Stocks end in negative territory – Markets

KARACHI: The Pakistan Stock Exchange opened on a positive note on Tuesday but failed to sustain momentum as investors opted to take profits on available margins, forcing the market to close in negative territory.

The benchmark KSE-100 reached an intraday high of 43,888.23 points and an intraday low of 43,375.03 points before closing at 43,436.48 points with a net loss of 185.34 points or 0, 42%.

Trading activity remained weak as total daily volumes on the Lending Desk declined to 518.045 million shares from 541.548 million shares traded on Monday, while the total value traded daily on the Lending Desk stood at 16.215 billion rupees against 16.836 billion rupees the day before.

BRIndex100 lost 15.17 points or 0.35% to close at 4,346.43 points with total daily turnover of 463.865 million shares.

BRIndex30 fell 197.95 points or 1.23% to close at 15,939.67 points with total daily trading volumes of 337.514 million shares.

Foreign investors also remained net sellers of shares worth $269,880. The total market capitalization decreased by Rs 21 billion to Rs 7.254 trillion. Out of a total of 360 active scrips, 208 closed negative and 134 positive while the value of 18 stocks remained unchanged.

Cnergyico PK was the volume leader with 44.627 million shares but lost Rs 0.17 to close at Rs 5.59, followed by Fauji Foods which gained Rs 0.18 to close at Rs 7.25 with 38.023 million of shares. Unity Foods closed at Rs 22.80, up Rs 0.61 with 32.887 million shares.

Sanofi-Aventis and Blessed Textile were the main gainers rising by Rs 89.00 and Rs 35.66 respectively to close at Rs 1,490.00 and Rs 512.00 while Pak Services and Premium Textile were the main losers, decreasing by Rs 108.00 and Rs 44.91 respectively to close at Rs 1,341.00 and Rs 675.09.

Ahsan Mehanti of Arif Habib Corporation said shares closed lower as investors weigh on rising local POL prices and soaring electricity tariffs. Mid-term support remained on rupee strength and upbeat financial results in the oil sector.

He said investor concerns over reports showing dismal data of $2.524 billion in home remittances down 7.8% in July 2022 and public debt rising 23.5% at $47.8 trillion in FY22 acted as a catalyst for the bearish close.

BR Automobile Assembler Index fell 134.79 points or 1.36% to close at 9,789.19 points with total revenue of 3.421 million shares.

BR Cement Index fell 10.21 points or 0.23% to close at 4,355.43 points with 36.299 million shares.

The BR Commercial Banks Index gained 23.79 points or 0.26% to close at 9,253.48 points with 18.187 million shares.

The BR Power Generation and Distribution Index rose 108.98 points or 1.83% to close at 6,051.67 points with 29.590 million shares.

The BR Oil and Gas Index edged down 21.13 points or 0.52% to close at 4,064.68 points with 41.096 million shares.

BR Technician. & Com. The index closed at 3,722.99 points, down 71.01 points or 1.87% with 68.527 million shares.

An analyst from Arif Habib Limited said the market observed a limited session. The benchmark KSE-100 opened in the positive zone despite investors opting to take profits, causing the index to close in the red.

The refinery and E&P sectors remained in the spotlight due to the announcement of results during the day. Investor participation remained healthy as strong volumes were seen in third-tier stocks.

The sectors contributing to the performance are Miscellaneous (-58.1 points), Technology (-52.2 points), E&P (-25.3 points), Automotive assemblers (-24.0 points) and OMC (-21.3 points).

Copyright Business Recorder, 2022

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