KARACHI, (independent): Pakistan Stock Exchange (PSX) snapped a two-day winning streak on Wednesday amid inflation outlook, with the benchmark KSE-100 Index losing 419.32 points (-0.86 percent) to close at 48,146.43 points.
The market opened on a slight positive note and gained around 50 points during the first few minutes. However, this positiveness proved short-lived and bears took control. The market remained in the red territory throughout the session.
According to experts, a massive 15 percent increase in the price of petrol over the last few weeks, and high inflation outlook dimmed positive sentiment at the bourse. They said that euphoria over the International Monetary Fund (IMF) programme and breathing space provided by inflows from the UAE and Saudi Arabia led to the KSE-100 Index gaining over 15 percent in a little over one-and-a-half months. They feared that a hike in petroleum prices would increase inflation further.
The benchmark index traded in a range of 505.6 points showing an intraday high of 48,614.47 points and an intraday low of 48,108.87 points. Among other indices, the KSE All Share Index shed 315.27 points (-0.99 percent) to close at 31,909.66 points, while KMI All Share Islamic Index lost 242.80 points (-1.04 percent) to close at 23,241.18 points.
Total volumes traded for the KSE-100 Index decreased by 18.72 million shares to 104.98 million shares against 123.70 million shares traded a session earlier. Similarly, the overall market volumes decreased by 57.11 million shares to 194.58 million shares against 251.69 million shares traded a session earlier.
Among scrips, KEL topped the volumes with 19.3 million shares, followed by DFML (14.11 million) and OGDC (10.96 million). Stocks that contributed significantly to the volumes included KEL, DFML, OGDC, WTL and CNERGY, which formed over 32 percent of total volumes.
A total of 336 companies traded shares in the stock exchange against 338 a session earlier, out of which shares of 88 closed up, shares of 224 closed down while shares of 24 companies remained unchanged. A total of 92 companies traded shares in the KSE-100 Index against 97 a session earlier, out of which share price of 20 companies closed up, 69 closed down and three remained unchanged.
The number of total trades decreased by 9,712 to 113,718 against 123,430 trades in the previous session, while the value traded decreased by Rs1.37 billion to Rs7.67 billion as compared to the previous session.
In terms of rupee, BATA remained the top gainer and witnessed an increase of Rs44 (+2.55 percent) per share, closing at Rs1,770. The runner-up remained RCML, the share price of which climbed up by Rs25.79 (+5.58 percent) to Rs488.29. AWTX remained the top loser in terms of rupee and witnessed a decrease of Rs140 (-7.37 percent) per share, closing at Rs1,760, followed by RMPL, the share price of which fell by Rs100 (-1.16 percent) to close at Rs8,500 per share.
The sectors taking the index towards south were oil & gas exploration companies (124 points), fertilizer (82 points), power generation & distribution (41 points), commercial banks (40 points), and cement (29 points). The major companies depriving the index of points remained OGDC (55 points), FFC (41 points), POL (36 points), ENGRO (31 points), and HUBC (30 points).
The sectors taking the index towards north were automobile parts & accessories (11 points), technology & communication (8 points), investment banks/ investment companies/ securities companies (5 points), textile spinning (2 points), and miscellaneous (one point). The major companies adding points to the index remained SYS (19 points), THALL and LUCK (11 points each), DAWH (10 points), and MCB (6 points).
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