Bears continued to rule at the KSE-100 index for the third consecutive session as investors remained on the sidelines- treading cautiously amid resurging Covid -19 cases in the country and rising concerns over forward Inflation.
On Tuesday, the trading activity resumed on a positive note, as the Index traded in the range of 417.75 points or 0.88 percent of previous close, showing an intraday high of 47,662.68 and a low of 47,244.93. The index clocked at 47,346 level by the closing bell after posting an 82 points loss. During the day, the National Command and Operation Centre (NCOC) held a meeting and indicated towards re-imposition of stringent standard operating procedures in view of a consistent uptrend in Covid-19 cases over the past one week. This report, in particular, coupled with higher international oil prices which weighed on inflation expectations, played on investors’ mind which dragged the market down because the reintroduction of curbs would deal a significant blow to the recovering economy. Market sentiments were also dampened over rising regional instability owing to sudden withdrawal of US forces from Afghanistan in absence of strategic pull-out, which has raised security concerns for bordering nations as well higher risk of refugee exodus in Pakistan.
The selling pressure was also attributable to the announcement of collection of Capital Gains Tax (CGT) for the period 11MFY21 which resulted in liquidity selling by market participants, stated the closing note of the Topline Securities. The market capital decreased by Rs.22.81 Billion, while total value traded increased by 2.24 Billion to Rs.17.61 Billion.
The volume at kse-100 surged from 201.86 million shares recorded in the previous session to about 213 million shares, while the all share index volume rose from 494 million shares to 541 million shares.
At kse-100 the volume chart was led by Hascol petroleum limited followed by WorldCall Telecom Limited and Byco petroleum Limited. The scrips exchanged 49.86 million, 48.87 million and 29.91 million shares.
As per the National Clearing Company of Pakistan limited (NCCPL) foreign investors were net buyers of worth $0.74 million worth of shares.
Among local investors, Mutual Funds and Brokers led the selling chart, which offloaded $4.03 million and $2.76 million worth of equities.
Whereas, Companies, Insurance Companies and Individuals led the buying chart, and mopped up $3.37 million, $1.67 million and $1.03 million worth of equities.
During the session, sectors which dented the index were Power Generation & Distribution with 54 points, Technology & Communication with 35 points, Food & Personal Care Products with 33 points, Refinery with 32 points and Textile Composite with 25 points.
Among the scrips, the most points taken off the index was by Hub Power Company which stripped the index of 48 points followed by TRG Pakistan with 30 points, National Refinery Limited with 21 points, Unity Foods with 17 points and Sui North Gas Pipeline Limited with 13 points.
However, sectors which lifted the index were Commercial Banks with 49 points, Fertilizer with 28 points, Cement with 18 points, Tobacco with 12 points and Pharmaceuticals with 12 points.
Among the scrips, the most points added to the index was by Habib Bank Limited which contributed 50 points followed by AGP with 20 points, Kohat Cement Company Limited with 17 points, ENGRO with 17 points and Pakistan State Oil with 15 points.