KARACHI: Pakistan Stock Exchange on Tuesday witnessed a bearish trend and closed in deep red due to heavy selling on investor concerns over political noise in the country.
The benchmark KSE-100 Index plunged by 531.91 points or 0.83 percent and closed at 63,737.46 points. During the session the index hit 63,397.94 points intra-day low level however buying in some stocks supported the index to partially recover its intraday losses.
The daily trading volumes on ready counter increased to 407.543 million shares as compared to 382.012 million shares traded on Monday while total daily traded value on the ready counter declined to Rs 12.646 billion against previous session’s Rs 14.076 billion.
BRIndex100 decreased by 60.92 points or 0.92 percent to close at 6,543.23 points with total daily turnover of 379.009 million shares.
BRIndex30 declined by 355.21 points or 1.48 percent to close at 23,642.68 points with total daily trading volumes of 318.966 million shares.
Foreign investors however remained net buyers of shares worth $202,463. Total market capitalization declined by Rs 58 billion to Rs 9.331 trillion. Out of total 338 active scrips, 219 closed in negative and only 92 in positive while the value of 27 stocks remained unchanged.
K-Electric was the volume leader with 50.782 million shares however lost Rs 0.06 to close at Rs 5.79 followed by P.T.C.L. that increased by Rs 1.00 to close at Rs 13.57 with 48.565 million shares. WorldCall Telecom closed at Rs 1.36, down Rs 0.02 with 32.110 million shares.
Nestle Pakistan and Philip Morris Pakistan were the top gainers increasing by Rs 200.00 and Rs 47.67 respectively to close at Rs 8,200.00 and Rs 683.26 while Rafhan Maize Products Company and Pakistan Services Limited were the top losers declining by Rs 197.50 and Rs 68.00 respectively to close at Rs 9,202.50 and Rs 922.00.
Muhammad Shuja Qureshi at JS Global Capital said selling pressure continued in the market, resultantly the KSE-100 Index lost 532 points to close at 63,737. Selective support was, however, witnessed where PIAA and PTC closed at their upper circuits.
E&P stocks were under pressure with OGDC (down 3.0 percent) and PPL (4.1 percent) closing in the red. The market turnover improved slightly to 408 million shares, where KEL (down 1.0 percent), PTC (up 8.0 percent), WTL (down 1.4 percent), PIAA (up 10 percent), and PIBTL (up 2.4 percent) were the volume leaders.
BR Automobile Assembler Index plunged by 301.33 points or 2.02 percent to close at 14,635.11 points with total turnover of 5.988 million shares.
BR Cement Index fell by 61.27 points or 0.92 percent to close at 6,631.82 points with 13.370 million shares.
BR Commercial Banks Index lost 40.15 points or 0.26 percent to close at 15,327.47 points with 23.281 million shares.
BR Power Generation and Distribution Index decreased by 190.18 points or 1.29 percent to close at 14,575.05 points with 62.198 million shares.
BR Oil and Gas Index declined by 121.42 points or 1.9 percent to close at 6,254.42 points with 42.335 million shares.
BR Tech. & Comm. Index gained 37.38 points or 0.97 percent to close at 3,885.35 points with 105.822 million shares.
An analyst at Topline Securities said that a profit-taking session characterized the trading activities, marked by subdued volumes as the KSE-100 Index experienced an intraday low of minus 871.43 points, ultimately concluding at the 63,737.46 level, a decrease of 531.91 points.
Negativity loomed on Monday when the Delisting Committee set PSMC’s price at Rs 609/share, disappointing market expectations that had anticipated a significantly higher valuation. Right from the market’s opening, PSMC was constrained by the lower lock, witnessing only 11,989 shares traded throughout the day.
Profit booking manifested in the Exploration and Production (E&P) Sector, leading to PPL (down 4.14 percent) and OGDC (down 2.97 percent) closing in the red trajectory, reversing gains made in the preceding week.
Copyright Business Recorder, 2024
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