KARACHI: Pakistan Stock Exchange on Thursday witnessed a mixed trend and after moving both ways, closed on a negative note due to selling in various sectors.
The benchmark KSE-100 Index hit 41,639.34 points intraday high and 41,269.13 points intraday low before closing at 41,369.17 points, down 145.28 points or 0.35 percent.
Trading activity also remained low as daily volumes on the ready counter decreased to 149.676 million shares as compared to 179.644 million shares traded on Wednesday. The daily traded value on ready counter declined to Rs 3.606 billion against previous session’s Rs 3.755 billion.
BRIndex100 decreased by 35.61 points or 0.86 percent to close at 4,091.59 points with total daily turnover of 119.881 million shares.
BRIndex30 declined by 170.64 points or 1.2 percent to close at 14,091.49 points with total daily trading volumes of 86.238 million shares.
Foreign investors also remained net sellers of shares worth $326,423. Total market capitalization declined by Rs 17 billion to Rs 6.348 trillion. Out of total 314 active scrips, 213 closed in negative and only 77 in positive while the value of 24 stocks remained unchanged.
TPL Properties was the volume leader with 21.691 million shares however lost Rs 0.45 to close at Rs 13.81 followed by WorldCall Telecom that closed at Rs 1.15, down Rs 0.01 with 17.474 million shares. BankIslami Pak gained Rs 0.71 to close at Rs 17.55 with 9.352 million shares.
Colgate Palmolive and Bata Pak were the top gainers increasing by Rs 78.55 and Rs 49.48 respectively to close at Rs 1125.89 and Rs 1846.48 while Allawasaya Textile and Sapphire Fiber were the top losers declining by Rs 176.96 and Rs 71.34 respectively to close at Rs 2188.00 and Rs 1010.00.
An analyst at Arif Habib Limited said that a mixed session was recorded at the PSX. The market opened in the positive but lackluster activity was witnessed all day long, as investors opted to book profits at the end of the day as the index ended in the red shedding net 145.28 points. Investor participation remained sideways as the 3rd tier stocks continued to dominate the volume board.
Sectors contributing to the performance include Fertilizer (down 59.0 points), E&P (down 42.6 points), Cement (down 31.2 points), Inv. Banks / Inv. Cos. / Securities Cos. (down 15.4 points) and Power Generation & Distribution (down 9.8 points).
BR Automobile Assembler Index gained 30.75 points or 0.39 percent to close at 7,943.45 points with total turnover of 5.698 million shares.
BR Cement Index decreased by 42.85 points or 0.94 percent to close at 4,513.50 points with 6.862 million shares.
BR Commercial Banks Index inched up by 23.07 points or 0.28 percent to close at 8,367.01 points with 14.711 million shares.
BR Power Generation and Distribution Index lost 29.39 points or 0.41 percent to close at 7,226.60 points with 5.664 million shares.
BR Oil and Gas Index fell by 25.45 points or 0.66 percent to close at 3,817.41 points with 13.237 million shares.
BR Tech. & Comm. Index closed at 3,676.70 points, down 17.96 points or 0.49 percent with 28.313 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks fell sharply lower on investor concerns over outcome of IMF unmet conditions in the federal budget FY24 including dollar amnesty, tax fairness and broadening tax base.
He said Moody’s ratings fears over risk of default in case of failure to complete IMF programme ending this month played a catalyst role in bearish close.
Copyright Business Recorder, 2023
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