KARACHI: The Pakistan equity market witnessed a bloodbath session on Monday, amid renewed concerns over inflation and growth rate due to the prevailing flood crisis.
An analyst at Arif Habib Limited said that the market opened in the positive zone but profit-taking was witnessed throughout the day. “The volumes remained dull across the main board, while hefty volumes were observed in the third tier stocks.”
The Pakistan Stock Exchange KSE-100 shares Index shed 1.06 per cent, or 449.81 points, to close at 41,859.30 points. The KSE-30 shares Index shed 1.16 per cent, or 185.01 points, to close at 15,747.54 points.
An analyst at JS Global said that the KSE-100 Index remained under pressure throughout the day losing 450 points to close in at the 41,859 level.
“Rising concerns over the economic impact of floods and lack of positive triggers kept investors away from market participation.
Going forward, we recommend investors to stay cautious as the negative market sentiment is expected to continue. Although we highlight that the downside can be availed as an opportunity to buy,” he added.
As many as 340 scrips were active of which 68 advanced, 253 declined and 19 remained unchanged.
The ready market volumes stood at 156.80 million shares, compared with the turnover of 160.13 million shares in the last trading session.
The companies which reflected the highest gains included Premium Textile up Rs54 to close at Rs802/share, and Mehmood Textile up Rs40 to close at Rs900/share.
The companies which reflected the most losses included Sanofi-Aventis Rs85.99 to close at Rs1,060.55/share, and Colgate Palm Pakistan down Rs56.96 to close at Rs2,339/share.
The highest volumes were witnessed in WorldCall Telecom with a turnover of 14.84 million shares. The scrip shed 5 paisas to close at Rs1.21/share, followed by Pak Refinery with a turnover of 12.79 million shares. It shed 91 paisas to close at Rs17.91/share. Hascol Petrol remained the third with a turnover of 12.77 million shares. It gained 10 paisas to finish at Rs6.54/share.
