PSX dips below 42,000 level with 412 points dive

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KSE-100 index close at 41,829.49
KARACHI
Pakistan Stock Exchange (PSX) turned bearish in a low-volume session on Monday after rising for three previous weeks, with the benchmark KSE-100 Index shedding 412.49 points (-0.99 percent) to close at 41,829.49 points.
The market opened on a positive note and hit the day high in the early trading. Soon, the bears started driving the market and brought it in the red amid excessive selling. This bearish trend continued till the end of the session.
The market surged in previous weeks mainly on the back of strong corporate results, buyback of shares, and the expected influx of funds from friendly countries and international creditors. However, issues of the rupee’s depreciation against the US dollar, high inflation, depleting foreign exchange reserves, domestic political turbulence and economic uncertainty returned to haunt the traders.
The KSE-100 Index moved in a range of 621.73 points, showing an intraday high of 42,389.22 and a low of 41,767.45 points. Among other indices, the KSE All Share Index shed 270.15 points (-0.98 percent) to close at 27,606.12 points, while KMI All Share Islamic Index shed 282.47 points (-1.42 percent) to close at 19,926.28 points.
A total of 365 companies traded shares in the stock exchange as compared to 361 a day earlier. Out of traded companies, shares of 92 closed up, shares of 247 closed down while shares of 26 companies remained unchanged. A total of 96 companies traded shares in the KSE-100 Index, out of which 19 closed up, 74 closed down and three remained unchanged.
The overall market volumes remained 179.05 million against 178.16 million shares a session earlier. Total volumes traded for the KSE-100 Index remained 68.75 million as compared to 100 million shares a session earlier.
The number of total trades increased by 9,308 to 95,616, while the value traded decreased by Rs1.01 billion to Rs4.76 billion as compared to the previous session. Overall market capitalisation decreased by Rs81.39 billion.
Among scrips, MLCF topped the volumes with 5.64 million shares, followed by AIRLINK (5.14 million) and SNGP (4.07 million). Stocks that contributed significantly to the volumes included MLCF, AIRLINK, SNGP, OGDC and BAFL, which formed around 13 percent of total volumes.
In terms of rupee, PAKT remained the top gainer and witnessed an increase of Rs30.3 (+4.59 percent) per share, closing at Rs691. The runner-up remained MUREB, the share price of which climbed up by Rs7 (+2.5 percent) to Rs287. UPFL remained the top loser in terms of rupee and witnessed a decrease of Rs1,137.88 (-5.14 percent) per share, closing at Rs20,999, followed by NESTLE, the share price of which fell by Rs113.28 (-1.92 percent) to close at Rs5,776.72 per share.
The sectors taking the index towards south were technology & communication (96 points), oil & gas exploration companies (78 points), cement (74 points), commercial banks (26 points) and paper & board (22 points). The index was deprived of points mostly by SYS (55 points), OGDC (41 points), TRG (36 points), PPL (28 points) and LUCK (26 points).
The sectors taking the index towards north were tobacco (11 points), insurance (3 points) and property (2 points). The most points added to the index were by HMB and FFC (15 points each), BAHL (14 points), PAKT (11 points) and EFUG (3 points).