KARACHI - Bearish sentiments prevailed at KSE amid record fall on concerns for corporate profits after banking spreads lowered on SBP actions on linking minimum deposit rates to interbank repo rates, raise in policy rate and uncertain rupee-dollar parity.
The benchmark KSE 100-share index shed 554.63 points or 2.48 per cent to close the day at 21832.69 points as compared to 22387.31 points of the last working day on Friday.
Analyst Ahsan Mehanti said raise in power tariff, major fall in global stocks and commodities and concerns for rising circular debt in energy sector impacted the sentiments despite institutional support later in the trading session on quarter-end close.
KSE allshare-index lost 341.74 points or 2.11 percent to stop the day at 15836.86 points, KSE 30-share index shed 467.49 points or 2.74 percent to finish the day at 16580.509 points while KMI 30-share index lost 724.48 points or 1.93 percent to conclude the day at 36825.25 points.
Continuous selling in banking sector after SBP move of increasing minimum PLS rate on Friday, created panic across the board. Most of the banking stocks closed at their lower circuit breakers while some cement stocks also declined to close 5% down. After witnessing net foreign selling of $14m last week investors feared more selling due to declining regional markets. Some buying interest was seen in Hub Power and Kot Addu Power where HUBCO closed 1.9% up and KAPCO share value increased by 0.6%, equity dealer observed. The day turnover of stock market was 208.250 million shares after opening at 163.331 million shares and the value of traded shares climbed to Rs 7.146 billion from Rs 5.633 billion while the capitalization of the equity market maintained at Rs 5.184 trillion compared to Rs 5.294 trillion of a day earlier.
Trading took place in 346 companies where losers beat the gainers by 241 to 83 while the values of 22 stocks remained intact. Colgate Palmolive and Siemens Pakistan were the biggest losers of the day, decreased by Rs 60 to Rs 1425 and Rs 47.52 to Rs 902.99. Wyeth Pak Limited and Rafhan MaizeXD were the top price gainers of the day, increased by Rs 171.71 to Rs 4320.60 and Rs 141.28 to Rs 4930.46.
BOP was the traded company of the day with 17.854 million shares as it closed at Rs 11 after opening at Rs 11.83. Fauji Cement was on the second position with 13.246 million shares, shed Re 0.21 to Rs 10.85.
It was followed by National Bank with 11.458 million shares, off by Rs 2.59 to Rs 49.29, Bank Al-Falah with 9.704 million shares, down by Rs 1.07 to Rs 20.94 and Fatima Fert with 8.958 million shares, up by Re 0.26 to Rs 26.