KARACHI: Pakistan stocks tumbled on Friday, amid low volumes; following news the World Bank revised down Pakistan’s GDP growth projection to 3.4 per cent for FY22, dealers said.
Ahsan Mehanti at Arif Habib Corporation said that the stocks closed lower, amid thin trade on investors’ concerns over foreign outflows, the World Bank forecast of 3.4 per cent in FY22 and surging trade deficit.
“Midsession support remained on institutional interest following rupee recovery. Dismal data on cement sales falling by 6 per cent in July-September 2021 and the concerns for 11.5 per cent surge in the government debt played a catalytic role in the bearish close.”
The Pakistan Stock Exchange KSE-100 shares index shed 0.24 per cent, or 108.81 points, to close at 44,477.24 points. The KSE-30 shares index shed 0.11 per cent, or 19.04 points, to close at 17,524.8 points.
As many as 550 scrips were active, of which 165 advanced, 369 declined and 16 remained unchanged. The ready market volumes stood at 176.06 million shares, compared with the turnover of 296.03 million shares in the last trading session.
An analyst at Arif Habib Limited said the market traded range-bound with an oscillation of -248 points and +84 points during the session, amid low volumes.
“[The] MSCI reclassification outflows from foreign investors continued causing pressure on the index with pressure in banks, fertiliser and cement sectors. Local mutual funds have ramped up buying activity in recent times, which has helped the index sustain the selling pressure.”
Neelam Naz at JS Global Capital said that the lack of immediate triggers resulted in a lacklustre, low-volume session for the equities. “Investors are; therefore, advised to stay cautious and build exposures only on major dips in the market, especially in the banking, fertiliser, steel and cement sectors.”
The companies, which reflected the highest gains included Unilever Foods, up Rs1,200 to close at Rs20,400/share; and Colgate Palmolive, up Rs97.95 to close at Rs2,448/share.
The companies that reflected the most losses included Highnoon Laboratories, down Rs27.82 to close at Rs589.18/share; and Rafhan Maize Rs25 to close at Rs10,900/share.
The highest volumes were witnessed in WorldCall Telecom with a turnover of 18.53 million shares. The scrip shed one paisa to close at Rs2.53/share; followed by Telecard Limited with a turnover of 14.15 million shares. It shed 59 paisas to close at Rs18.67/share. Silk Bank remained the third with a turnover of 9.33 million shares. It gained four paisas to finish at Rs1.56.