The Trading and Sales segment includes equity, foreign exchanges, commodities, own securities and placements. The Retail Banking Segment consists of retail financing, deposits and banking services offered to its retail customers and small and medium enterprises. The Corporate and Commercial Banking segment includes project finance, export finance, trade finance, Ijarah, guarantees and bills of exchange relating to its Corporate and Commercial customers, investment banking, syndications, IPO related activities, secondary private placements, underwriting and securitization. It operates through following segments: Corporate and Commercial Banking, Retail Banking, Trading and Sales, and Others. is a bank holding company, which provides Islamic banking products and services. It was followed by Power Cement with 10.97 million shares, losing Rs0.07 to close at Rs6.25 and Azgard Nine with 10.3 million shares, gaining Rs0.95 to close at Rs16.5.įoreign institutional investors were net buyers of Rs180.2 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.Meezan Bank Ltd. Unity Foods was the volume leader with 45.4 million shares, gaining Rs0.29 to close at Rs12.96. At the end of the day, 84 stocks closed higher, 250 declined and 21 remained unchanged. The value of shares traded during the day was Rs8.3 billion. Overall, trading volumes increased to 262.8 million shares compared with Friday's tally of 177.9 million. The highest trading volume was recorded in the vanaspati sector with 45.3 million shares, followed by cement companies (38.7 million) and chemical firms (23.9 million).Īmong individual stocks, Unity Foods topped the index with trading in 45.3 million shares, followed by Power Cement (10.9 million) and Azgard Nine (10.3 million), the report said. Selling pressure was observed across the board from banks to oil and cement companies without showing interest in a reduction in duties on the import of raw material for various sectors. The budget largely disappointed investors, who had expected major tax cuts and incentives in the budget which the government itself termed a 'corona budget'. The benchmark index overall lost 796 points and closed down by 787 points. 'Going forward, we expect the market to remain negative and recommend investors to buy on dips,' the analyst said.Īrif Habib Limited, in its report, stated that the market did not respond well to the government's budget announcement. Traded value stood at $50 million, up 31% and volumes came in at 263 million shares, up 48%. 'There was positive news in the budget for cement, steel and pharmaceutical sectors whereas negative news for textile and automobile sectors.' 'The market came under pressure on the back of disappointment that followed the federal budget for FY21,' he said. JS Global analyst Danish Ladhani said the benchmark KSE-100 index nosedived, shedding 787 points and closing at 33,824. Selling pressure gained momentum as the trading session progressed, dragging the index down to below 34,000 points.Īt close, the benchmark KSE-100 index recorded a decrease of 786.72 points, or 2.27%, to settle at 33,824.51 points.
Investors resorted to profit-booking over quashed hopes for a business-friendly budget.
Also fuelling bearish sentiment was a plunge in global stock markets on the back of fears of a second wave of Covid-19 infections as many countries, including China, once again reported high number of cases.Įarlier, trading began with a dip and the overall pessimism restrained the market from posting gains.
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