It was another bad day at the Pakistan Stock Exchange after a promising start on Tuesday as the benchmark KSE-100 index shed 352.25 points (0.88 percent) amid selling pressure.
The trend was in complete contrast to what we had witnessed during the previous session when the KSE-100 Index had gained 485.96 points or 1.23 percent, mainly due to the performance of energy companies.
At one point on Monday, the benchmark index was up by nearly 700 points during early trading but later closed the day at 40,367.43.
But on Tuesday, the hopes of continuing with the gains were dashed despite the index reaching a high of 40,315.77 during early trading and later it even dipped to the level of 39,705.66. However, the KSE-100 Index at the end settled at 39,802.91.
Although there was no specific reason behind the selling pressure, the news about the government using all available resources to recover Rs447 billion Gas Infrastructure Development Cess (GIDC) from commercial and industrial entities did play a part.
Sectors like fertilizers and IPPs which use gas will be affected by this move which is going to reduce their profitability.
On Tuesday, the total volume of the KSE-100 index stood at 102.45 million shares, representing an increase of 16.65 percent when compared with the 85.39 million shares traded a day earlier.
A total of 89 companies’ shares were on the offer out of which 63 recorded a fall, 23 registered an increase and three remained unchanged.
In terms of sectors, most of the negative contributors were fertilizers, commercial banks, miscellaneous, chemical and technology negatively contributed 259.39 points.
Meanwhile, Bank Alfalah was the volume leader on the KSE-100 Index with 16.34 million shares followed by Pakistan Petroleum 12.46 million, Bank of Punjab 7.7 million, TRG Pakistan 5.16 million and Air Link Communication Limited 4.67 million.
The stocks that emerged as net losers during the day included: Pakistan Services Limited 7.50 percent, Bank of Punjab 6.08 percent, Thal Limited 5.35 percent, First Habib Modaraba 4.74 percent and Adamjee Insurance 4.40 percent.
But the shares of companies like Rafhan Maize Products 7.50 percent, Nestle 6.65 percent, Honda Atlas 3.11 percent, Cherat Cement 2.07 percent and Pakistan Oilfields Limited 2.05 percent gained the most during the session.