KARACHI: The Pakistan Stock Exchange (PSX) extended overnight losses on Tuesday amid rising geopolitical tensions after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine, sending crude oil prices to nearly $100 a barrel.

According to Topline Securities Ltd, the developing scenario panicked investors who indulged in hasty selling. As a result, the benchmark KSE 100 index saw an intra-day low of 664 points, but late value-hunting helped the benchmark index trim early losses.

As a result, the KSE-100 index lost 350.68 points or 0.77pc on a day-on-day basis to close at 45,012.18 points.

The situation also weighed on the currency market, where the local currency came under pressure, reversing the overnight trend by losing around 0.27pc against the US dollar in the inter-bank market.

Heavy selling was witnessed in cement and technology stocks, where TRG Pakistan and System Ltd wiped out 109 points from the index.

Arif Habib Ltd said the market remained under pressure due to mounting international oil prices as the New York’s West Texas Intermediate crude contract rose more than 3pc on Tuesday.

However, cherry-picking in the last trading hour led to the recovery of the market from steep losses. The activity, however, continued to remain sideways as the market witnessed hefty volumes in the third-tier stocks.

Sectors that dragged the index lower included technology and communication (124.17 points), cement (54.10 points) and fertiliser (40.52 points).

Company-wise, the top losers were led by TRG Pakistan Ltd (81.74 points), Lucky Cement Ltd (31.26 points) and Systems Ltd (27.83 points).

The traded volume and value for the day increased by 63pc and 111pc on a day-on-day basis to 226m shares and Rs7.62bn, respectively.

Stocks that contributed significantly to the volumes include WorldCall Ltd, the Bank of Punjab, Telecard Ltd, TRG and TPL Properties Ltd.

Mutual funds offloaded shares worth $3.85m followed by foreign investors who were net sellers as they offloaded shares worth $0.77m. At attractive valuations, the companies picked up shares worth $3m followed by banks $1.21m and individuals $0.9m.

Published in Dawn, February 23rd, 2022

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Counterterrorism plan
Updated 23 Nov, 2024

Counterterrorism plan

Lacunae in our counterterrorism efforts need to be plugged quickly.
Bullish stock market
23 Nov, 2024

Bullish stock market

NORMALLY, stock markets rise gradually. In recent months, however, Pakistan’s stock market has soared to one ...
Political misstep
23 Nov, 2024

Political misstep

FORMER first lady Bushra Bibi’s video address to PTI followers has triggered a firestorm. Her assertion implying...
Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...