KARACHI: The Pakistan Stock Exchange (PSX) moved within a narrow range on Monday, with the benchmark KSE-100 Index succumbing to selling pressure amid lack of triggers.
Global equity markets also witnessed a lacklustre start to the trading week, whereas Crude oil prices witnessed a surge overnight; WTI crude price appreciating 1.33pc to $41.77 and Brent crude price rising 0.90pc to $44.80.
“The stock market remained under pressure for the most part of the day, mainly on the back of selling activity in cement, steel, exploration & production and banking sectors,” said a report issued by AHL Ltd. “The performance of oil & gas marketing and refinery sectors remained positive today, whereas tech stocks took a breather from what seemed like a never-ending rally.”
The benchmark KSE-100 Index started the day on a positive note, registering its intraday high at 40,195.22 after gaining 165.53 points. The index, however, failed to sustain gains and slipped to intraday low at 39,828.91 (-200.78 points). It finally settled lower by 114.93 points at 39,914.76.
Among other indices, the KMI-30 Index lost 164.28 points to end at 63,896.15, while the KSE All Share Index dropped 49.56 points, closing at 27,993.36.
The overall market volumes dropped from 728.8 million shares in the previous session to 576.5 million shares (-21pc). Average traded value also declined by 24pc, from $136.6 million to $104.2 million. Unity Foods Limited Right Shares (UNITYR2 +3.40pc), Hascol Petroleum Limited (HASCOL 6.82pc) and Worldcall Telecom (WTL -9.46pc) led the volume chart, exchanging 81.62 million, 65.30 million and 35.84 million shares, respectively.
Sectors that dragged the benchmark the index south included technology & communications (48.42 points), cement (44.52 points) and oil & gas exploration (39.72 points). Among the companies, TRG Pakistan Ltd (TRG 41.33 points), MCB Bank Ltd (MCB 18.77 points) and Honda Atlas Cars (Pakistan) Ltd (HCAR -7.41pc) dented the index the most.
Shedding 3.44pc from its cumulative market capitalization, the technology and communication sector turned out to be the session’s top loser, with Pakistan Telecommunication Company (PTC -2.41pc), Hum Network Ltd (HUMNL -2.88pc) and NetSol Technologies (NETSOL -2.15pc) closing in the red.
Meanwhile, Indus Motor Company Ltd (INDU +1.76pc) declared its financial performance for FY20. The company’s sales fell 45pc YoY to Rs86.17 billion, while profit contracted from Rs13.71 billion last year to Rs5.08 billion. INDU’s earnings per share contracted from Rs174.49 to Rs64.66, whereas dividend yield fell from 9.55pc to 3.02pc.
Also, TPL Trakker Limited (TPLT -5.50pc) got listed at the PSX on Monday. The stock closed at a price of Rs 11.34 after commencing trading at Rs12 per share.