KSE-100 falls below 48,000-point mark

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Market watch
Benchmark index sheds 370.36 points to settle at 47,777.62
The Pakistan Stock Exchange (PSX) turned bearish amid a profit taking activity on Wednesday with the benchmark KSE-100 Index shedding 370.36 points (-0.77 percent) to close at 47,777.62 points.
The market opened on a positive note with the KSE-100 Index gaining over 160 points in early hours; however, it surrendered to the profit-taking activity within hours. The KSE-100 Index traded in a range of 586 points, showing an intraday high of 47,725.9 and a low of 48,311.9.
Among other indices, the KSE All Share Index shed 236.74 points (-0.73 percent) to close at 32,397.26 points, while All Share Islamic Index shed 192.28 points (-0.81 percent) to close at 23,485.73 points.
A total of 416 companies traded shares in the stock exchange, out of them shares of 130 closed up, shares of 274 closed down while shares of 12 companies remained unchanged.
The overall market volumes increased by 314.65 million to 1355.17 million shares. The number of total trades increased by 4,350 to 205,499, and value traded decreased by Rs0.72 billion to Rs23.18 billion. The market capitalisation decreased by Rs68.33 billion.
Among scrips, WTL topped the volumes with 716.81 million shares, followed by HUMNL (75.86 million) and KEL (59.63 million).
Sector-wise, the index was let down by commercial banks with 95 points, oil & gas exploration companies with 68 points, technology & communication with 55 points, cement with 42 points and power generation & distribution with 33 points. The most points taken off the index were by TRG which stripped the index of 48 points followed by OGDC with 36 points, PPL with 23 points, HBL with 23 points and KAPCO with 20 points.
The sectors propping up the index were automobile assembler with 11 points, investment banks/ investment companies/ securities companies with 7 points, real estate investment trust with 4 points, pharmaceuticals with 2 points and leasing companies with one point. The most points added to the index were by INDU which contributed 19 points followed by EFERT with 8 points, PTC with 7 points, UNITY with 7 points and PSX with 5 points.
According to market analysts, throughout the week, the benchmark index faced stern resistance at the key 48,000 level, which led participants to resort to profit-booking at elevated equities prices.
Investors’ confidence remained weak during the trading as the government continued to discuss key relief measures for the upcoming budget with the International Monetary Fund (IMF), as per the analysts.
Analysts at Topline Securities said that the equities closed negative. After a slight positive opening, profit taking has been witnessed at the bourse as Pakistan’s trade deficit widened by 20 percent to US$3.6 billion in May 2021 compared to US$3.0 billion in April 2021.
They said that E&P sector closed down 0.70 percent despite higher international oil prices. KAPCO down by 3.98 percent after announcing DPS of Rs5/share – lower than street expectation. Similarly TRG dented the KSE100 Index by 48 points.