KARACHI: Trading opened on the Pakistan Stock Exchange on a positive note on Friday as the benchmark posted an intraday high of 201 points.

But the index came under selling pressure soon afterwards. According to Topline Securities, the pressure on stocks was a result of the yields on Pakistan’s dollar bonds registering a notable increase after Prime Minister Shehbaz Sharif appealed for debt relief from rich nations.

Arif Habib Corporation analyst Ahsan Mehanti said the Ministry of Planning’s assessment that flood-related losses amount to $30 billion, dismal data for the large-scale manufacturing output and declining foreign direct investment played the role of a catalyst in the stock market’s bearish close.

JS Global said investors should look for buying opportunities in the banking, exploration and production and cement sectors going forward.

As a result, the KSE-100 index settled at 40,620.21 points, down 307.74 points or 0.75pc from the preceding session.

The trading volume decreased 13.5pc to 164.4 million shares while the traded value went up 8.6pc to $28.6m on a day-on-day basis.

Stocks contributing significantly to the traded volume included Hascol Petroleum Company Ltd (29.82m shares), TRG Pakistan Ltd (23.89m shares), K-Electric Ltd (11.85m shares), Cnergyico PK Ltd (9.5m shares) and WorldCall Telecom Ltd (6.43m shares).

Sectors that contributed negatively to the index performance were banking (112.1 points), cement (38.4 points), power (36.2 points), technology (31.4 points) and fertiliser (30.3 points).

Companies registering the biggest increase in their share prices in absolute terms were Rafhan Maize Products Company Ltd (Rs679), Sapphire Fibres Ltd (Rs91.50), Sapphire Textile Mills Ltd (Rs74), Nestle Pakistan Ltd (Rs55) and Fazal Cloth Mills Ltd (Rs15.90).

Shares that declined the most in rupee terms were Sanofi-Aventis Pakistan Ltd (Rs92.17), Colgate-Palmolive Pakistan Ltd (Rs22.98), Sitara Chemical Industries Ltd (Rs17.96), Lucky Cement Ltd (Rs8.58) and Service Industries Ltd (Rs5.96).

Foreign investors remained net sellers as they offloaded shares worth $0.25m.

Published in Dawn, September 24th, 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,...