KARACHI: Foreign selling, rising industrial power tariffs, and investors’ fears about the economic effect of rising global oil prices kept the Pakistan stock exchange in the red on Tuesday.
“Due to rising worldwide oil prices, the market remained under pressure. “As Russian President Vladimir Putin sent forces to separatist regions of Ukraine, the New York WTI crude contract surged more than 3% on Tuesday,” an analyst at Arif Habib Limited remarked.
“Selling was seen throughout the day, mostly in IT and cement companies, causing the market to remain in the red zone.” Value hunting was evident in the final trading hour, resulting in a market rebound.”
“As the market experienced significant volumes in the 3rd tier equities, activity remained sideways,” he noted
KSE-100 shares Index of the Pakistan 50.67 points, to settle at 45,012.18 points. The KSE-30 stock index fell 0.95 percent, or 167.57 points, to 17,513.12 points.
There were 341 scrips active, 75 of which advanced, 252 declined, and 14 of which stayed constant.
The ready market volume was 227.17 million shares, compared to the previous trading session’s turnover of 137.65 million shares.
Rafhan Maize gained Rs336.47 to settle at Rs10,199 per share, while Mari Petroleum gained Rs28.82 to close at Rs1,757.30 a share.
Pak Tobacco, which lost Rs32.24 to end at Rs1,008.01/share, and Sanofi-Aventis, which lost Rs26.49 to conclude at Rs838.51/share, were the two businesses that suffered the greatest losses.
With a transaction of 23.68 million shares, WorldCall Telecom had the largest volume. The stock dropped 5 paisas to finish at Rs1.80 a share, trailed by Bank of Punjab, which had 14.41 million shares traded. It fell 20 paisas to Rs7.95 per share. With a volume of 12.90 million shares, Telecard Limited stayed third. The stock dropped Rs1.08 to Rs14.75 per share.