Stocks lose 282 points on profit-taking
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KARACHI: Investors remained cautious on Thursday owing to the concerns about inflation and the weakening of the rupee against the dollar.
According to Arif Habib Ltd, the two reasons created uncertainty among investors who refrained from taking fresh positions, resulting in profit-booking in the second half of the trading session.
Investors accumulated shares in the banking sector in anticipation of the interest rate hike in the next monetary policy. Trading activity remained sideways as the market witnessed hefty volumes in third-tier stocks, it added.
As a result, the benchmark index decreased to 46,348.18 points, down 281.70 points or 0.6 per cent from a day ago.
Market participation decreased 15.9pc to 269.51 million shares on a day-on-day basis.
Sectors taking away the highest number of points from the benchmark index included commercial banking (59.9 points), oil and gas exploration (54.97 points), technology and communication (40.27 points), cement (37.13 points) and engineering (19.05 points).
Stocks that contributed significantly to the traded volume included Ghani Global Holdings Ltd (30.21m shares), Service Fabrics Ltd (20.52m shares), TeleCard Ltd (14.29m shares), TPL Properties Ltd (13.17m shares) and Waves Singer Ltd (12.25m shares).
Stocks that contributed positively to the index included Fauji Fertiliser Company Ltd (12.19 points), Engro Fertilisers Ltd (11.34 points), Engro Corporation Ltd (10.12 points), Murree Brewery Company Ltd (8.73 points) and Service Industries Ltd (7.08 points).
Shares that contributed negatively included TRG Pakistan Ltd (33.99 points), Pakistan Petroleum Ltd (20.65 points), Oil and Gas Development Company Ltd (20.45 points), Lucky Cement Ltd (18.7 points) and Bank AL Habib Ltd (15.91 points).
Stocks recording the biggest losses in percentage terms included Bannu Woollen Mills Ltd, which went down 6.73pc, followed by Shakarganj Ltd (5.58pc), AGP Ltd (5.41pc), Yousaf Weaving Mills Ltd (4.5pc) and Atlas Honda Ltd (4.11pc).
Foreign investors remained net sellers as they offloaded stocks worth $2.12m.
Published in Dawn, November 12th, 2021
