Stocks extend losses ahead of long closure
KARACHI: Ahead of a long closure, the benchmark index of the stock market nosedived right at the beginning of trading on Thursday owing to the yield of treasury bills hitting a 24-year high a day ago.
The share market will remain closed from April 29 till May 5 on account of Juma-tul-Wida and Eidul Fitr holidays.
The KSE-100 index traded in the red zone throughout the session as bears dominated the market and investors opted for profit selling, said Arif Habib Ltd. The session remained volatile with across-the-board selling.
The benchmark settled at 45,249.41 points, down 283.89 points or 0.62 per cent from a day ago.
The trading volume increased 45.4pc to 325.5 million shares while the traded value went up 66.4pc to $50m on a day-on-day basis.
Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (37.49m shares), Cnergyico PK Ltd (34.66m shares), Hum Network Ltd (27.43m shares), Pak Elektron Ltd (14.11m shares) and Pakistan Refinery Ltd (12.88m shares).
Sectors that took away the highest number of points from the benchmark index included technology and communication (56.9 points), fertiliser (49.51 points), power generation and distribution (46.47 points), oil and gas exploration (43.68 points) and cement (41.02 points).
Shares contributing most negatively to the index included the Hub Power Company Ltd (40.02 points), Fauji Fertiliser Company Ltd (32.82 points), TRG Pakistan Ltd (27.91 points), Systems Ltd (24.94 points) and Pakistan Petroleum Ltd (20.42 points).
Stocks that contributed most positively to the index included Engro Polymer and Chemicals Ltd (25.06 points), Millat Tractors Ltd (20.86 points), Dawood Hercules Corporation Ltd (18.17 points), Meezan Bank Ltd (15.1 points) and Lotte Chemical Pakistan Ltd (14.91 points).
Shares that registered the largest declines in percentage terms were HBL Growth Fund (9.83pc), Shifa International Hospitals Ltd (6.67pc), Cnergyico PK Ltd (6.48pc), Shakarganj Ltd (6.07pc) and Kohinoor Textile Mills Ltd (5.77pc).
Foreign investors remained net buyers as they purchased shares worth $1.48m.
According to JS Global, investors should use any downside as a buying opportunity with a special focus on value stocks.
Published in Dawn, April 29th, 2022