KARACHI: Pakistan Stock Exchange on Wednesday opened on a positive note, however heavy selling pressure forced the market to close in deep red due to profit-taking by institutional investors ahead of calendar year end.
The benchmark KSE-100 Index plunged by 1,146.62 points of 1.73 percent and closed at 65,280.16 points. The index crossed 67,000 historic level to hit 67,093.96 points intraday high, however selling pressure forced the index to drop in deep red to hit 64,427.39 points intraday low.
The daily trading volumes on ready counter increased to 1,358.411 million shares as compared to 969.630 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 37.657 billion against previous session’s Rs 26.931 billion.
BRIndex100 decreased by 125.46 points or 1.84 percent to close at 6,694.54 points with total daily turnover of 1,162.830 million shares.
BRIndex30 declined by 302.64 points or 1.25 percent to close at 23,903.05 points with total daily trading volumes of 837.659 million shares.
Foreign investors however remained net buyers of shares worth $1.869 million. The market capitalization declined by Rs 175 billion to Rs 9.368 trillion. Out of total 412 active scrips, 304 closed in negative and only 93 in positive while the value of 15 stocks remained unchanged.
WorldCall Telecom was the volume leader with 153.676 million shares however lost Rs 0.13 to close at Rs 1.65 followed by Bank of Punjab that gained Rs 0.24 to close at Rs 6.29 with 106.283 million shares. K-Electric closed at Rs 4.52, down Rs 0.02 with 90.068 million shares.
Sapphire Fibres and Mehmood Textile Mills were the top gainers increasing by Rs 29.50 and Rs 23.82 respectively to close at Rs 1699.50 and Rs 470.32 while Rafhan Maize Products Company and Nestle Pakistan were the top losers declining by Rs 649.00 and Rs 194.00 respectively to close at Rs 10,350.00 and Rs 8,506.00.
An analyst at Topline Securities said that Pakistan equities had an adventurous day where initially bulls resumed their march and assisted the KSE-100 Index to make an intraday high at 67,093 level, up 667 points or 1.0 percent). Suddenly, bears did the entry in the market with the bang as the benchmark KSE-100 Index not only shed away morning gains but also came off sharply at an intraday’ s lowest level of 64,427 (down 1,999 points or 3.0 percent).
However, value hunting rescued at the day’s bottom which assisted the index to call the day at 65,280 level (down 1,147 points or 1.73 percent)
The aforesaid selling can be attributed to market vibes suggesting institutional profit-taking ahead of calendar year-end.
Resultantly, Fertilizer, Technology, Banks and E&P sector received considerable selling headwinds where EFERT, FFC, TRG, MEBL and MARI negatively contributed negative 368 points to the index. On the other hand, POL, HUBC and PTC saw some buying interest as they added 61 points, cumulatively.
BR Automobile Assembler Index declined by 356.66 points or 2.43 percent to close at 14,336.74 points with total turnover of 10.437 million shares.
BR Cement Index lost 46.78 points or 0.67 percent to close at 6,972.21 points with 74.690 million shares.
BR Commercial Banks Index decreased by 260.96 points or 1.62 percent to close at 15,821.66 points with 160.656 million shares.
BR Power Generation and Distribution Index inched down by 5.26 points or 0.04 percent to close at 14,511.43 points with 119.136 million shares.
BR Oil and Gas Index fell by 76.92 points or 1.23 percent to close at 6,158.02 points with 160.512 million shares.
BR Tech. & Comm. Index plunged by 152.62 points or 3.46 percent to close at 4,253.50 points with 314.340 million shares.
Mubashir Anis Naviwala at JS Global Capital said that the bourse witnessed sharp correction. The KSE100 Index touched a high and low of 67,094 and 64,427 points, respectively.
Traded volume stood at 1,358 million shares where WTL (down 7.3 percent), BOP (up 4.0 percent), KEL (down 0.4 percent), HASCOL (up 0.5 percent) and PTC (up 9.1 percent) were the volume leaders.
Copyright Business Recorder, 2023
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