KARACHI: Pakistan Stock Exchange on Wednesday remained under pressure and closed in negative due to investor concerns over increasing political noise in the country.
The benchmark KSE-100 Index declined by 250.73 points or 0.39 percent and closed below 64,000 psychological level at 63,919.85 points. The index hit 64,550.94 points intraday high however dropped in negative to hit 63,873.63 points intraday low due to selling pressure.
The daily trading volumes on ready counter increased to 636.168 million shares as compared to 448.990 million shares traded on Tuesday while total daily traded value on the ready counter increased to Rs 17.980 billion against previous session’s Rs 12.281 billion.
BRIndex100 lost 29.01 points or 0.44 percent to close at 6,575.76 points with daily turnover of 520.380 million shares.
BRIndex30 inched down by 5.39 points or 0.02 percent to close at 23,661.82 points with total daily trading volumes of 447.021 million shares.
Foreign investors however remained net buyers of shares worth $294,126. The market capitalization however increased by Rs 13 billion to Rs 9.336 trillion. Out of total 361 active scrips, 183 closed in negative and 155 in positive while the value of 23 stocks remained unchanged.
K-Electric was the volume leader with 151.248 million shares however lost Rs 0.03 to close at Rs 5.72 followed by Hascol Petroleum that gained Rs 0.53 to close at Rs 8.53 with 67.980 million shares. WorldCall Telecom closed at the previous session’s closing level of Rs 1.43 without any change with 42.068 million shares.
Pakistan Tobacco Company and Pak Suzuki Motor Company were the top gainers increasing by Rs 79.00 and Rs 58.32 respectively to close at Rs 1,141.00 and Rs 835.88 while Rafhan Maize Products Company and Hoechst Pakistan were the top losers declining by Rs 448.00 and Rs 40.80 respectively to close at Rs 9,550.00 and Rs 1,300.00.
An analyst at Topline Securities said Pakistan equities moved in both directions. Initially, the KSE-100 Index made an intraday high at 64,551 levels (up 380 points or 0.59 percent. However, profit taking at the aforesaid level compelled the benchmark index to lose earlier gained grounds. Due to aforesaid selling PSX could not hold 64,000-level and called the day at 63,920 levels (down 251 points or 0.39 percent) before witnessing an intraday low at 63,874 levels (down 297 points or 0.46 percent.
Investors chose to do profit taking in selective stocks of Banks and Fertilizer sectors in the backdrop of increasing noise at political front and absence of any positive trigger, making a 5th consecutive negative session at PSX.
Resultantly, MEBL, ENGRO, BAHL, EFERT and UBL lost 182 points, cumulatively. On the other side, PAKT, PPL and INDU collectively added 75 points due to buying interest in them.
BR Automobile Assembler Index increased by 318.55 points or 2.13 percent to close at 15,307.94 points with total turnover of 13.795 million shares.
BR Cement Index decreased by 33.12 points or 0.49 percent to close at 6,780.98 points with 11.557 million shares.
BR Commercial Banks Index declined by 121.74 points or 0.79 percent to close at 15,231.03 points with 21.828 million shares.
BR Power Generation and Distribution Index lost 39.23 points or 0.27 percent to close at 14,569.70 points with 157.184 million shares.
BR Oil and Gas Index gained 12.32 points or 0.2 percent to close at 6,127.55 points with 113.649 million shares.
BR Tech. & Comm. Index inched down by 3.22 points or 0.08 percent to close at 3,930.92 points with 76.522 million shares.
Muhammad Shuja Qureshi at JS Global Capital said it was the third consecutive day of losses at PSX with KSE-100 Index losing 251 points to close below the 64,000 level, at 63,920.
After a negative opening, the index recovered to touch an intra-day high at 64,551 points, primarily led by buying interest in PPL and OGDC. However, in the last hour, news from the political front eroded all gains. ATBA, EXIDE, HCAR, and PSMC managed to close limit up.
Copyright Business Recorder, 2024
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