Volatile PSX amid Covid-19 concerns – Markets
KARACHI: Pakistan’s stock market remained volatile on Tuesday amid investor concerns over increasing cases of coronavirus.
The benchmark KSE-100 closed at 45,881.13, down 6.50 points or 0.01%. Trading activity remained limited, with daily volumes on the loan meter declining to 339.102 million shares, from 356.967 million shares traded on Monday.
BRIndex100 gained 11.98 points or 0.25% to close at 4,744.69 points with total daily revenue of 251.278 million shares.
BRIndex30 rose 141.75 points or 0.72% to close at 19,785.75 points with total daily trading volumes of 193,040 million shares.
Foreign investors remained net sellers of shares valued at $ 798,287. Total market capitalization decreased from Rs 4 billion to Rs 7.850 billion. Of a total of 363 active scripts, 183 closed positive and 159 closed while the value of 21 shares remained unchanged.
WorldCall Telecom was the volume leader with 44.675 million shares and gained 0.11 Re to close at Rs 2.43, followed by Hascol Petroleum which closed at Rs 6.73, up 0.29 Re with 33.122 million shares.
Nestlé Pakistan and Goodluck Industries were the main winners, increasing by Rs 140.00 and Rs 36.54 respectively to close at Rs 5,690.00 and Rs 523.79, while Sapphire Fiber and Sapphire Textile were the main losers, falling from Rs 65.00 and Rs 33.80 respectively to close at Rs 851.00 and Rs. 860.20.
An analyst from Arif Habib Limited said the market remains volatile due to the rapid increase in Covid-19 cases, as over the past 10 days the positivity rate has dropped from 1.08% to 3, 66%, an increase of 338.9% since the start of the new year. .
Profit-taking was observed at all levels. However, a recovery in the banking sector was observed due to expectations of inflows of foreign capital. Activity continued to remain sideways as the market saw significant volumes in Tier 3 stocks.
The sectors contributing to performance are Cement (down 31 points), E&P (down 28 points), Technology and Communication (down 20 points), Energy (down 10 points) ) and Tobacco (down 10 points).
The BR Automobile Assembler index gained 38.99 points or 0.45% to close at 8,629.57 points with total sales of 6,902 million shares.
The BR Cement index fell 44.6 points or 0.76% to close at 5,852.95 points with 5.874 million shares.
The BR index of commercial banks rose 73.97 points or 0.73% to close at 10,175.29 points with 29.286 million shares.
The BR Power Generation and Distribution index lost 11.84 points or 0.2% to close at 6,042.25 points with 11.461 million shares.
The BR Oil and Gas index fell 15.69 points or 0.41% to close at 3,848.84 points with 37.665 million shares.
The BR Tech & Comm index closed at 4,241.18 points, down 13.88 points or 0.33% with 110.971 million shares.
A Topline Securities analyst said volatile activity was seen on the stock market as the index traded between its intraday high of 170 points and its intraday low of minus 363 points, eventually closing at 45,881.
The major contribution to the index came from HBL, MCB, TRG, UBL and EFERT, as they cumulatively contributed 104 points to the index, on the other hand SYS, ENGRO, LUCK, HUBC and OGDC lost value to weigh on the index of negative 110 points.
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