KARACHI: The stock market witnessed a dull session on Monday and, as a result, the benchmark KSE-100 index failed to sustain an overnight rally and moved downwards due to a lack of positive triggers amid falling trading volume.
According to Arif Habib Ltd, the market opened positive but could not sustain the green zone mainly due to political uncertainty, the start of future rollover and the FATF’s working group and plenary meetings in Paris this week.
As a result, the KSE-100 index plunged by 313.02 points or 0.69pc on a day-on-day basis to close at 45,362.85 points.
The benchmark KSE 100 index swung between intraday high of 45,742.83 (up by 66.96 points) and low of 45,342.06 (down by 333.81 points).
The market witnessed many important financial result announcements which included Nishat Chunian Ltd, Nishat Mills Ltd, Fauji Cement Company Ltd, Hi-Tech Lubricant Ltd and Meezan Bank Ltd, which were in line with market expectations.
Sectors contributing to the index decline were led by banks (64.7 points), cement (45.3 points), E&P (36.7 points), technology (31.1 points) and power (25.3 points).
As many as 339 companies transacted shares in the stock market, 95 of them recorded gains and 225 sustained losses, whereas the share price of 19 companies remained unchanged.
The power generation and distribution sector lost 2.66pc in its cumulative market capitalisation. K-Electric Ltd (6.03pc), Nishat Power Ltd (3.35pc) and Nishat Chunian Power Ltd (7.50pc) all closed in red.
Volumes on a day-on-day basis decreased by 29.1pc to 137.7m shares. The trading value decreased by 16.3pc to $20.6m from $24.6m the previous day.
Stocks that contributed significantly to the volumes include WorldCall Telecom, Hum Network, K-Electric, Sui Northern Gas Pipelines Ltd and The Bank of Punjab.
Published in Dawn, February 22nd, 2022
