World oil price rise takes its toll on PSX

A bloodbath session was witnessed on Pakistan Stock Exchange Monday as crude oil prices surged to a seven-year high in the international markets amid intensifying tensions between Ukraine and Russia Pakistan. The market opened on negative note and remained in red zone for most part of the day where selling pressure was seen in almost all sectors.

The benchmark KSE-100 Index plunged by 435.28 points or 0.94 percent and closed at 45,644.09 points. During the session, the KSE-100 index hit 46,128.11 points intra-day high and 45,508.14 points intra-day low levels.

Daily trading volumes on ready counter increased to 187.808 million shares as compared to 170.627 million shares traded on previous session while total daily traded value on the ready counter declined to Rs 5.945 billion against previous session’s Rs 7.720 billion.

BRIndex100 decreased by 56.55 points or 1.2 percent to close at 4,655.82 points with total daily turnover of 170.455 million shares.

BRIndex30 declined by 402.96 points or 2.23 percent to close at 17,690.06 points with total daily trading volumes of 129.650 million shares.

Foreign investors also remained net sellers of shares worth $156,146. The market capitalization declined by Rs 73 billion to Rs 7.802 trillion. Out of total 349 active scrips, 273 closed in negative and only 58 in positive while the value of 18 stocks remained unchanged.

WorldCall Telecom was the volume leader with 33.532 million shares however lost Rs 0.10 to close at Rs 2.05 followed by Telecard Limited that declined by Rs 1.05 to close at Rs 16.32 with 9.877 million shares. Ghani Glo Hol closed at Rs 20.50, down Rs 0.28 with 7.805 million shares.

Mari Petroleum and Khairpur Sugar were the top gainers increasing by Rs 25.82 and Rs 6.26 respectively to close at Rs 1774.06 and Rs 89.78 while Rafhan Maize and Allawasaya Textile were the top losers declining by Rs 495.00 and Rs 174.38 respectively to close at Rs 10405.00 and Rs 2150.73.

An analyst at Arif Habib Limited said that bloodbath session was witnessed as crude oil prices surged to a seven-year high in the international markets amid intensifying tensions between Ukraine and Russia.

Cement sector stayed under pressure due to higher coal prices in the international market. Across the board selling was recorded as investors opted for risk-averse approach. Main board activity remained dull. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include Commercial Banks (down 76.6 points), Technology (down 63.1 points), Fertilizer (down 53.6 points), Cement (down 42.6 points) and Engineering (down 31.9 points).

BR Automobile Assembler Index plunged by 132.11 points or 1.46 percent to close at 8,903.06 points with total turnover of 1.935 million shares.

BR Cement Index declined by 60.43 points or 1.06 percent to close at 5,634.48 points with 5.882 million shares.

BR Commercial Banks Index decreased by 72.21 points or 0.7 percent to close at 10,258.23 points with 11.206 million shares.

BR Power Generation and Distribution Index lost 24.48 points or 0.4 percent to close at 6,166.86 points with 11.458 million shares.

BR Oil and Gas Index fell by 16.39 points or 0.41 percent to close at 3,977.47 points with 14.458 million shares.

BR Tech. & Comm. Index closed at 3,641.99 points, down 89.76 points or 2.41 percent with 64.832 million shares.

Waqar Iqbal at JS Global Capital said that the market started on a bearish note amid news of higher oil prices and the Ukraine-Russia conflict. The index is set to regain once commodity prices ease-off. Top volume leaders during the day were WTL, TELE, GGL, TRG and TPLP.

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