Bears pull KSE-100 index below 46,000-point level


Pakistan Stock Exchange (PSX) remained bearish for the third consecutive day on Wednesday, with the benchmark KSE-100 Index shedding 390.20 points (-0.84 percent) to close at 45,943.16 points.
The market opened on a positive note and remained positive for the first hour of the session. Later, the bears took charge of the market till the end of the session. The market witnessed notable selling pressure amid a lack of positive triggers and rising commodity prices in the international market.
Moreover, foreign direct disinvestment of $30.4 million in March 2022 created havoc across the trading floor. In addition, sharp depreciation of rupee against the US dollar in the interbank market for the third day in a row also dented investors’ sentiments. During the first three days of this week, the rupee has shed Rs4.37 against the US dollar and slipped to 185.92 from Rs181.55.
Market participants also remained cautious over the ongoing discussion of the government with the International Monetary Fund (IMF) and statements of government officials regarding expected removal of subsidy on petroleum products and electricity tariff.
The KSE-100 Index moved in a range of 694.92 points, showing an intraday high of 46,586.06 and a low of 45,891.14 points. Among other indices, the KSE All Share Index shed 230.55 points (-0.73 percent) to close at 31,207.36 points, while KMI All Share Islamic Index shed 214.54 points (-0.94 percent) to close at 22,655.89 points.
A total of 338 companies traded shares in the stock exchange, out of them shares of 97 closed up, shares of 219 closed down while shares of 22 companies remained unchanged. Out of 92 traded companies in the KSE-100 Index, 26 closed up, 63 closed down and three remained unchanged.
The overall market volumes increased by 6.38 million to 235 million shares. Total volumes traded for the KSE-100 Index decreased by 2.98 million to 111.65 million shares. The number of total trades increased by 3,438 to 103,864, the value traded decreased by Rs0.83 billion to Rs8.01 billion. Overall market capitalisation decreased by Rs62.20 billion.
Among scrips, CNERGY topped the volumes with 23.76 million shares, followed by TPLP (15.74 million) and GGL (14.76 million). Stocks that contributed significantly to the volumes included CNERGY, TPLP, GGL, MLCF and TELE, which formed around 33 percent of total volumes.
In terms of rupee, PRET remained the top gainer and witnessed an increase of Rs52 (+7.44 percent) per share, closing at Rs751. The runner-up remained COLG, the share price of which climbed up by Rs49.99 (+2.22 percent) to Rs2,300. INDU remained the top loser in terms of rupee and witnessed a decrease of Rs39.25 (-2.84 percent) per share, closing at Rs1,340.75, followed by SAPL, the share price of which declined by Rs24.99 (-2.56 percent) to close at Rs950 per share.
The sectors taking the index towards the south were commercial banks (98 points), cement (88 points), oil & gas exploration companies (67 points), fertilizer (46 points) and power generation & distribution (21 points). The most points taken off the index were by HBL (71 points), PPL (29 points), MLCF (28 points), MEBL (27 points) and OGDC (26 points).
The sectors taking the index towards the north were chemical (25 points), insurance (10 points), refinery (9 points), miscellaneous (3 points) and glass & ceramics (2 points). The most points added to the index were by UBL (23 points), TRG (18 points), LOTCHEM (12 points), and EFUG and EPCL (10 points each).