KARACHI: Shares closed lower on Wednesday as investors’ confidence dwindled on uncertain economic conditions and a worsening exchange rate, according to Topline Securities.

The rupee continued its slide for yet another day, registering depreciation of 0.72pc against the dollar to 190.02. The dollar rate in the interbank market has gone up by Rs4.33 in the last four trading sessions.

The stock market witnessed value buying in cement stocks in the last trading hour, helping the index recover modestly, said Arif Habib Ltd. Overall, the session remained dull while hefty volumes were observed in third-tier stocks.

As a result, the benchmark settled at 42,863.15 points, down 641.21 points or 1.47 per cent from a day ago.

The trading volume increased 44.8pc to 338.5 million shares while the traded value went up 38.9pc to $50.2m on a day-on-day basis.

Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (31.4m shares), Cnergyico PK Ltd (24.78m shares), Pak Elektron Ltd (16.77m shares), Pakistan Refinery Ltd (13.59m shares) and TRG Pakistan Ltd (12.61m shares).

Sectors that took away the highest number of points from the benchmark index included commercial banking (109.38 points), fertiliser (70.81 points), cement (63.96 points), power generation and distribution (50.63 points) and chemical (40.28 points).

Shares contributing most negatively to the index included the Hub Power Company Ltd (43.8 points), Fauji Fertiliser Company Ltd (32.03 points), United Bank Ltd (31.28 points), Systems Ltd (26.09 points) and Dawood Hercules Corporation Ltd (19.57 points).

Stocks that contributed most positively to the index included Bank AL Habib Ltd (5.81 points), Oil and Gas Development Company Ltd (3.41 points), Adamjee Insurance Company Ltd (3.02 points), Habib Bank Ltd (2.03 points) and Pakistan Petroleum Ltd (1.85 points).

Shares that registered the largest declines in percentage terms were HBL Growth Fund (7.89pc), Cnergyico PK Ltd (7.56pc), Bannu Woollen Mills Ltd (7.49pc), Pakistan Stock Exchange Ltd (7.25pc) and Aisha Steel Mills Ltd (6.37pc).

Foreign investors were net buyers as they purchased shares worth $0.75m.

Published in Dawn, May 12th, 2022