KARACHI: Pakistan Stock Exchange Wednesday witnessed a rangebound activity as investors remained cautious, avoided taking fresh positions due to their concerns over the prevailing economic situation in the country.
The benchmark KSE-100 index hit 44,138.97 points intra-day high and 43,652.29 points intra-day low to close at 43,846.87 points, down 6.62 points or 0.02 percent.
Daily trading volumes on ready counter slightly improved to 233.176 million shares as compared to 229.378 million shares traded Tuesday.
BRIndex100 gained 4.46 points or 0.1 percent to close at 4,485.43 points with total daily turnover of 157.823 million shares.
BRIndex30 inched up by 154.25 points or 0.87 percent to close at 17,795.67 points with total daily trading volumes of 99.790 million shares.
Foreign investors remained net buyers of shares worth $699,378. Total market capitalization declined by Rs 12 billion to Rs 7.504 trillion. Out of total 350 active scrips, 196 closed in negative and 134 in positive while the value of 20 stocks remained unchanged.
Hascol Petroleum was the volume leader with 57.473 million shares and gained Rs 0.65 to close at Rs 6.70 followed by Telecard Limited that inched up by Rs 0.87 to close at Rs 15.57 with 21.823 million shares.
Mari Petroleum and Blessed Textile were the top gainers increasing by Rs 47.15 and Rs 30.74 respectively to close at Rs 1671.68 and Rs 450.00 while Nestle Pakistan and Sapphire Textile were the top losers declining by Rs 140.00 and Rs 74.90 respectively to close at Rs 5250.00 and Rs 925.00.
An analyst at Topline Securities said that rangebound activity was witnessed at the bourse where the benchmark KSE-100 Index settled at 43,846 level, down 0.02 percent.
The market opened gap up continuing its Tuesday’s momentum making intraday high of 285 points, later profit taking has been witnessed which led the market to make an intraday low of 200 points. Major contributor in the trading session was TRG which closed at its respective upper circuit, further investors interest also witnessed in Financials and E&Ps sector.
On the other hand Cements were the major laggards where LUCK, PIOC, CHCC, MLCF, DGKC closed lower.
BR Automobile Assembler Index gained 17.18 points or 0.2 percent to close at 8,443.51 points with total turnover of 2.128 million shares.
BR Cement Index declined by 111.03 points or 2.0 percent to close at 5,427.88 points with 8.746 million shares.
BR Commercial Banks Index inched up by 11.75 points or 0.12 percent to close at 10,015.17 points with 8.876 million shares.
BR Power Generation and Distribution Index added 16.76 points or 0.31 percent to close at 5,449.20 points with 6.570 million shares.
BR Oil and Gas Index closed at 3,756.92 points, up 27.54 points or 0.74 percent with 67.209 million shares.
BR Tech. & Comm. Index increased by 117.47 points or 3.14 percent to close at 3,855.79 points with 46.438 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks close under pressure on rupee instability, weak global crude oil prices and surging government bond yields. He said foreign outflows, hike in industrial power tariff, uncertainty over resumption of IMF program played a catalyst role in bearish close.
Copyright Business Recorder, 2021
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