KARACHI: Pakistan Stock Exchange Tuesday witnessed a mixed trend and after moving both ways, closed on a negative note due to selling on investor concerns over prevailing political and economic situation in the country.
The benchmark KSE-100 Index declined by 95.76 points or 0.23 percent and closed at 41,099.31 points. The index hit 41,295.65 points intraday high and 41,098.70 points intraday low.
Trading activity remained very thin as daily volumes on ready counter decreased to 91.494 million shares as compared to already low volumes of 97.765 million shares traded Monday. The daily traded value on ready counter declined to Rs 2.390 billion against previous session’s Rs 2.879 billion.
BRIndex100 lost 14.35 points or 0.35 percent to close at 4,121.15 points with total daily turnover of 81.125 million shares.
BRIndex30 decreased by 101.65 points or 0.72 percent to close at 14,095.35 points with total daily trading volumes of 62.728 million shares.
Foreign investors also remained net sellers of shares worth $53,098. The market capitalization declined by Rs 7 billion to Rs 6.200 trillion. Out of total 305 active scrips, 152 closed in negative and 116 in positive while the value of 37 stocks remained unchanged.
WorldCall Telecom was the volume leader with 23.196 million shares and closed at Rs 1.11, down Rs 0.01 followed by K-Electric that inched down by Rs 0.01 to close at Rs 1.81 with 8.547 million shares. Unity Foods lost Rs 0.38 to close at Rs 12.09 with 3.690 million shares.
Unilever Foods and Bata Pak were the top gainers increasing by Rs 1600.00 and Rs 35.00 respectively to close at Rs 23400.00 and Rs 1680.00 while Nestle Pakistan and Pak Tobacco were the top losers declining by Rs 86.67 and Rs 18.51 respectively to close at Rs 6500.00 and Rs 640.00.
An analyst at Arif Habib Limited said that the PSX witnessed a mixed session. The market opened in the green but the index swung both ways considering the political unrest in the state. Investor participation remained sluggish throughout the trading session as the bourse closed off in red. Volumes remained decent across the board while the 3rd tier equities led the volume board.
Sectors contributing to the performance include E&P (down 32.3 points), Commercial Banks (down 19.4 points), Power Generation & Distribution (down 17.2 points), OMCs (down 16.1 points) and Cement (down 13.3 points).
BR Automobile Assembler Index inched down by 8.22 points or 0.11 percent to close at 7,539.78 points with total turnover of 247,149 shares.
BR Cement Index lost 15.04 points or 0.35 percent to close at 4,248.37 points with 4.051 million shares.
BR Commercial Banks Index fell by 21.56 points or 0.25 percent to close at 8,626.32 points with 6.597 million shares.
BR Power Generation and Distribution Index closed at 7,353.40 points, down 26.11 points or 0.35 percent with 11.835 million shares.
BR Oil and Gas Index decreased by 30.28 points or 0.8 percent to close at 3,747.13 points with 8.766 million shares.
BR Tech. & Comm. Index gained 0.83 points or 0.02 percent to close at 3,711.68 points with 29.596 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed lower amid slump in Pak rupee and investor concerns political uncertainty.
He said uncertainty over federal budget FY 24 announcements amid debt servicing woes, surging power sector circular debt and delays in IMF bailout agreement played a catalyst role in bearish close.
Copyright Business Recorder, 2023
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