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Pakistan bourse remains bearish, as KSE-100 Index losses 257.67 points amid profit-taking

PSX expected to remain with range-bound sessions

PSX Photo: File

KARACHI: The Pakistan equity market witnessed profit-taking in the overbought market, as the investors remained concerned over surge in the Pakistan Investment Bond (PIB) yields by up to 246bps, weak global equities and slump in the global crude oil prices, dealers said.

An analyst at JS Global said foreign flows were talk of the town for Tuesday’s session where the MSCI-related stocks were the most prominent. “Healthy activity from the foreigners, as well as locals was witnessed.”

The Pakistan Stock Exchange KSE-100 shares index shed 0.57 per cent, or 257.67 points, to close at 45,072 points. The KSE-30 shares index shed 0.69 per cent, or 120.87 points, to close at 17,429.62 points.

As many as 345 scrips were active, of which 125 advanced, 198 declined and 22 remained unchanged. The ready market volumes stood at 411.46 million shares, compared with the turnover of 268.23 million shares in the last trading session.

An analyst at Arif Habib Limited said on the MSCI rebalancing day, the KSE-100 index witnessed a volatile session, as it made a dicey move of more than 1,000 points, making a close over 45,000 points benchmark.

“[The] E&P sector stayed in the limelight, as [the] government is considering a scheme to reduce the stock of the circular debt by declaring dividends for the shareholders of the energy sector companies.”

In the last two trading hours, institutional investors accumulated across-the-board, as it was the last opportunity to catch foreign selling spree due to the transition from the Emerging Markets to the Frontier Markets.

Companies that reflected the highest gains included Rafhan Maize, up Rs237.63 to close at Rs9,737.63/share; and Systems Limited, up Rs32.04 to close at Rs801.60/share.

The companies, which reflected the most losses included Nestle Pakistan, down Rs109.84 to close at Rs5,390.18/share; and Colgate Palmolive, down Rs61.67 to close at Rs2,425/share.

The highest volumes were witnessed in Habib Bank with a turnover of 31.48 million shares. The scrip shed Rs1.81 to close at Rs123.35/share; followed by the First National Equities with a turnover of 22.33 million shares. It shed 23 paisas to close at Rs10.76/share. The United Bank Limited remained the third with a turnover of 20.84 million shares. It shed Rs2.45 to finish at Rs6.43.

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