Dealers said the market was down on Monday, with bears dominating the stock exchange following a decision by the EU parliament to review Pakistan’s GSP plus status with questions about violations of some Pakistani laws.
In addition, the deadly wave of the global pandemic continues to affect the stock market, which also dampens investor sentiment.
AAH Soomro of KASB Securities said the stock market ended lower amid lack of triggers and fears of a possible lockdown due to the worsening Covid-19 situation in the country.
“The control index KSE-100 fell since the start of trading and continued to trade in the red during the day. Growing uncertainty ahead of the long holiday season has triggered panic selling from investors, pushing the index down. ”
The Pakistan Stock Exchange (PSX) KSE-100 fell 0.42 percent, or 186.15 points, to close at 44,076.20. The KSE-30 stock index fell 0.41 percent or 73.37 points to close at 18,027.27 points.
360 scripts were involved, of which 111 advanced, 238 decreased and 11 remained unchanged.
The volume of the finished market was 238.44 million shares, compared with a turnover of 293.74 million shares in the last trading session.
An analyst at Arif Habib Limited said the rollover trading in April futures contracts, which remained outstanding at the end of the prolonged week on Friday, caused chaos on Monday, especially with regard to positions in TRG Pakistan and Netsol Technologies.
“A recovery ensued, given that positions had been moved, however, as positions were still unfulfilled, the restoration efforts proved futile.”
Netsol hit a lower level since the start of the session, while TRG Pakistan traded near a lower level for the entire session.
In addition to technology stocks, selling pressure was seen in the cement and steel sectors, which drove the index down.
Ahsan Mehanti of Arif Habib Corp said the stock closed lower on concerns over higher CPI inflation and lower corporate payouts in earnings season. “Foreign asset outflows, pre-fiscal uncertainty and consolidation following the announcement of major PSX profits played a catalytic role in the bearish close,” he added.
Neelam Naz of JS Global Capital said the KSE-100 index witnessed a volatile session as bears remained in control throughout the day.
“During the day, the market entered the positive zone; however, it could not stand it due to aggressive sales by market participants ”.
“In the near future, on the eve of the long Eid al-Adha, some tension may arise, but we recommend that investors do not pay attention to this. We believe that any correction in the stock market this week will provide an opportunity to invest at lower levels, ”Soomro said.
Among the companies that posted the largest earnings were Unilever Foods, which rose Rs 1,000 to Rs 15,000 per share and Wyeth Pakistan, which rose Rs 71.25 to Rs 1,021.25 per share.
Among the companies reporting the biggest losses are Rafhan Maize, which fell Rs 369.97 to Rs 9,455.03 per share, and Bata Pakistan, which declined Rs 130 to Rs 1,670 per share.
The highest sales were at Unity Foods, with 36.36 million shares. The scenario received Rs 1.27 and closed at Rs 32.06 per share.
The second place was taken by Telecard Limited with a turnover of 24.35 million shares. It fell Rs 1.03 to close at Rs 13.75 per share. The third place was taken by Ghani Global with a turnover of 23.14 million shares. It lost 2.7 rupees and ended at 35.98 rupees.