KARACHI: Pakistan Stock Exchange on Monday witnessed a bearish trend due to selling pressure as investors opted to book profit on available margins.
The benchmark KSE-100 Index plunged by 465.55 points or 0.61 percent and closed at 75,517.49 points. The index crossed 76,000 level to hit 76,187.45 points intraday high, however failed to sustain this level due to selling pressure and dropped into negative zone to hit 75,485.62 points intraday low.
Trading activity also remained low as the daily volumes on ready counter decreased to 446.071 million shares as compared to 609.848 million shares traded last Friday. The daily traded value on the ready counter declined to Rs 16.406 billion against previous session’s Rs 23.580 billion.
BRIndex100 decreased by 70.02 points or 0.88 percent to close at 7,870.61 points with a daily turnover of 354.889 million shares.
BRIndex30 declined by 246.71 points or 0.96 percent to close at 25,401.07 points with a daily trading volumes of 219.762 million shares.
Foreign investors however remained net buyers of shares worth $2.172 million. The market capitalization declined by Rs 62 billion to Rs 10.186 trillion. Out of total 406 active scrips, 231 closed in negative and 123 in positive while the value of 52 stocks remained unchanged.
K-Electric was the volume leader with 55.596 million shares however lost Rs 0.19 to close at Rs 5.02 followed by Symmetry Group that gained Rs 0.69 to close at Rs 6.19 with 40.663 million shares. WorldCall Telecom closed at Rs 1.37, down Rs 0.05 with 29.465 million shares.
Exide Pakistan Limited and Pakistan Services Limited were the top gainers increasing by Rs 37.66 and Rs 24.59 respectively to close at Rs 508.35 and Rs 806.97 while Shahmurad Sugar Mills and Murree Brewery Company were the top losers declining by Rs 45.43 and Rs 13.21, respectively to close at Rs 522.41 and Rs 430.39.
An analyst at Topline Securities said that Pakistan equities kicked off the week with the KSE-100 Index observing some profit-taking around 76,000 psychological level and called the day at 75,517 levels (down 466 points or 0.61 percent).
Investors opted to trim their stock positions near 76,000 level that compelled the market to settle below 76,000 levels post an intraday high at 76,188, a gain of 204 points during the day. A relatively lackluster momentum has been witnessed during business hours in the backdrop of budgetary concerns and mixed IMF vibes.
Resultantly, Fertilizer, Banks and E&P sectors contributed negatively where FFC, MCB, PPL, OGDC and BAFL lost 251 points. On the contrary, FABL, HBL and SYS cumulatively added 93 points due to some buying interest observed in them.
BR Automobile Assembler Index gained 58.75 points or 0.36 percent to close at 16,530.79 points with a turnover of 24.921 million shares.
BR Cement Index decreased by 85.45 points or 1.13 percent to close at 7,472.42 points with 39.652 million shares.
BR Commercial Banks Index lost 54.63 points or 0.27 percent to close at 20,381.01 points with 45.668 million shares.
BR Power Generation and Distribution Index declined by 218.26 points or 1.22 percent to close at 17,647.02 points with 73.692 million shares.
BR Oil and Gas Index fell by 66.13 points or 0.96 percent to close at 6,790.07 points with 29.195 million shares.
BR Tech. & Comm. Index inched up by 23.31 points or 0.58 percent to close at 4,017.56 points with 110.782 million shares.
Mohammed Waqar Iqbal at JS Global Capital said the market opened on a positive note but later declined due to profit-taking from investors over tough demands from the IMF ahead of the budget.
Traded volume stood at 446 million shares where KEL, SYM, WTL, DCL and HUMNL were the volume leaders.
Copyright Business Recorder, 2024
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