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KARACHI: The Pakistan Stock Exchange (PSX) witnessed a dull trading session on Wednesday, as it reacted strongly to a massive hike in petroleum prices which had an overbearing effect on the stock market.
The government increased the prices of petroleum products by Rs10 to Rs12 per litre for next fortnight ending on February 28 to pass on the impact of higher international oil prices and application of additional petroleum levy committed to the International Monetary Fund (IMF).
These are the highest-ever prices of all the products and the highest-ever increase in their prices. The stock market reacted strongly to the development despite the easing in geopolitical tensions a day ago.
The benchmark KSE-100 index plunged in early trading before making a quick recovery. The bourse declined throughout the day before making minor gains in later day trading but still ending the day on a negative note. The bourse closed with a decline of 46.90 points (-0.1%) and closed at 45,684.80 points. The total volume of shares was 78.140 million valued at Rs2.97 billion.
The lower bench KSE 30 index also fell by 15.82 points (-0.09%) and closed at 17,788.14 points. The total volume of shares was 23.904 million. The KMI-30 index closed at 74,034.57 points with a drop of 42.79 (-0.06%), while the All-Share Index declined by 26.08 (-0.08%) and closed at 31,308.52 points.
READ MORE: Govt is still subsidizing petroleum products: Finance Ministry
The highest number of shares traded belonged to K-Electric Ltd (KEL 1.70%) which traded 23.646 million scripts. This was followed by WorldCall Telecom Ltd (WTL 3.06%), Faysal Bank Ltd (FABL 0.37%) and Hum Network Ltd ( HUML -2.34%). The number of scrips traded were 17.057 million, 10.139 million, and 7.452 million respectively.
Among the shares of 92 companies traded in the KSE100 Index, 34 closed up 53 closed down, while 5 remained unchanged. Sector-wise, the index was let down by Commercial Banks with 28 points, Cement with 28 points, Oil & Gas Marketing Companies with 12 points, Oil & Gas Exploration Companies with 6 points and Sugar & Allied Industries with 4 points.
Sectors propping up the index were Textile Composite with 11 points, Power Generation & Distribution with 10 points, Automobile Assembler with 8 points, Fertilizer with 8 points and Tobacco with 5 points. Market Cap decreased by Rs.6.77 billion. Total companies traded were 339 compared to 336 from the previous session. Of the scrips traded 135 closed up, 181 closed down while 23 remained unchanged.
