Pakistan stocks remain bearish on global commodity price hike
KARACHI: Pakistan stocks witnessed a massive selloff, falling below the level of 44,000 points, owing to the statement announced by the US general that Pakistan-Taliban ties are to become more complicated after the US withdrawal, dealers said.
Additionally, rising international commodity prices and dollar closing at the interbank at 170.48 continued to rattle the bourse.
Ahsan Mehanti at Arif Habib Corporation said that the stocks fell across-the-board on global equity selloff and slump in the global crude oil prices.
“Foreign outflows and [the] ongoing economic uncertainty, amid falling rupee, over leveraging, concerns over surging government bond yields, and speculations over [the] impact of reports on [the] US Senate bill probe over Taliban support played a catalytic role in the bearish close.”
The Pakistan Stock Exchange KSE-100 shares index shed 2.01 per cent, or 908.19 points, to close at 44,366.74 points. The KSE-30 shares index shed 2.13 per cent, or 380.63 points, to close at 17,456.61 points.
As many as 560 scrips were active, of which 60 advanced, 489 declined and 11 remained unchanged. The ready market volumes stood at 468.7 million shares, compared with the turnover of 364.86 million shares in the last trading session.
An analyst at Arif Habib Limited said after the initial uptick of 67 points, carrying positive sentiment from a day earlier, the market took a nosedive due to the concerns on foreign policy front where the US announced sanctions on the Taliban and its supporters that had PSX investors worry on the fate of relations with the US.
“Resultantly, the index tumbled. Selling was observed across-the-board with major decline in technology, banks, exploration and production (E&P), oil and gas marketing companies (O&GMCs) and fertiliser.
The companies, which reflected the highest gains included Bata Pakistan, up Rs82.11 to close at Rs1,663.57/share; and Bhanero Textile, up Rs77.86 to close at Rs1,187.86/share.
The companies that reflected the most losses included Wyeth Pakistan, down Rs62.5 to close at Rs1,460.5/share; and Sanofi Aventis, down Rs58 to close at Rs718/share.
The highest volumes were witnessed in Telecard Limited with a turnover of 52.42 million shares. The scrip shed 5 paisas to close at Rs17.33/share; followed by WorldCall Telecom with a turnover of 51.19 million shares. It shed 20 paisas to close at Rs2.71/share. Dolmen City remained the third with a turnover of 36.02 million shares. It shed 18 paisas to finish at Rs12.04.
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