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KARACHI: After two consecutive bullish sessions, Pakistan Stock Exchange (PSX) Wednesday witnessed a lackluster session as investors preferred to book profits.

The benchmark KSE-100 Index lost 80.48 points to close at 47,032.44 points on Wednesday compared to 47,113 points a day earlier. Overall trading activity was slightly improved as share volumes increased from 306.244 million to 380.558 million.

BRIndex100 settled at 4,909.47 points, which was 9.04 points or 0.18 percent lower than previous close of 4,918.51 points. It touched an intraday high of 4,946.61 points and an intraday low of 4,905.51 points. Total volume at BRIndex100was 321.351 million shares and P.T.C.L.A was the most traded company with a volume of 22.718 million shares.

BRIndex30 opened at 21,384.21 points. It touched an intraday high of 21,881.76 points and an intraday low of 21,395.60 points and closed at 21,803.71 points which was 419.5 points or 1.96 percent higher than previous close. Total volume at BRIndex30 was 194.507 million shares.

Market capitalization at increased by Rs 22 billion to Rs 8.056 trillion. Out of total 366 active scrips, 182 closed in positive and 163 in negative while the value of 21 stocks remained unchanged.

PTCL was the volume leader with 22.71 million shares and it closed at Rs 10.18 followed by Hascol Petrol that closed at Rs 6.02 with 17.3 million shares. WorldCall Telecom ranked third with 16.29 million shares and its share prices closed at Rs 2.44.

Colgate Palm and Sapphire Fiber were the top gainers and increased by Rs 129.99 and Rs 54.84 respectively to close at Rs 2,749.99 and Rs 787.50, respectively. Rafhan Maize and Nestle Pakistan were the top losers declining by Rs 200.00 and Rs 144.98 respectively to close at Rs 9,500.00 and Rs 5,855.02.

Analysts at Arif Habib Limited said that market remained rangebound due to concerns over monetary tightening and resuming of foreign selling spree. Technology sector remained in the limelight throughout the day as traders placed the bet on high-beta stocks to mark quick trading gains.

On the flip-side, institutional investors fetched for value hunting as buying was observed in E&P and banking stocks. In the last trading hour, investors opted for profit booking specially in cement and steel stocks in expectation of interest rate hike by SBP in the upcoming monetary policy, they added.

Sectors contributing to the performance include Technology (+193pts), Refinery (+22pts), Chemical (+19pts), Leather (+12) and Insurance (+7pts).Stocks that contributed significantly to the volumes include PTC, HASCOL, WTL, TRG and TPLP.

With a net negative change of 39.87 points or a percentage change of 0.45BR, Automobile Assembler Index closed at 8,836.35 points and a total turnover of 3.353 million.BR Cement Index closed at 6,464.93 points, down by 86.21 points with a total turnover of 19.564 million.

BR Commercial Banks Index lost 92.77 points to close at closed at 10,184.64 points with a total turnover of 22.936 million shares.BR Power Generation and Distribution Index closed at 5,527.80 points with a net negative change of 6.93 points or a percentage change of 0.13 and turnover was 8.313 million shares.

BR Oil and Gas Index closed at 3,885.52 points with a net negative change of 51.83 points or a percentage change of 1.32 and a total turnover of 30.391 million shares. BR Tech. & Comm. Index gained 217.35 points to close at 4,552.48 points a total turnover of 90.657 points.

According to Topline market review, a lackluster session was observed at the bourse on Wednesday ahead of the announcement of a relief package by the Prime Minister expected later in the day.

Profit-taking was seen in the cement sector as coal prices continued to rise again coupled with investors’ focus shifting towards the upcoming Monetary Policy where a possible rate hike is on the cards.

Renewed interest was seen in Technology sector were TRG & SYS cumulatively added 187.71 points to the benchmark index while HBL, UBL, PPL, LUCK & POL dragged the index lower by a cumulative 184.15 points.

Copyright Business Recorder, 2021

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