Stocks lose another 357 points on profit-taking
KARACHI: Mixed sentiments and low volumes led to a lacklustre trading session on the Pakistan Stock Exchange on Tuesday.
Topline Securities said investors chose to take profits, which led the benchmark index of the national bourse to close on the lower side.
According to Arif Habib Ltd, the KSE-100 index slipping further away from the 46,000-point level has increased the chances of “a new low” going forward.
Recent strength gained by the rupee has added an “interesting variable” to the upcoming Monetary Policy Committee of the State Bank of Pakistan, with street views ranging from unchanged to +200 basis points from the previous forecasts of a hike of 100-200 basis points, it added.
“Going forward, we recommend investors to stay cautious at current levels and wait for dips for any fresh buying,” said JS Global.
As a result, the KSE-100 index settled at 45,508.40 points, down 357.33 points or 0.78 per cent from the preceding session.
The overall trading volume decreased 40.7pc to 126.3 million shares. The traded value decreased 39.1pc to Rs4.9bn on a day-on-day basis.
Stocks contributing significantly to the traded volume included the Hub Power Company Ltd (11.8m shares), WorldCall Telecom Ltd (9.7m shares), Treet Corporation Ltd (7.1m shares), Dewan Farooque Motors Ltd (5.5m shares) and Pakistan International Airlines Corporation Ltd (5m shares).
Companies registering the biggest increases in their share prices in absolute terms were Reliance Cotton Spinning Mills Ltd (Rs40.50), Ibrahim Fibres Ltd (Rs8.99), Murree Brewery Company Ltd (Rs8.44), Pakistan Hotels Developers Ltd (Rs6.49) and Archroma Pakistan Ltd (Rs5.85).
Companies that recorded the biggest declines in their share prices in absolute terms were Unilever Pakistan Foods Ltd (Rs1,573), Mari Petroleum Company Ltd (Rs21.36), Thal Ltd (Rs12.32), Bata Pakistan Ltd (Rs10) and Baluchistan Wheels Ltd (Rs9.92).
Foreign investors were net sellers as they offloaded shares worth $1.5m.
Published in Dawn, September 13th, 2023