Bears continue to rule PSX; KSE-100 Index losses 584.82 points

Staff Reporter BOL News

24th Nov, 2021. 10:23 pm

The Pakistan Stock Exchange (PSX). Image: File

KARACHI: The Pakistan equity market plunged on Wednesday, as the market took this reaction to the announcement of a mini-budget, removal of general sales tax (GST) exemption and rollover settlement, while selling pressure persisted during the day.

The Pakistan Stock Exchange KSE-100 shares Index shed 1.3 per cent, or 584.82 points, to close at 44,363.7 points. The KSE-30 shares Index shed 1.47 per cent, or 255.96 points, to close at 17,124.02 points.

As many as 341 scrips were active, of which 76 advanced, 245 declined and 20 remained unchanged. The ready market volumes stood at 310.3 million shares, compared with the turnover of 264.6 million shares in the last trading session.

An analyst at Arif Habib Limited said the bears continued to dominate over the bulls for the straight three consecutive sessions in the week, as investors feared from the upcoming mini-budget.

“Moreover, the International Monetary Fund (IMF) has rejected Pakistan’s request to keep a door open for borrowing from the central bank and also did not agree on any meaningful accountability of the State Bank of Pakistan (SBP). The third day of the rollover week remained under pressure, despite attractive valuations.”

The market witnessed across-the-board selling. On the institutional front, cautious stance was recorded due to the concerns of foreign selling spree in the upcoming MSCI rebalancing day.

“Cautious approach is advisable, as [the] market is likely to further face pressure in the upcoming sessions; an overhang of preconditions related to [the] IMF programme continues to dent the market sentiments,” Muhammad Waqar at JS Global said.

The companies, which reflected the highest gains included Bhanero Textile, up Rs64 to close at Rs1,139/share; and Gatron Industries, up Rs38.13 to close at Rs546.6/share.

The companies that reflected the most losses included Rafhan Maize, down Rs100 to close at Rs9,500/share; and Sapphire Fiber, down Rs65.05 to close at Rs892.95/share.

The highest volumes were witnessed in TRG Pakistan with a turnover of 26.51 million shares. The scrip gained Rs1.76 to close at Rs90.11/share; followed by WorldCall Telecom with a turnover of 24.6 million shares. It shed six paisas to close at Rs2.11/share. TPL Properties remained the third with a turnover of 24.08 million shares. It shed Rs3.37 to finish at Rs42.39.