KARACHI: The Pakistan Stock Exchange (PSX) witnessed a negative session on Friday due to the last day of the rollover week, as investors opted for profit-taking, analysts said.
An analyst at Arif Habib Limited said that the first session consisted of dull activity despite the KSE-100 Index opening in the green zone.
“However, in the second session investors opted for profit taking which hammered the Index to close in the red zone. The main board volumes stayed dry. On the contrary, hefty volumes were observed in the third tier stocks,” he added.
The Pakistan Stock Exchange KSE-100 shares Index shed 1.02 per cent, or 441.06 points, to close at 42,591.51 points. The KSE-30 shares Index shed 1.35 per cent, or 219.93 points, to close at 16,115.09 points.
Ahsan Mehanti at Arif Habib Corp said that the stocks witnessed bearish activity on investors’ concerns for economic impact of flood losses to the estimated tune of Rs900 billon, thin International Monetary Fund (IMF) growth projections and higher CPI inflation for August 2022.
“A slump in the value of rupee and weak earnings outlook amid higher taxation played a catalyst role in the bearish activity,” he added.
As many as 331 scrips were active of which 90 advanced, 218 declined and 23 remained unchanged.
The ready market volumes stood at 265.75 million shares, compared with the turnover of 208.11 million shares in the last trading session.
The companies which reflected the highest gains included Bata (Pak) up Rs125.12 to close at Rs2,110.68/share, and Sanofi-Aventis up Rs52.10 to close at Rs1,401.80/share.
The companies which reflected the most losses included Millat Tractors down Rs24.66 to close at Rs860.76/share, and Gatron Industries down Rs23.99 to close at Rs246.01/share.
The highest volumes were witnessed in K-Electric with a turnover of 50.61 million shares. The scrip gained 12 paisas to close at Rs3.51/share, followed by Pak Refinery with a turnover of 16.78 million shares. It gained 22 paisas to close at Rs19.08/share. Pak Elektron remained the third with a turnover of 13.09 million shares. It gained 30 paisas to finish at Rs16.72/share.
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