up 0.9 percent) and FCCL (down 2.5 percent) were the highest contributors.
Copyright Business Recorder, 2023
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