Wednesday Feb 16, 2022
KARACHI: The Pakistan Stock Exchange (PSX) retreated to the red zone as chronic economic worries pushed the benchmark index nearly 50 points down.
Political tensions after the Opposition announced a no-confidence motion against the government and ahead of the long march panned by PPP and the Pakistan Democratic Movement (PDM) impacted the investment climate.
Lacklustre volumes were witnessed as investors were expecting inflationary pressure due to an increase in local petroleum prices.
Soaring inflation and failing efforts of the government to control price hikes added to the concerns of investors.
On the results front, Pioneer Cement announced its 2QFY22 earnings per share at Rs2.92 which led the stock to close down 1.42%.
At the close, the benchmark KSE-100 index edged down 46.90 points, or 0.10%, to settle at 45,684.80 points.
Arif Habib Limited in its post-market commentary noted that the market witnessed another range-bound session today due to inflationary concern arising from higher fuel prices.
"In the cement sector, Pioneer Cement remained under pressure despite financial results in line with market expectations," it stated, adding that mainboard activity remained dull.
Sectors contributing to the performance included commercial banks (-28.1 points), cement (-28.1 points), oil marketing companies (-12.4 points), exploration and production (-6 points) and sugar (-4.5 points).
Shares of 339 companies were traded during the session. At the close of trading, 135 scrips closed in the green, 181 in the red, and 23 remained unchanged.
Overall trading volumes plunged to 145.3 million shares compared with Tuesday’s tally of 274.6 million. The value of shares traded during the day was Rs4.13 billion.
K-Electric was the volume leader with 23.64 million shares traded, gaining Rs0.06 to close at Rs3.59. It was followed by WorldCall Telecom Limited with 17.05 million shares traded, gaining Rs0.06 to close at Rs2.02, and Faysal Bank with 10.13 million shares traded, gaining Rs0.10 to close at Rs27.