KARACHI: Pakistan Stock Exchange (PSX) on Monday witnessed bearish trend as the investors opted to book profit on available margins.

The market opened negative and remained in red zone throughout the session with very low trading activities. The benchmark KSE-100 index declined by 242.12 points or 0.56 percent and closed below 43,000 level at 42,850.83 points. During the session, the index hit 42,761.93 points intra-day low level.

Trading activities also remained very low as total daily volumes on ready counter decreased to 185.537 million shares as compared to 232.788 million shares traded on last Friday while total traded value on ready counter declined to Rs 6.017 billion against previous session’s Rs 7.625 billion.

BRIndex100 lost 15.33 points or 0.35 percent to close at 4,319.98 points with total daily turnover of 135.020 million shares.

BRIndex30 however managed to close on positive note at 16,435.97 points, up 72.35 points or 0.44 percent with total daily trading volumes of 93.528 million shares.

The foreign investors however remained net buyers of shares worth $602,562. Total market capitalization declined by Rs 29 billion to Rs 6.868 trillion. Out of total 353 active scrips, 211 closed in negative and 120 in positive while the value of 22 stocks remained unchanged.

Hascol Petroleum was the volume leader with 26.558 million shares and gained Rs 0.27 to close at Rs 7.88 followed by PTCL that inched up by Rs 0.21 to close at Rs 7.60 with 12.833 million shares. Lotte Chemical increased by Rs 2.14 to close at Rs 30.76 with 10.227 million shares.

Gatron Industries and Reliance Cotton were the top gainers increasing by Rs 28.01 and Rs 19.00 respectively to close at Rs 430.00 and Rs 634.00 while Allawasaya Textile and Pak Services were the top losers declining by Rs 213.18 and Rs 55.75 respectively to close at Rs 2629.38 and Rs 712.00.

“The benchmark KSE-100 index started the week off poorly”, an analyst at Arif Habib Limited said.

The market started off in the red and proceeded to trade in the same range reaching an intraday low of 42,761.88 points due to lack of investors’ participation. Mainboard activity remained flat as the 3rd tier stocks continued to be the volume leaders. Sectors contributing to the performance include E&P (down 86.5 points), Cement (down 38.4 points), Fertilizer (down 37.2 points), Commercial Banks (down 37.0 points) and Miscellaneous (down 31.3 points).

BR Automobile Assembler Index decreased by 81.97 points or 0.9 percent to close at 8,984.69 points with total turnover of 9.008 million shares.

BR Cement Index declined by 54.47 points or 1.19 percent to close at 4,518.19 points with 6.486 million shares.

BR Commercial Banks Index fell by 33.76 points or 0.39 percent to close at 8,527.22 points with 9.449 million shares.

BR Power Generation and Distribution Index lost 41.41 points or 0.6 percent to close at 6,903.24 points with 4.288 million shares.

BR Oil and Gas Index plunged by 58.43 points or 1.47 percent to close at 3,913.62 points with 45.402 million shares.

BR Tech. & Comm. Index increased by 106.56 points or 2.31 percent to close at 4,715.77 points with 43.438 million shares.

Ahsan Mehanti at Arif Habib Corporation said stocks fell across the board on institutional profit taking after reports of IMF Rs 800 billion additional revenue target for FY23 and investor concerns for political noise, weak sales data for cement, auto and oil sector in October 2022. He said global equities uncertainty, likely mini budget to tax and postponement of Pak-IMF talks a catalyst role in bearish close.