PSX ends on negative note

KARACHI: Pakistan Stock Exchange on Friday remained under pressure and closed on negative note due to selling in various sectors as the investors opted to book profit on available margins.

The benchmark KSE-100 index declined by 241.44 points or 0.47 percent and closed below 51,000 psychological level at 50,943.84 points. During the session, the index hit 51,269.74 points intra-day high and 50,834.72 points intra-day low level.

Trading activities also remained low as total daily volumes on ready counter decreased to 350.834 million shares as compared to 364.039 million shares traded on Thursday while total daily traded value on ready counter declined to Rs 10.607 billion against previous session’s Rs 7.452 billion.

BRIndex100 lost 26.11 points or 0.5 percent to close at 5,166.79 points with total daily turnover of 310.256 million shares.

BRIndex30 decreased by 186.77 points or 1.03 percent to close at 18,003.42 points with total daily trading volumes of 187.798 million shares.

Total market capitalization declined by Rs 30 billion to Rs 7.422 trillion. Out of total 353 active scrips, 226 closed in negative and 110 in positive while the value of 17 stocks remained unchanged.

K-Electric was the volume leader with 45.278 million shares and gained Re 0.01 to close at Rs 3.24 followed by WorldCall Telecom that lost Rs0.05 to close at Rs 1.31 with 21.850 million shares. Bank of Punjab closed at Rs 4.62, down Re 0.21 with 17.040 million shares.

Unilever Foods and Sapphire Fiber were the top gainers increasing by Rs 900.00 and Rs 66.58 respectively to close at Rs 21900.00 and Rs 1157.33 while Rafhan Maize and Nestle Pakistan were the top losers declining by Rs 250.88 and Rs 174.99 respectively to close at Rs 7750.12 and Rs 7125.00.

Ahsan Mehanti at Arif Habib Corporation said that pressure witnessed at PSX amid speculations ahead of SBP key policy rate announcement on October 30, 2023 and falling global crude oil prices.

He said weak Pak Rupee, FX reserves falling to $7.5 billion, and ECC decision for massive raise in industrial gas tariff amid Rs 4.5 trillion energy sector circular debt played a catalyst role in bearish close.

BR Automobile Assembler Index lost 39.14 points or 0.37 percent to close at 10,460.13 points with total turnover of 7.292 million shares.

BR Cement Index gained 2.64 points or 0.05 percent to close at 5,395.36 points with 45.636 million shares.

BR Commercial Banks Index increased by 133.96 points or 1.11 percent to close at 12,230.99 points with 38.859 million shares.

BR Power Generation and Distribution Index inched down by 4.94 points or 0.05 percent to close at 10,920.00 points with 55.826 million shares.

BR Oil and Gas Index declined by 49.98 points or 1.06 percent to close at 4,667.70 points with 21.132 million shares.

BR Tech & Comm Index plunged by 170.37 points or 4.55 percent to close at 3,576.91 points with 62.731 million shares.

Muhammad Shuja Qureshi at JS Global Capital said selling pressure pushed KSE-100 index below the 51,000 level to close at 50,944, down by 241 points.

Technology sector led the decline early in the day however; buying interest in selective stocks in the Cement, Banking, and Refinery sectors supported the market.

The market turnover clocked in at 350 million shares, where KEL (up 0.3 percent), WTL (down 3.7 percent), BOP (down 4.3 percent), DCL (up 1.9 percent) and ASC (down 5.4 percent) were the volume leaders.

Copyright Business Recorder, 2023