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KARACHI: Pakistan Stock Exchange Monday opened on a positive note, however failed to sustain this momentum and closed in red zone due to selling by local and foreign investors.

BRIndex100 lost 21.98 points or 0.44 percent to close at 4,951.96 points. During the session, the BRIndex100 hit intraday high of 5,029.01 and intraday low of 4,944.98 points. Volumes stood at 638.217 million shares.

BRIndex30 decreased by 209.65 points or 0.81 percent to close at 25,695.76 points with total daily turnover of 498.725 points.

The KSE-100 Index declined by 137.09 points or 0.30 percent and closed at 46,248.45 points. Trading activity also remained thin as daily volumes on ready counter decreased to 693.615 million shares as compared to 840.296 million shares traded last Friday.

Foreign investors also remained net sellers of shares worth $7.379 million. Total market capitalization declined by Rs 15 billion to Rs 8.383 trillion. Out of total 430 active scrips, 219 closed in negative and 193 in positive while the value of 18 stocks remained unchanged. Pak Refinery was the volume leader with 81.621 million shares and gained Rs 0.16 to close at Rs 27.07 followed by K-Electric that inched up by Rs 0.13 to close at Rs 4.52 with 65.107 million shares. Rafhan Maize and Unilever Foods were the top gainers increasing by Rs 294.50 and Rs 200.00 respectively to close at Rs 10,094.50 and Rs 14,500.00 while Colgate Palmolive and Gatron Industries were the top losers declining by Rs 92.80 and Rs 42.00 respectively to close at Rs 2929.87 and Rs 528.00.

BR Automobile Assembler Index increased by 162.8 points or 1.91 percent to close at 8,697.41 points with total turnover of 9.149 million shares.

BR Cement Index declined by 114.17 points or 1.7 percent to close at 6,605.36 points with 31.590 million shares.

BR Commercial Banks Index decreased by 68.19 points or 0.73 percent to close at 9,335.81 points with 45.245 million shares.

BR Power Generation and Distribution Index gained 11.02 points or 0.19 percent to close at 5,927.36 points with 85.208 million shares.

BR Oil and Gas Index closed at 4,142.44 points, down 2.26 points or 0.05 percent with 51.359 million shares. BR Tech. & Comm. Index fell by 69.55 points or 2.07 percent to close at 3,296.48 points with 105.003 million shares.

Danish Ladhani at JS Global Capital said that the KSE-100 opened on a positive note, trading in the green, but came under duress in the latter hours to close in the red zone. The market made a high and a low of plus 377 and minus 197 points.

PRL (up 0.6 percent), KEL (up 3.0 percent), PIBTL (up 3.2 percent), HASCOL (down 5.2 percent), TRG (down 4.3 percent) and SILK (down 2.5 percent) were the volume leaders. INIL (down 4.0 percent) in the Steels and PRL (up 0.6 percent) in the Refineries announced their results where INIL reported its first half of FY21 consolidated EPS of Rs 21.13 with a cash payout of Rs 3.50/share.

Pressure was seen in the cements where LUCK (down 2.1 percent), KOHC (down 4.6 percent), PIOC (down 1.0 percent) and DGKC (down 1.7 percent) closed in the negative trajectory. Furthermore, on the economic front headline inflation declined to 5.65 percent on YoY (down 0.21 percent on MoM) in January. Moreover hefty volumes were seen in WAVES (6.0 percent) as the company's BODs have approved submission of an EOI for the acquisition of Heavy Electrical Complex limited from the Government of Pakistan.

Copyright Business Recorder, 2021

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