KARACHI: Pakistan Stock Exchange on Friday witnessed a bearish trend and closed in negative zone as the investors opted to offload their holdings before announcement of monetary policy statement.
The benchmark KSE-100 Index declined by 247.80 points or 0.38 percent and closed below 65,000 level at 64,816.47 points. The index hit 65,353.66 points intraday high and 64,759.61 points intraday low.
Due to investors’ lack of interest, trading activity also remained low as daily volumes on ready counter decreased to 259.373 million shares as compared to 315.247 million shares traded on Thursday. The daily traded value on the ready counter declined to Rs 10.120 billion against Thursday’s Rs 10.487 billion.
BRIndex100 lost 36.93 points or 0.55 percent to close at 6,678.44 points with daily turnover of 186.970 million shares.
BRIndex30 decreased by 250.5 points or 1.1 percent to close at 22,555.33 points with daily trading volumes of 126.018 million shares.
Foreign investors also remained net sellers of shares worth $291,898. Total market capitalization declined by Rs 44 billion to stand at Rs 9.202 trillion. Out of total 322 active scrips, 192 closed in negative and 113 in positive while the value of 17 stocks remained unchanged.
Hascol Petroleum was the volume leader with 56.955 million shares and gained Rs 0.18 to close at Rs 8.56 followed by Cnergyico PK that lost Rs 0.15 to close at Rs 4.94 with 19.638 million shares. WorldCall Telecom closed at Rs 1.34, down Rs 0.01 with 16.548 million shares.
Unilever Pakistan Foods and Indus Motor Company were the top gainers increasing by Rs 100.00 and Rs 21.86, respectively to close at Rs 21,500.00 and Rs 1,556.48 while Premium Textile Mills and Mehmood Textile Mills were the top losers declining by Rs 24.50 and Rs 16.67, respectively to close at Rs 325.50 and Rs 390.33.
An analyst at Topline Securities said that a rangebound session was observed, as the KSE-100 Index traded between its intraday high of plus 289 points and intraday low of minus 248 points to close at 64,816 level (down by 0.38 percent).
This volatility in the market can be attributed to news that the IMF team has expressed displeasure over Ministry of Finance verdict that it had materialized all structural benchmarks before the completion of the review by the Fund staff and Monetary Policy Committee meeting on Monday where investors preferred to remain on the sidelines.
Major positive contribution to the index came from EFERT, MEBL, LUCK, NBP, MARI and SYS, as they cumulatively contributed plus 135 points to the index. On the other hand OGDC, HUBC, PPL, BAHL, UBL and PSO lost value to weigh down on the index by minus 179 points.
BR Automobile Assembler Index gained 32.83 points or 0.21 percent to close at 15,560.89 points with total turnover of 7.609 million shares.
BR Cement Index lost 32.91 points or 0.5 percent to close at 6,574.75 points with 6.493 million shares.
BR Commercial Banks Index inched down by 13.08 points or 0.08 percent to close at 16,393.61 points with 24.732 million shares.
BR Power Generation and Distribution Index decreased by 93.56 points or 0.65 percent to close at 14,317.00 points with 12.414 million shares.
BR Oil and Gas Index declined by 61.97 points or 1.0 percent to close at 6,116.22 points with 71.801 million shares.
BR Tech. & Comm. Index closed at 3,750.77 points, down 14.79 points or 0.39 percent with 46.267 million shares.
Mubashir Anis Naviwala at JS Global Capital said the bourse opened on a positive note, gaining 290 points initially. However, within a couple of hours, all intraday gains were erased. The KSE-100 Index reached an intraday high of 65,354 points but failed to surpass the intraday resistance range of 65,300-65,700 points, eventually closing at 64,816 (down 248 points).
The volume leaders included HASCOL (up 2.1 percent), CNERGY (down 2.9 percent), WTL (down 0.7 percent), TELE (up 0.2 percent) and BOP (up 0.6 percent).
Copyright Business Recorder, 2024
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