KARACHI: The Pakistan Stock Exchange suffered on Tuesday a bloodbath amidst the weakening of the rupee against the dollar, concerns about rising inflation and the resumption of the foreign selling spree.
According to Arif Habib Ltd, trading began on a bleak note as the morning news flow suggested the revival of the International Monetary Fund (IMF) programme hinged upon the stamped clearance by the global institution’s two departments before it could be forwarded to its executive board.
The textile sector remained under pressure for the second consecutive session over concerns about ending the supply of subsidised gas to industrial consumers. Institutional activity remained on the sell side owing to redemptions from the mutual fund industry, it added.
As a result, the benchmark index dropped to 46,400 points, down 715 points or 1.5 per cent from a day ago.
Market participation increased 19.1pc to 434.7 million shares on a day-on-day basis.
Sectors taking away the highest number of points from the benchmark index included commercial banking (123.18 points), cement (101.72 points), technology and communication (78.63 points), oil and gas exploration (62.72 points) and power generation and distribution (46.05 points).
Stocks that contributed significantly to the traded volume included TeleCard Ltd (33.50m shares), Fauji Foods Company Ltd (28.81m shares), First National Equities Ltd (25.35m shares), WorldCall Telecom Ltd (22.98m shares) and Ghani Global Holdings Ltd (19.75m shares).
Stocks that contributed positively to the index included Fauji Fertiliser Company Ltd (10.83 points), Atlas Honda Ltd (9.25 points), Dawood Hercules Corporation Ltd (3.10 points), Shakarganj Ltd (3.05 points) and Pakistan Oilfields Ltd (2.76 points).
Shares that contributed negatively included TRG Pakistan Ltd (41.04 points), The Hub Power Company Ltd (40.95 points), United Bank Ltd (32.34 points), Pakistan Petroleum Ltd (31.29 points) and Oil and Gas Development Company Ltd (27.62 points).
Stocks recording the biggest losses in percentage terms included National Refinery Ltd, which went down 7.5pc, followed by Azgard Nine Ltd (7.32pc), EFU General Insurance Ltd (7.24pc), Yousaf Weaving Mills Ltd (5.69pc) and Attock Refinery Ltd (5.68pc).
Foreign investors were net sellers as they offloaded shares worth $0.71m.
Published in Dawn, November 10th, 2021
