Stocks extended bearish sentiments from the previous week at KSE-100 on Monday as investors treaded cautiously amid escalating tensions in the neighbouring Afghanistan and resurging Covid -19 in te country. The index posted a 257 points loss by the closing bell to clock at 47,429 level.
On Monday, the trading activity resumed on a negative note, as the Index traded in a range of 366.55 points or 0.77 percent of previous close, showing an intraday high of 47,742.23 and a low of 47,375.68.
Market sentiments were dampened as rising regional instability threatens to be inimical for Pakistan’s security and economic fabric. Sudden withdrawal of US forces from Afghanistan in absence of strategic pull-out raises security concerns for bordering nations as well higher risk of refugee exodus.
Investors are also wary of rising covid-19 cases and surging positivity rate, which may threaten a fresh round of lockdown in the country. Moreover, lack of an obvious near-term trigger caused the lackluster activity in the market whereby investors are concerned about the beginning of earnings season, which is due to start August end, a closing report by Arif Habib cited.
During the session, the selling pressure was evident across the board, with focus on Cement, Steel, Technology, Refinery and E&P sectors. Blue chip stock OGDC bucked up the trend and became an exception to the selling and saw active trading with range bound price uptick.
The market capital decreased by Rs.43.05 billion, while total value traded decreased by 0.96 billion to Rs.15.37 billion.
The volume at KSE-100 surged from 170.9 million shares recorded in the previous session to 201.86 million shares, while the all share index volume receded from 563 million shares to 494 million shares.
At KSE-100 the volume chart was led by WorldCall Telecom Limited followed by Hascol petroleum limited and K-electric Limited. The scrips exchanged 55.64 million, 39.83 million and 29.47 million shares.
As per the National Clearing Company of Pakistan limited (NCCPL) foreign investors were net sellers of worth $6.48 million worth of shares.
Among local Insurance Companies and Insurance Companies led the selling chart, which offloaded $5.99 million and $3.48 million worth of equities.
Whereas, Individuals and Brokers led the buying chart, and mopped up $10.12 million, $3.8 million worth of equities.
During the session, sectors which dented the index were Cement with 76 points, Technology & Communication with 23 points, Oil & Gas Exploration Companies with 23 points, Tobacco with 21 points and Food & Personal Care Products with 18 points.
Among the scrips, the most points taken off the index was by Lucky Cement which stripped the index of 39 points followed by Pak Tobacco with 21 points, ENGRO with 17 points, Habib Bank Limited with 17 points and Pakistan Petroleum Limited with 15 points.
However, sectors which lifted the index were Power Generation & Distribution with 25 points and Automobile Parts & Accessories with 1 point.
Among the scrips, the most points added to the index was by Hub Power Company which contributed 27 points followed by Sui Northern Gas Pipeline with 12 points, Engro Fertilizers Limited with 11 points, Standard Chartered Bank (Pak) Limited with 10 points and Bank Al Falah Limited with 9 points.