KARACHI: Pakistani equities saw profit-taking on Tuesday as global markets went negative, amid fears over the fast spread of the Omicron virus throughout the world, according to traders.
“On the domestic front, the current account deficit was recorded at $1.9 billion in November 2021, with a target of $7 billion for the 5MFY22 [five months of FY22].” “Selling pressure was also visible in the late hours, bringing the index to a negative close,” a Pearl Securities analyst said.
The KSE-100 shares Index of the Pakistan Stock Exchange fell 0.37 percent, or 162.88 points, to settle at 44,177.07 points. To conclude at 17,387.27 points, the KSE-30 shares index fell 0.57 percent or 100.06 points.
There were 346 scrips active, with 145 advancings, 171 declinings, and 30 remaining stables. The ready market volume was 223.08 million shares, compared to the previous trading session’s turnover of 238.45 million shares.
Stocks finished down in an overbought market, according to Ahsan Mehanti of Arif Habib Corporation, on worries over the SBP’s policy tightening and the $7.1 billion current account deficit, which has risen to 5.3 percent of GDP.
“Likely, the Finance Minister’s presentation of a mini-budget with higher levies ahead of the beginning of the IMF program, as well as the collapse in global crude oil prices, catalyzed the negative close.”
Analysts propose that investors purchase on the decline in oil and gas exploration, oil marketing, and cyclical sector equities in the future.
Colgate Palmolive, up Rs64.75 to end at Rs2525/share, and Sanofi Aventis, up Rs42.48 to close at Rs610.83/share, were the two businesses that saw the most increases.
Nestle Pakistan, which fell Rs61 to end at Rs5,389 per share, and Mari Petroleum, which fell Rs14.88 to settle at Rs1678.62 a share, were the two firms that suffered the biggest losses.
With a turnover of 21.71 million shares, WorldCall Telecom had the largest volume. TRG Pakistan came in second with a transaction of 20.92 million shares, losing seven paisas to settle at Rs2.12/share. It increased by Rs1.83 to Rs116.24 per share. With a volume of 18.72 million shares, Cynergico Pk stayed third. It finished at Rs6.53/share, up 36 paisas.