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Stocks lose 326 points despite foreign buying
KARACHI: The stock market remained under pressure on Thursday owing to the investors’ concerns about a higher-than-expected trade deficit along with a rising number of Covid-19 cases across the country.
According to Arif Habib Ltd, investors booked profits throughout the trading session mainly in the tech and cement sectors, which led the benchmark index to close in the red zone.
The trade deficit widened 106.4 per cent year-on-year to $25.48 billion on the back of a nearly triple increase in imports. Trading activity stayed sideways as investors focused on third-tier stocks.
As a result, the benchmark index lost 325.59 points or 0.72pc to close at 45,082.30 points from a day ago.
Market participation decreased 20.1pc to 345.3 million shares while the value of traded shares went up 28.7pc to $74.8m.
Sectors taking away the highest number of points from the benchmark index included technology and communication (115.63 points), cement (77.50 points), oil and gas marketing (26.84 points), food and personal care (22.56 points) and commercial banking (22.41 points).
Stocks that contributed significantly to the traded volume included WorldCall Telecom Ltd (65.10m shares), TRG Pakistan Ltd (54.81m shares), Unity Foods Ltd (30.19m shares), TeleCard Ltd (15.20m shares) and Yousuf Weaving Mills Ltd (11.93m shares).
Shares contributing positively to the index included The Hub Power Company Ltd (55.81 points), Pakistan Oilfields Ltd (19.48 points), Dawood Hercules Corporation Ltd (17.37 points), Engro Fertilisers Ltd (16.14 points) and United Bank Ltd (10.19 points).
Stocks that took away the maximum number of points from the index included TRG Pakistan Ltd (103.91 points), Pakistan State Oil Company Ltd (22.09 points), Habib Bank Ltd (16.16 points), Lucky Cement Ltd (15.10 points) and Oil and Gas Development Company Ltd (14.84 points).
Stocks recording the biggest declines in percentage terms included Murree Brewery Company Ltd, which went down 7.5pc, followed by TRG Pakistan Ltd (7.49pc), Honda Atlas Cars Pakistan Ltd (7pc), Jahangir Siddiqui and Company Ltd (5.23pc) and Pioneer Cement Ltd (4.48pc).
Foreign investors were net buyers as they purchased securities worth $11.89m.
Published in Dawn, January 7th, 2022
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