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Stocks drop on mounting European tensions
KARACHI: Trading in the shares market remained gloomy on Monday because of increasing geopolitical tension between Russia and Ukraine, said a note by Topline Securities.
The KSE-100 index stayed in the red zone throughout the day. Shares in the cement sector also bore the brunt of higher international coal prices. Investors showed concerns about the upcoming inflationary pressure owing to a rally in global oil prices driven by the likelihood of a bloody conflict between Russia and Ukraine.
As a result, the KSE-100 index lost 435.28 points or 0.94 per cent to close at 45,644.09 points.
The trading volume increased 10.1pc to 187.8 million shares while the traded value went down 23pc to $33.9m on a day-on-day basis.
Sectors that took away the highest number of points from the benchmark index included commercial banking (76.64 points), technology and communication (63.12 points), fertiliser (53.61 points), cement (42.58 points) and engineering (31.94 points).
Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (33.53m shares), TeleCard Ltd (9.87m shares), Ghani Global Holding Ltd (7.8m shares), TRG Pakistan Ltd (7.8m shares) and TPL properties Ltd (6.98m shares).
Shares contributing positively to the index included Mari Petroleum Company Ltd (16.75 points), Sui Northern Gas Pipelines Ltd (8.88 points), Engro Polymer and Chemicals Ltd (7.5 points), Engro fertilisers Ltd (6.72 points) and Adamjee Insurance Company Ltd (4.76 points).
Stocks that took away the maximum number of points from the index included Systems Ltd (34.14 points), Fauji Fertiliser Company Ltd (32.49 points), Meezan Bank Ltd (30.55 points), Lucky Cement Ltd (26.44 points) and Dawood Hercules Corporation Ltd (24.65 points).
Stocks recording the biggest declines in percentage terms on a day-on-day basis were Azgard Nine Ltd (5.5pc), Mughal Iron and Steel Industries Ltd (5.31pc), Aisha Steel Mills Ltd (5.05pc), National Refinery Ltd (4.66pc) and Shell Pakistan Ltd (4.41pc).
Foreign investors were net sellers as they offloaded shares worth $0.15m.
Published in Dawn, February 15th, 2022
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