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KARACHI: Trading on the Pakistan Stock Exchange (PSX) remained choppy on Tuesday as the news of the monthly current account deficit widening to $1.3 billion dampened investors’ sentiments.
The volume of shares traded was subdued while trading patterns were sideways as the market witnessed hefty volumes in third-tier stocks, according to Arif Habib Ltd. Profit-taking occurred in the first trading hour, which was followed by the market oscillating between red and green zones throughout the day.
As a result, the KSE-100 index lost 162.88 points or 0.37 per cent to close at 44,177.07 points.
Market participation decreased 6.4pc to 223.1 million shares while the value of traded shares also went down 7.6pc to $48.8m.
Sectors taking away the highest number of points from the benchmark index included oil and gas exploration (57.19 points), commercial banking (50.87 points), fertiliser (45.16 points), cement (39.22 points) and oil and gas marketing (13.80 points).
Stocks that contributed significantly to the traded volume included WorldCall Telecom Ltd (21.71m shares), TRG Pakistan Ltd (20.92m shares), Cynergyico PK Ltd (18.72m shares), Fauji Foods Ltd (12.86m shares) and TeleCard Ltd (10.19m shares).
Shares contributing positively to the index were TRG Pakistan Ltd (20.54 points), Cynergyico PK Ltd (13.93 points), MCB Bank Ltd (13.55 points), Colgate-Palmolive Pakistan Ltd (11.41 points) and The Hub Power Company Ltd (10.83 points).
Stocks that took away the maximum number of points from the index included Pakistan Petroleum Ltd (31.63 points), Meezan Bank Ltd (28.65 points), Engro Corporation Ltd (24.55 points), Pakistan State Oil Company Ltd (17.49 points) and Habib Bank Ltd (15.09 points).
Stocks recording the biggest declines in percentage terms included Shakarganj Ltd, which went down 2.65pc, followed by Nishat Mills Ltd (2.60pc), Askari Bank Ltd (2.48pc), Pakistan Petroleum Ltd (2.39pc) and Avanceon Ltd (2.36pc).
Foreign investors remained net buyers as they purchased shares worth $1.11m on a net basis.
Published in Dawn, December 22nd, 2021
