Stocks at Pakistan Stock exchange were hammered on the last trading day of the week as index continued to lose ground to selling pressure over rising political uncertainty, while rising covid-19 cases in the country have also stoked fears of complete lockdown- denting market sentiments.
On Friday, the benchmark kse-100 opened on a positive note and touched intra-day high at 45,056.90 level after gaining 193 points, but reversing its trajectory the index lost 711.42 and touched intra-day low at 44,151.69 level. However, the index clocked at 44,262.35 level by the closing bell after posting a 600.75 points loss.
During the session the stocks succumbed to selling pressure owing to the last day of the roll-over week and short trading hours. Investors continue to struggle due to rising Covid cases as authorities have hinted at Curfew –like lockdown in major cities.
‘The market is in a bear zone as most stocks lost 20-30% since February high. Despite massive earnings reported, political instability & policy inconsistency are the major sources of concern’, said Muzzammil Aslam, an Economist, via his Twitter handle.
During the session Market Capital decreased by Rs.92.67 Billion, while total value traded increased by 0.16 Billion to Rs.13.77 Billion.
The volume at kse-100 clocked in at 153.9 million shares, whereas the all-share volume stood at 293.7 million shares.
The volume chart was led by Ghani Global Limited followed by TRG Pakistan and Telecard Limited. The scrips exchanged 34.82 million, 26.23 million and 22.86 million shares, respectively.
According to the National Clearing Company of Pakistan Limited (NCCPL) foreign investors were net sellers of $3.97 million worth of equities. Among local investors, Individuals and Banks led the selling chart, which offloaded $2.8 million, and $1.1 million worth of equities.
However, Other Organizations, Brokers and companies led the buying chart and mopped up over $2.9 million and $2.7 million and $2 million worth of equities.
During the session, sectors which dented the index were Technology & Communication with 133 points, Cement with 60 points, Oil & Gas Exploration Companies with 50 points, Oil & Gas Marketing Companies with 46 points and Commercial Banks with 42 points. Among the scrips the most points taken off the index was by TRG Pakistan which stripped the index of 105 points followed by Hub Power Company with 30 points, Systems Limited with 28 points, National Bank of Pakistan with 24 points and National Refinery Limited with 23 points.
However, the sectors which lifted the index were Miscellaneous with 6 points, Synthetic & Rayon with 3 points, Modarabas with 1 point and Automobile Parts & Accessories with 1 point. Among the scrips, the most points added to the index was by Bank Al Habib Limited which contributed 19 points followed by Habib Bank Limited with 14 points, Standard Chartered Bank with 6 points, Shifa International Hospitals Limited with 6 points and AGP Limited with 5 points.