KARACHI: The stock market continued its downward trend on Wednesday, as the benchmark index failed to maintain its upward momentum after profit-taking.
According to Arif Habib Ltd, the KSE-100 index fell into negative territory due to the rupee’s depreciation against the dollar. On a day-to-day basis, the local currency lost 0.8 percent, falling to 185.92 versus the greenback.
There was little movement in the market for the rest of the day, but third-tier stocks saw a lot of activity, says the brokerage.
As a consequence, the KSE-100 index finished the day at 45,943.16 points, down 390.2 points, or 0.84 percent, from the previous day’s close.
Trading volume increased 2.8 percent to 235 million shares on a daily basis, while traded value decreased 9.4 percent to $43.1 million.
Cnergyico PK Ltd (23.76 million shares), TPL Properties Ltd (15.7 million shares), Ghani Global Holdings Ltd (14.76 million shares), Maple Leaf Cement Factory Ltd (12.46 million shares), and Telecard Ltd all contributed considerably to the trading volume (10.58 million shares).
Commercial banking (98.34 points), cement (87.53 points), oil and gas exploration (67.22 points), fertiliser (45.66 points), and electricity generation and distribution (45.66 points) were the sectors that detracted the most points from the benchmark index (20.74 points).
Habib Bank Ltd (70.99 points), Pakistan Petroleum Ltd (28.89 points), Maple Leaf Cement Factory Ltd (28.41 points), Meezan Bank Ltd (27.32 points), and Oil and Gas Development Company Ltd all contributed badly to the index (26.16 points).
United Bank Ltd had 23.03 points, TRG Pakistan Ltd had 18.45 points, Lotte Chemical Pakistan had 12.43 points, EFU General Insurance Ltd had 10 points, and Engro Polymer and Chemicals Ltd had 9 points.
Maple Leaf Cement Factory Ltd. (6.09pc), Pak Elektron Ltd. (5.14pc), Frieslandcampina Engro Pakistan Ltd (4.88pc), Mughal Iron and Steel Industries Ltd (3.39pc), and Habib Bank Ltd. all had significant percentage drops (3.38pc). Foreign investors were net purchasers, acquiring shares worth $0.87 million.
