PSX remains bearish – Markets
KARACHI: A bearish trend continued in the Pakistan Stock Exchange on Wednesday as selling across almost all sectors arose on investor concerns over further depreciation of the Pakistani rupee against the US dollar. The market opened on a slight positive note but failed to maintain momentum due to selling pressure and closed in deep red with heavy losses.
The benchmark KSE-100 plunged 390.20 points or 0.84% and closed below the psychological level of 46,000 at 45,943.16 points. During the session, the index reached an intraday high of 46,586.06 points and an intraday low of 45,888.27 points.
Trading volumes on the loan desk increased to 234.997 million shares from 228.620 million shares traded on Tuesday, but the total daily value traded on the loan desk decreased to 8.011 billion rupees from 8.838 billion rupees the previous day.
BRIndex100 fell 47.99 points or 1.03% to close at 4,623.21 points with total daily turnover of 204.869 million shares. BRIndex30 lost 62.32 points or 0.36% to close at 17,159.89 points with total daily trading volumes of 145.293 million shares.
Foreign investors, however, remained net buyers of shares worth $870,133. The total market capitalization decreased from Rs 62 billion to Rs 7.661 trillion. Of a total of 326 active scrips, 218 closed negative and only 87 positive while the value of 21 shares remained unchanged.
Cnergyico PK was the volume leader with 23.759 billion shares and gained Rs 0.17 to close at Rs 6.31 followed by TPL Properties which rose by Rs 0.71 to close at Rs 23.44 with 15.740 million shares. actions. Ghani Global Holding lost Rs 0.13 to close at Rs 19.23 with 14.761 million shares.
Premium Textile and Colgate Palmolive were the main gainers, rising by Rs 52.00 and Rs 49.99 respectively to close at Rs 751.00 and Rs 2,300.00, while Indus Motor Co and Sanofi-Aventis were the main losers, decreasing by Rs 39.25 and Rs 24.99 respectively to close at Rs 1340.75. and Rs 950.00.
An analyst from Arif Habib Limited said profit taking continued at the PSX, the KSE-100 index opened positive but could not hold in the green zone as profit taking led the index towards the red zone due to the weakening of the Pakistani rupee against the US dollar, the session remained lackluster as strong volumes were seen in 3rd tier stocks.
The sectors contributing to performance are Banks (-98.3 points), Cement (-87.5 points), E&P (-67.22 points), Fertilizers (-45.6 points) and Energy (-20.7 points).
BR Automobile Assembler Index fell 78.14 points or 0.8% to close at 9,691.90 points with total turnover of 889,888 shares.
BR Cement Index plunged 116.43 points or 2.19% to close at 5,210.54 points with 23.666 million shares.
The BR Commercial Banks Index fell 94.37 points or 0.93% to close at 10,092.33 points with 20.691 million shares.
The BR Power Generation and Distribution Index lost 44.5 points or 0.76% to close at 5,845.94 points with 8.196 million shares.
The BR Oil and Gas Index fell 49.92 points or 1.28% to close at 3,851.39 points with 6.450 million shares.
BR Technician. & Com. The index gained 3.22 points or 0.08% to close at 3,793.26 points with 44.047 million shares.
An analyst from Topline Securities said Pakistani stocks continued their downward trend where the benchmark KSE100 index came in at 45,943, down 0.84%.
After a slight positive opening, the market continued to slide where the market reached an intraday low of 390 points. The major negativity came from the banking, E&P and cement sector where HBL, PPL, MLCF and MEBL closed lower.
Copyright Business Recorder, 2022