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Market depressive as FATF keeps Pakistan in grey list

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Ghulam Raza Rajani

KARACHI: Market witnessed an absolute massacre nose diving by 1.26 per cent. An across the board selling was seen as at least 76 per cent of scrips traded in red zone. Concerns of MSCI reclassification, FATF decision to keep Pakistan in grey list and massive selling from mutual funds were some attributes forcing market to end mildly above 47K.
The benchmark KSE-100 index closed lower by 601.01 point to close at 47,002.35 points. KSE All Share Index decreased by 372.06 to end at 32,191.58, KSE 30-Index descended by 240.64 points to conclude at 18,873.04 whereas KMI 30-Index dipped by 1,115.84 points to finish the day at 76,480.15 levels.
Muhammad Arbash at Topline Securities said Pakistani equities opened the week on a bearish note and witnessed selling pressure due to 1) an outstanding futures position, 2) June 2021 financial close, and 3) concerns regarding the MSCI reclassification review. The benchmark KSE 100 index closed at a key psychological level of 47k to settle at 47,002 (down 1.26%). Moreover, the FATF decision to keep Pakistan on the grey list and a current account deficit of US$632mn further dampened investor sentiment at the bourse. Major negative contribution to the benchmark index came in from HBL, LUCK, UBL, HUBC & MCB who cumulatively dragged the index lower by ~220pts. On the volume front, daily traded volume and value clocked in at 652.49mn shares and Rs18.8bn respectively. WTL was the volume leader for today with 98mn shares traded during the session.
The advance to decline ratio in the broader market remained in favor of bears. Out of 416 scrips, 78 scrips advanced, 315 declined while the value of 23 scrips remained intact.
The ready market volume descended by 13.9607 per cent to 655.12253 million shares as compared to 761.42237 million shares traded on last trading day.
WorldCall Telecom Limited topped the list of actives, lower by Rs 0.14 at Rs 3.81 on 98.863 million shares followed by BYCO Petroleum Limited decreased by Rs 0.75 at Rs 11.40 on 52.861 million shares and K-Electric Limited declined by Rs 0.05 at Rs 4.04 on 28.314 million shares.
Other activities were Treet Corporation Limited descended by Rs. 3.96 at Rs 48.95 on 22.309 million shares and Silk Bank Limited dipped by Rs 0.02 at Rs 1.89 on 22.096 million shares.
The overall market capitalization dipped by Rs 92.63 billion to Rs 8.224 trillion against Rs 8.317 trillion observed on last trading day.
Hinopak Motor Company Limited and Pakistan Tobacco Company Limited remained the top gainer by Rs 42.95 and Rs 24.40 to close at Rs 615.62 and Rs 1,401.00 respectively, while Bata Pakistan Limited and Sanofi Aventis Limited were among the major losers which lost Rs 70.60 and Rs 46.94 to close at Rs 1,660.43 and Rs 923.06 respectively.