Bears in control at PSX as KSE-100 Index shed 427.95 points

KARACHI: The Pakistan stocks continued negative trend for the fourth consecutive session on Thursday, as the investors were concerned over continued foreign selling over the MSCI reclassification due next week, dealers said.

Ahsan Mehanti at Arif Habib Corporation said that the stocks remained under pressure on the concerns over surging bond yields, reports of over Rs50 trillion government debt burden and the rupee instability.

“Uncertainty over terms of resumed IMF [International Monetary Fund] programme, terms of mini-budget on taxes and petroleum development levy played a catalytic role in the bearish close,”

The Pakistan Stock Exchange KSE-100 shares Index shed 0.96 per cent, or 427.95 points, to close at 43,935.75 points. The KSE-30 shares Index shed 1.08 per cent, or 184.74 points, to close at 16,939.28 points.

As many as 328 scrips were active, of which 121 advanced, 185 declined and 22 remained unchanged. The ready market volumes stood at 195.17 million shares, compared with the turnover of 310.3 million shares in the last trading session.

An analyst at Arif Habib Limited said the bears ruled over the bulls for the fourth consecutive session in a week due to concerns over the rupee depreciation and the last leg of foreign selling spree.

“[The] rollover week continued to remain under pressure, despite attractive valuations in terms of low price earnings multiples and high dividend yields.”

Technology stocks remained in the limelight throughout the day, as traders placed the bet on high-beta stocks to mark quick trading gains. On the flip-side, institutional investors fetched value hunting in the last trading hour.

The companies, which reflected the highest gains included Nestle Pakistan, up Rs41.99 to close at Rs5,602/share; and Blessed Textile, up Rs26.80 to close at Rs488.9/share.

The companies that reflected the most losses included Unilever Foods, down Rs500 to close at Rs19,000/share; and Sanofi Aventis, down Rs48 to close at Rs592/share.

The highest volumes were witnessed in TPL Properties with a turnover of 16.32 million shares. The scrip gained 34 paisas to close at Rs42.73/share; followed by Byco Petroleum with a turnover of 12.22 million shares. It shed 12 paisas to close at Rs2.11/share. Hub Power remained the third with a turnover of 9.5 million shares. It shed Rs2.25 to finish at Rs69.94.