KEY POINTS
- The benchmark KSE-100 Index sheds 1,308 points.
- Selling recorded in key sectors including oil and gas exploration.
- 470 companies transacted their shares in the stock market.
ISLAMABAD: The Pakistan Stock Exchange turned bearish on Tuesday after its record-setting spree yesterday, as the KSE-100 Index settled at 114,860.68 benchmark shedding 1,308 points or 1.13%.
Selling was recorded in key sectors including oil and gas exploration companies, OMCs, power generation, fertilizer, cement, chemical and automobile assemblers. Whereas, buying interest was observed in commercial banks.
The stock market sentiment followed the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) reducing the key policy rate by 200 basis points to 13%.
On Tuesday a total of 1,252,980,316 shares were entertained during the day as compared to 1,470,661,659 shares the last trading day, whereas the price of shares stood at Rs 62.722 billion against Rs 66.628 billion on the previous working day.
As many as 470 companies transacted their shares in the stock market, 134 of them registered gains, and 297 met losses, whereas the share price of 39 companies remained unchanged.
The three top trading companies were WorldCall Telecom 151,921,663 shares at Rs 1.88 per share followed by Pak Elektron with 107,502,606 shares at Rs 38.11 per share whereas Cnergyico PK settled with 58,285,174 shares at Rs.7.08 per share.
Unilever Pakistan Foods Limited recorded a maximum increase of Rs.180.02 per share price, closing at Rs.21,000.02, whereas the Philip Morris (Pakistan) Limited was the runner-up with Rs 29.78 rise in its per share price to Rs 789.88.
Mari Petroleum Company Limited witnessed a maximum decline of Rs 89.97 per share closing at Rs 809.76 followed by Nestle Pakistan Limited with a fall of Rs 74.88 to close at Rs.7,511.48.
In the recent weeks, the Pakistan Stock Exchange has witnessed many record single-day gains. Extensive buying during the last week sent the index increasing by a record point-wise weekly gain of 7,697 points.
Internationally, Asian stocks edged higher and the dollar held firm on Tuesday as traders braced for a slate of central banks meetings this week that is likely to see the US Federal Reserve deliver a rate cut and the Bank of Japan stand pat for now.
Bitcoin, the best-known and the biggest cryptocurrency remained nestled near the record high of $107,821 it touched on Monday.
In stock markets, the Australian market was 0.75% higher with Japan’s Nikkei up 0.26%.
