Pakistan bourse stays bearish as index losses 189 points

Web DeskWeb Editor

07th Sep, 2021. 09:13 pm

KARACHI: Trading at the Pakistan bourse started on a bearish note on Tuesday, as the benchmark KSE-100 index sank in the intraday session by 301 points but during the midday session, bulls made an attempt to take over by lifting the index to an intraday high by 76 points; however, the bourse closed on a negative note, as it lost 189 points.

An analyst at Arif Habib Limited said the vibes were negative due to the continuous selling from foreign counters in cement and banking sector stocks due to the MSCI reclassification and otherwise depreciating rupee against the dollar that makes the Pakistan stocks a costly affair.

“Local investors have lately been absorbing negative foreign flows in a gradual and cautious manner.”

The Pakistan Stock Exchange KSE-100 shares index shed 0.4 per cent, or 188.56 points, to close at 46,729.96 points. The KSE-30 shares index shed 0.54 per cent, or 100.94 points, to close at 18,747.04 points.

As many as 470 scrips were active, of which 398 advanced, 56 declined and 16 remained unchanged. The ready market volumes stood at 423.75 million shares, compared with the turnover of 417.85 million shares in the last trading session.

An analyst at Pearl Securities said yet another volatile session was witnessed where the index found support near the key level of 46,600.

“Investors remained concerned over the upcoming MSCI decision (going to be announced tonight), which may have a significant impact at the bourse. On the flip side, pressure on the rupee has mounted with a rising trade gap, which also dented the investors’ confidence in the equities.”

“Going forward, we expect the short-term market direction is dependent upon the MSCI decision; however, the economic numbers would be the key factor to consider in the coming period.”

The companies that reflected the highest gains included Nestle Pakistan, up Rs423.75 to close at Rs6,073.75/share; and Allawasaya Textile, up Rs75.72 to close at Rs1,085.32/share.

The companies, which reflected the most losses included Unilever Foods, down Rs1,645 to close at Rs20,300/share; and Colgate Palmolive, down Rs50 to close at Rs2,725/share.

The highest volumes were witnessed in TPL Corporation with a turnover of 41.82 million shares. The scrip gained 68 paisas to close at Rs25.28/share; followed by Kohinoor Spinning with a turnover of 33.7 million shares. It shed 7 paisas to close at Rs6.81/share. PIA remained the third with a turnover of 29.77 million shares. It gained 37 paisas to finish at Rs5.87.

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