KARACHI: Volatility persisted on the stock market on Wednesday amid growing political uncertainty as PTI challenged the controversial election law in the apex court a day after it was bulldozed through the parliament.
Ahsan Mehanti of Arif Habib Corporation said stocks closed lower on economic uncertainty. “Falling rupee, delays on privatisation of state-owned enterprises, concerns for $15bn unsettled dues of Chinese IPPs, and falling banking spreads contributed to the bearish close,” he added.
Topline Securities Ltd said equities moved in both directions as bullish and bearish forces confronted throughout the session to take the helm at PSX.
Investors switched between selective stocks in the power, energy, fertiliser, auto, tech, and cement sectors. Consequently, Bank Al-Habib, Engro Fertiliser, Fauji Fertiliser, and United Bank collectively lost 263 points. Conversely, Pakistan Petroleum, Habib Bank, and Engro Corporation added 121 points as they witnessed rejuvenated buying interest in them.
As a result, the benchmark index hit an intraday high of 77,191.34 points and a low of 77,086.82. However, the index settled at 77,191.34 after losing 76.85 points or .10pc on a day-on-day basis.
The overall trading volume fell 25.52pc to 447.53 million shares. The traded value, however, rose 7.3pc to Rs18.38bn on a day-on-day basis.
Stocks contributing significantly to the traded volume included Kohinoor Spinning (70.04m shares), Power Cement (28.78m shares), Pakistan International Bulk Terminal (20.89m shares), Pakistan Refinery (19.87m shares) and Silkbank (16.93m shares).
The shares registering the most significant increases in their share prices in absolute terms were Unilever Foods (Rs114.06), Exide Pakistan (Rs89.65), Ismail Industries (Rs79.53), Pakistan Engineering Company (Rs59.95) and Rafhan Maize (Rs58.31).
The companies registering significant decreases in their share prices in absolute terms were Nestle Pakistan (Rs85.22), Reliance Cotton (Rs60.38), PIA Holding Company (Rs51.19), Bata Pakistan (Rs12.81) and Pakistan Services (Rs12.37).
Foreign investors remained net buyers as they purchased shares worth $0.12m.
Published in Dawn, August 8th, 2024
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