Daily Times

Stocks continue to wobble at Pakistan Stock Exchange (PSX) for the second consecutive day as profit-taking led selling pressure plunged benchmark KSE-100 index below 48,000 level.

On Wednesday, the index traded in positive territory after the opening bell, but it could only hold on for a short time before plunging below 48,000 level after losing 422 points to touch intraday low of 47,725.94 level. However, by the closing bell the index pared some of its early losses to clock at 47,777 level as it posted a 370.36 points loss.

Irfan Saeed, Senior vice president,BMA Capital Management Limited said market sentiments are dampening which resulted in continuous profit-taking, ahead of rising uncertainty around the upcoming budget since the deadlock persists between the government and the IMFon next budgetary targets, especially taking additional taxation measures to fetch Rs300 billion, hiking petroleum levy and exact timeframe for increasing electricity tariff.

Arif Habib Limited, in its report, stated that the market remained under pressure with a total loss of 422 points.

“Kot Addu Power Company proved to be a disappointment for investors, where dividend declaration of Rs5 per share after release of circular debt-related funds failed to motivate investors,” the report added.

During the session Market Capital decreased by Rs 68.33 billion, while total value traded decreased by 0.72 billion to Rs.23.18 billion

The volume at KSE-100 jumped from 265 million shares recorded in the previous session to about 296.73 million shares, while volume at all shares index rose to cross 1.35 billion shares.

At KSE-100 the volume chart was led by WorldCall Telecom Limited followed by Hum Network Limited and K-electric. The scrips exchanged 716.8 million, 75.86 million and 59.63 million shares.

As per the National Clearing Company of Pakistan limited (NCCPL) foreign investors were net sellers of worth $0.33 million worth of shares.

Among local investors, Insurance Companies, Banks, Mutual Funds and Brokers led the selling chart and offloaded about $4.2 million and $2.6 million, $1.7 million and $1.1 million worth of equities.

However, Individuals and Companies led the buying chart, mopping up $7.9 million, $1.59 million worth of equities.

During the session, sectors which dented the index were Commercial Banks with 95 points, Oil & Gas Exploration Companies with 68 points, Technology & Communication with 55 points, Cement with 42 points and Power Generation & Distribution with 33 points.

Among the scrips, the most points taken off the index was by TRG Pakistan which stripped the index of 48 points followed by Oil & Gas Development Company Limited with 36 points, Pakistan Petroleum limited with 23 points, Habib Bank Limited with 23 points and Kot Addu Power Company with 20 points.

However, sectors which lifted the index were Automobile Assembler with 11 points, Investment Banks with 7 points, Real Estate Investment Trust with 4 points, Pharmaceuticals with 2 points and Leasing Companies with 1 points.

Among the scrips, the most points added to the index was by Indus Motor Company Limited which contributed 19 points followed by Engro Fertilizers Limited with 8 points, Pakistan Telecommunication Company with 7 points, Unity Foods Limited with 7 points and PSX with 5 points.