Stocks extend losses

KARACHI: Pakistan Stock Exchange Tuesday witnessed a mixed trend and after moving both ways, closed on a negative note with extremely low volumes.

The benchmark KSE-100 Index hit 39,920.95 points intraday high and 39,722.92 points intraday low before closing at 39,804.71 points, down 31.19 points or 0.08 percent.

Trading activity remained extremely low as daily volumes on ready counter declined to 59.669 million shares as compared to 105.892 million shares traded on Monday. The daily traded value on ready counter declined to Rs 1.370 billion against previous session’s Rs 1.835 billion.

BRIndex100 lost 6.74 points or 0.17 percent to close at 4,043.05 points with total daily turnover of 51.977 million shares.

BRIndex30 inched down by 11.88 points or 0.08 percent to close at 14,450.38 points with total daily trading volumes of 38.123 million shares.

Foreign investors also remained net sellers of shares worth $463,127. Out of total 288 active scrips, 159 closed in negative and 108 in positive while the value of 21 stocks remained unchanged.

K-Electric was the volume leader with 9.274 million shares and closed at Rs 2.00, down Rs 0.01 followed by WorldCall Telecom that lost Rs 0.03 to close at Rs 1.16 with 7.144 million shares. Maple Leaf Cement gained Rs 0.46 to close at Rs

26.50 with 3.103 million shares.

Unilever Foods and Nestle Pakistan were the top gainers increasing by Rs 400.00 and Rs 76.42 respectively to close at Rs 18400.00 and Rs 5100.10 while Bata Pak and Sapphire Fiber were the top losers declining by Rs 104.99 and Rs 42.23 respectively to close at Rs 1730.01 and Rs 900.10.

An analyst at Arif Habib Limited said that a mixed session was taped at the PSX.

The benchmark KSE-100 Index opened in the green but struggled to hold its position as the bourse traded in both directions and eventually concluded in the negative territory. Volumes remained flat across the board as a result of investors’ lack of engagement, primarily a consequence of the delayed IMF talks for the 9th tranche of the Extended Fund Facility.

Sectors contributing to the performance include Commercial Banks (down 24.2 points), Fertilizer (down 16.3 points), Power Generation & Distribution (down 9.0 points), Pharmaceuticals (down 8.5 points) and OMCs (down 3.9 points).

BR Automobile Assembler Index lost 2.99 points or 0.04 percent to close at 7,554.88 points with total turnover of 544,236 shares.

BR Cement Index gained 27.06 points or 0.71 percent to close at 3,865.10 points with 5.054 million shares.

BR Commercial Banks Index fell by 25.6 points or 0.31 percent to close at 8,129.87 points with 4.732 million shares.

BR Power Generation and Distribution Index decreased by 37.92 points or 0.54 percent to close at 7,005.11 points with 11.605 million shares.

BR Oil and Gas Index inched down by 4.79 points or 0.12 percent to close at 3,880.31

points with 5.521 million shares.

BR Tech. & Comm. Index closed at 4,095.92 points, up 0.25 points or 0.01 percent with 10.447 million shares.

An analyst at Topline Securities said that lackluster activity witnessed at the bourse as the benchmark KSE-100 Index settled at 39,804 level, down 0.08 percent.

After a slight positive opening, profit taking was witnessed with low volumes where market made an intraday low of minus 112 points. Investors remained side lined awaiting clarity over ongoing Economic and Political conditions.

ENGRO, UBL, HUBC, MCB and TRG were the major decliners in the trading session cumulatively dented the Index by 40 points.

Copyright Business Recorder, 2023