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Equities extend overnight bearish spell
KARACHI: Despite encouraging numbers of current account deficit and foreign direct investment for July, the equity investors extended their profit-taking spree on Monday amid mounting political tensions.
Ahsan Mehanti of Arif Habib Corporation said stocks closed under pressure on a weak economic outlook.
He cited uncertainty over IMF approval on power subsidies in Punjab, unsettled dues of Chinese IPPs, tax collection shortfalls and surging government debt as critical factors contributing to the bearish close.
Topline Securities Ltd said the market witnessed a mixed session as bullish and bearish forces wrestled for control throughout the day. Ultimately, the bears claimed victory, extending last week’s bearish spell.
During the day, Bank Al-Habib, Fauji Fertiliser, Hub Power, Pakistan Petroleum, and Service Industries added 173 points to the index. Conversely, profit-taking in Mari Petroleum, Millat Tractor, Lucky Cement, and MCB Bank wiped out 194 points.
As a result, the benchmark index hit an intraday high of 78,382.05 points and a low of 77,566.62. However, it settled at 77,830.34 after dipping by 214.97 points or 0.28pc on a day-on-day basis.
The trading volume fell 21.46pc to 471.74 million shares. The traded value also dipped 19.72pc to Rs16.91bn on a day-on-day basis.
Stocks contributing significantly to the traded volume included Kohinoor Spinning (134.85m shares), Yousaf Weaving (43.55m shares), Flying Cement (15.13m shares), WorldCall Telecom (13.83m shares) and Roshan Packages (10.88m shares).
The shares registering the most significant increases in their share prices in absolute terms were Hoechst Pakistan (Rs101.77), Ismail Industries (Rs59.53), Service Industries (Rs24.50), Sitara Chemical (Rs15.03) and Baluchistan Wheels (Rs10.67).
The companies registering significant decreases in their share prices in absolute terms were Unilever Foods (Rs436.21), Mari Petroleum (Rs97.90), PIA Holding Ltd[B] (Rs86.21), Rafhan Maize (Rs49.08) and Hallmark Company (Rs33.03).
Foreign investors turned net buyers as they bought shares worth $0.37m.
Published in Dawn, August 20th, 2024
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