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Karachi Stock Exchnage Ends Negative As Profit Taking Erases Gains On KSE-100

The Pakistan Stock Exchange (PSX) witnessed a volatile trading session on Tuesday, as the benchmark index swung both ways until finally settling in the red amid rise in current account deficit to $1.9 billion, while volumes and value declined from the previous session.

The index started off on a positive note, gaining 254.71 points and jumped to the day’s high of 44,594.66. However, failing to sustain its gains, the index fell to an intra-day low of 44,122.13, down 217.82 points.

At close, the index settled lower by 162.88 points or 0.37% at 44,177.07.

“The battle between bulls and bears continued throughout the day,” said Arif Habib Limited in its post-market comment.

On the economic front, the current account deficit widened to $1.91 billion in November 2021, from $1.76 billion in October 2021, as imports outstripped strong exports and remittances. However, many believe the deficit was lower than market expectations.

“Imports were mainly lifted by high international commodity prices in addition to strong domestic economic recovery,” said the central bank.

On the corporate front, Cnergyico PK Limited announced that its Board of Directors has given a go ahead to the management to negotiate with shareholders of Puma Energy Pakistan (Private) Limited for acquisition of its majority stake therein.

Meanwhile, sectors wiping the gains of KSE-100 index included banking (70.65 points), oil and gas exploration (66.02 points), and fertilizer (44.11 points).

Volume decreased, clocking in at 223.08 million on the all-shares index, down from 238.45 million on Monday. The value of shares traded declined to Rs8.7 billion, down from Rs9.4 billion.

WorldCall Telecom was the volume leader with 21.71 million shares, followed by TRG Pakistan Limited with 20.93 million shares, and Cnergyico PK Limited with 18.72 million shares.

Shares of 346 companies were traded on Tuesday, of which 145 registered an increase, 171 recorded a fall, and 30 remained unchanged.

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