Daily Times

Stocks extended losses for the second consecutive day on Tuesday, as post macro cues and last roll-over week of the fiscal year 21, continue displace investors’ sentiments at Pakistan Stock Exchange (PSX).

On Tuesday the benchmark kse-100 index witnessed a range bound trading session and breached 48,000 level to clock at 47,987 points after posting a mere 25 points loss. The index touched an intraday high of 48,154 level after gaining about 140 points, before losing ground to selling pressure as it touched an intraday low of 47,931 points.

Irfan Saeed, Senior Vice President, BMA Capital Management, said that Market is witnessing a choppy behaviour owing to lack of economic triggers, but most importantly the recent sell-off has been triggered by the last roll-over week of the financial year 2021, as future contracts are to be settled or rolled over, with the investors’ anxiety and uncertainty stemming from the nail-biting process to see if the task is successfully accomplished.However, Mr Saeed said, since its the last roll-over week of the fiscal year, investors primarily Mutual Funds, brokers and companies are liquidating their leveraged positions to close their financial books by the june closing.

Investors’ sentiments also dwindled over uncertainty over the upcoming Financial Action Task Force (FATF) report, scheduled to be released on June 25, which kept market participants on the sidelines and trading remained lacklustre.

Additionally, depreciation of the rupee against the US dollar sparked inflationary concerns, dampening investor interest, which triggered a modest selling pressure in Cement, fertiliser and pharmaceutical sectors.

During the session Market Capital decreased by Rs.5.60 Billion, while total value traded also decreased by 228.45 Million to 610.74 Million Shares.

The volume at kse-100 receded from 227.4 million shares recorded in the previous session to 209.25 million shares, while the volume at all shares index also reduced from 839 million shares to 610 million shares.

At kse-100 the volume chart was led by Silk Bank Limited followed by WorldCall Telecom Limited and K-electric Limited. The scrips exchanged 75.45 million, 48.19 million and 37.4 million shares.

As per the National Clearing Company of Pakistan limited (NCCPL) foreign investors were net buyers of worth $1.68 million worth of shares.

Among local investors, Brokers, Insurance Companies and Mutual Funds led the selling chart, which offloaded $2.7 million, $2.6 million, $0.24 million worth of equities.

However, Individuals and Banks led the buying chart and mopped up about $3.6 million, $3 million worth of equities.

During the session, sectors which dented the index were Miscellaneous with 32 points, Cement with 30 points, Commercial Banks with 17 points, Oil & Gas Marketing Companies with 13 points and Pharmaceuticals with 10 points.

Among the scrips, the most points taken off the index was by Pakistan Services Limited which stripped the index of 34 points followed by Unity Foods with 12 points, Dawood Hercules Corporation Limited with 10 points, National Bank of Pakistan with 10 points and Oil & Gas Development Company Limited with 9 points.

However, sectors propping up the index were Textile Composite with 68 points, Technology & Communication with 18 points, Oil & Gas Exploration Companies with 16 points, Real Estate Investment Trust with 6 points and Glass & Ceramics with 3 points.

Among the scrips, the most points added to the index was by Systems Limited which contributed 30 points followed by Kohinoor Textiles Mills Limited with 21 points, Mari Petroleum Company Limited with 21 points, Azgard Nine Limited with 20 points and Gul Ahmed Textile Mills Limited with 13 points.