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KARACHI: Pakistan Stock Exchange on Monday witnessed a bearish trend and closed in red zone due to selling pressure on pre -budget uncertainty and terms of new IMF bailout package for tax reforms, tariff hikes and rupee depreciation.

The benchmark KSE-100 Index declined by 303.22 points or 0.40 percent and closed at 75,575.26 points. After positive opening, the index crossed 76,000 level to hit 76,209.97 points intraday high, however failed to sustain this level due to selling pressure and dropped in negative to hit 75,495.38 points intraday low.

Trading activity also remained low as daily volumes on ready counter decreased to 441.261 million shares as compared to 523.299 million shares traded last Friday. The daily traded value on the ready counter declined to Rs 18.634 billion against previous session’s Rs 20.574 billion.

BRIndex100 lost 25.53 points or 0.32 percent to close at 7,931.51 points with total daily turnover of 362.291 million shares.

BRIndex30 closed at 25,749.08 points, up 49.08 points or 0.19 percent with total daily trading volumes of 233.833 million shares.

The market capitalization increased by Rs 13 billion to Rs 10.182 trillion. Out of total 427 active scrips, 200 closed in positive and 178 in negative while the value of 49 stocks remained unchanged.

Fauji Cement was the volume leader with 32.835 million shares and gained Rs 0.21 to close at Rs 23.66 followed by K-Electric that inched up by Rs 0.05 to close at Rs 5.01 with 31.651 million shares. PIA Holding Company increased by Rs 1.14 to close at Rs 19.01 with 25.572 million shares.

Nestle Pakistan and Sazgar Engineering Works were the top gainers increasing by Rs 154.64 and Rs 34.31 respectively to close at Rs 7,349.19 and Rs 820.45 while Sapphire Fibres and Hallmark Company were the top losers declining by Rs 72.57 and Rs 35.23 respectively to close at Rs 1,407.43 and Rs 456.43.

An analyst at Topline Securities said that Pakistan’s equity market experienced a decline. The KSE-100 index reached a high of 76,210 points and a low of 75,495 points, final closing at 75,575 points, marking a decrease of 303 points or 0.40 percent.

The negative trend was influenced by the IT, banking, and fertilizer sectors, with companies such as SYS, FFC, EFERT, MEBL, and ENGRO collectively shedding 219 points. However, there were some positive contributions from TRG, MTL, and POL, which collectively added 96 points.

BR Automobile Assembler Index increased by 182.07 points or 1.07 percent to close at 17,147.51 points with total turnover of 23.847 million shares.

BR Cement Index gained 35.48 points or 0.47 percent to close at 7,657.83 points with 58.741 million shares.

BR Commercial Banks Index declined by 171.37 points or 0.84 percent to close at 20,230.80 points with 26.449 million shares.

BR Power Generation and Distribution Index decreased by 69.41 points or 0.39 percent to close at 17,943.46 points with 39.414 million shares.

BR Oil and Gas Index fell by 25.78 points or 0.39 percent to close at 6,624.56 points with 15.979 million shares.

BR Tech. & Comm. Index added 41.3 points or 0.99 percent to close at 4,192.53 points with 89.353 million shares.

Ahsan Mehanti at Arif Habib Corporation said stocks closed under pressure on pre-budget uncertainty and terms of new IMF bailout package for tax reforms, tariff hikes and rupee depreciation.

He said weak rupee, falling FX reserves and concerns over unsettled China IPPs dues played a catalyst role in bearish close.

Copyright Business Recorder, 2024

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