KARACHI: Pakistan Stock Exchange on Wednesday witnessed a mixed trend and after moving in both directions, closed on a negative note due to selling pressure.
The benchmark KSE-100 Index hit 78,334.61 points intraday high and 77,990.35 points intraday low before closing at 77,992.79 points, down 91.45 points or 0.12 percent.
The daily trading volumes on ready counter increased to 636.024 million shares as compared to 591.511 million shares traded on Tuesday, however daily traded value on the ready counter declined to Rs 16.267 billion against previous session’s Rs 17.117 billion.
BRIndex100 lost 19.54 points or 0.23 percent to close at 8,303.18 points with total daily turnover of 532.893 million shares.
BRIndex30 inched down by 29.01 points or 0.11 percent to close at 26,531.97 points with total daily trading volumes of 363.605 million shares.
Foreign investors however remained net buyers of shares worth $473,747. The market capitalization declined by Rs 20 billion to Rs 10.404 trillion. Out of total 452 active scrips, 260 closed in negative and 140 in positive while the value of 52 stocks remained unchanged.
Kohinoor Spining was the volume leader with 124.735 million shares however lost Rs 0.13 to close at Rs 11.44 followed by Fauji Foods that gained Rs 0.39 to close at Rs 8.92 with 39.280 million shares. Yousuf Weaving closed at Rs 5.81, down Rs 0.27 with 34.902 million shares.
Mari Petroleum Company and Hallmark Company were the top gainers increasing by Rs 88.16 and Rs 62.56 respectively to close at Rs 3,389.88 and Rs 688.13 while Unilever Pakistan Foods and Nestle Pakistan were the top losers declining by Rs 160.00 and Rs 46.40 respectively to close at Rs 17,340.00 and Rs 6,817.15.
An analyst at Topline Securities said Pakistan equities commenced the day on a negative note. Initially, the KSE-100 Index witnessed bearish sentiment but in the later half market saw some positive momentum and made an intraday high at 78,335 levels, an increment of 250 points.
However, index couldn’t sustain the positive trend and called the day at 77,993 levels, down 91 points or 0.12 percent.
During the day, BAHL, HINOON, PKGS, MCB and HUBC contributed negatively by losing 104 points, cumulatively. On the other hand, MARI, ENGRO and FFC saw some buying interest as they added 162 points.
BR Automobile Assembler Index declined by 212.96 points or 1.27 percent to close at 16,597.62 points with total turnover of 25.959 million shares.
BR Cement Index decreased by 35.57 points or 0.48 percent to close at 7,363.63 points with 29.676 million shares.
BR Commercial Banks Index lost 44.98 points or 0.2 percent to close at 22,063.69 points with 37.018 million shares.
BR Power Generation and Distribution Index fell by 51.84 points or 0.28 percent to close at 18,523.55 points with 22.853 million shares.
BR Oil and Gas Index gained 27.54 points or 0.39 percent to close at 7,080.30 points with 19.722 million shares.
BR Tech. & Comm. Index closed at 4,056.32 points, down 6.56 points or 0.16 percent with 75.371 million shares.
Mohammed Waqar Iqbal at JS Global Capital said dull activity continued at PSX with the index moving in a narrow range of 77,990 points (down 93 points) and 78,334 points (up 250 points), where most activity was seen in small cap stocks.
The news of upgrade of Pakistan’s rating by Moody’s also could not restore investor sentiments.
Copyright Business Recorder, 2024
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