Stocks continue to lose ground at Pakistan Stock Exchange (PSX) as rising covid-19 cases in the country have stoked fears of complete lockdown, drying up market volumes.
On Thursday, the benchmark KSE-100 opened on a slightly positive note and touched intra-day high at 45,143.34 level, but reversing its trajectory the index also touched intra-day low at 44,781.30 level. However, the index clocked at 44,863.11 level by the closing bell after posting a 196 points loss
During the session the investors booked profit, as selling pressure was witnessed across the board including Cement, Fertilizer, Steel sectors. Moreover, investors also offloaded equities, earlier bought at attractive rates owing to roll-over week.
The index also lost impetus as Investors remained away from the bourse amid the announcement of ECC deferring the summary till the next meeting on 40% payments to IPPs. Market participation has also been drying up as financial results have failed to generate the usual interest among investors perhaps due to the upcoming tight budget right after Ramadan.
Nonetheless, Investors also continue to struggle due to rising cases as authorities have hinted at Curfew -like lockdown in major cities.
During the session Market Capital decreased by Rs.37.81 billion, while total value traded also decreased by 2.55 billion to Rs.13.61 billion.
The volume at KSE-100 receded from 140 million shares recorded in the previous session to 138.9 million shares, whereas the all-share volume also reduced from 305.7 million shares from previous session to 280.67 million shares.
The volume chart was led by Hascol Petroleum Limited followed by Ghani Global Limited and Telecard Limited followed. The scrips exchanged 43.8 million, 32.64 million and 19.56 million shares, respectively.
According to the National Clearing Company of Pakistan Limited (NCCPL) foreign investors were net sellers of $1.85 million worth of equities.
Among local investors, Brokers and Insurance Companies led the selling chart, which offloaded $2.55 million, and $1.14 million worth of equities.
However, Other Organizations and Individuals led the buying chart and mopped up over $5.4 million and $1.4 million worth of equities each.
During the session, sectors which dented the index were Commercial Banks with 58 points, Cement with 56 points, Fertilizer with 33 points, Power Generation & Distribution with 28 points and Tobacco with 13 points. Among the scrips, the most points taken off the index was by Bank Al Habib Limited which stripped the index of 26 points followed by ENGRO with 26 points, Lucky Cement with 22 points, Hub Power Company with 14 points and Pak Tobacco with 13 points.
However, the sectors which lifted the index were Oil & Gas Marketing Companies with 10 points, Textile Composite with 10 points, Chemical with 5 points, Food & Personal Care Products with 4 points and Automobile Parts & Accessories with 4 points. Among the scrips, the most points added to the index was by HASCOL petroleum Limited which contributed 11 points followed by TRG Pakistan with 10 points, Oil & Gas Development Company Limited with 10 points, Feroze1888 Mills Limited with 8 points and Highnoon Laboratories Limited with 7 points.