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KARACHI: Pakistan Stock Exchange Wednesday witnessed a rangebound activity as investors remained cautious due to their concerns over prevailing economic situation in the country.

The benchmark KSE-100 index hit 44,291.85 points intra-day high and 44,094.28 points intra-day low level during the session and closed at 44,174.97 points.

Trading activity remained very thin as daily volumes on ready counter decreased to 151.787 million shares as compared to 223.081 million shares traded on Tuesday.

BRIndex100 inched up by 1.4 points or 0.03 percent to close at 4,545.29 points with total daily turnover of 125.536 million shares.

BRIndex30 gained 8.07 points or 0.04 percent to close at 19,094.92 points with total daily trading volumes of 74.959 million shares.

Foreign investors however remained net buyers of shares worth $273,070. The market capitalization increased by Rs 13 billion to Rs 7.575 trillion. Out of total 339 active scrips, 165 closed in negative and 159 in positive while the value of 15 stocks remained unchanged.

Ghani Global Holding was the volumes leader with 14.213 million shares however lost Rs 0.40 to close at Rs 24.59 followed by Unity Foods that gained Rs 0.72 to close at Rs 27.15 with 9.103 million shares.

Nestle Pakistan and Sanofi-Aventis were the top gainers increasing by Rs 196.00 and Rs 45.81 respectively to close at Rs 5585.00 and Rs 656.64 while Sapphire Fiber and Mehmood Textile were the top losers declining by Rs 70.49 and Rs 53.25 respectively to close at Rs 869.41 and Rs 656.75.

Muhammad Mubashir at JS Global Capital said that a rangebound activity continued due to a lack of positive triggers. Market closed flat at the level of 44,175. Total traded volume stood at 152 million shares where GGL (down 1.6 percent), UNITY (down 2.7 percent), TRG (up 1.1 percent), WTL (down 0.9 percent) and CNERGY (down 0.9 percent) accounted for 30 percent of the aggregate volume.

BR Automobile Assembler Index increased by 71.01 points or 0.83 percent to close at 8,578.12 points with total turnover of 9.985 million shares.

BR Cement Index lost 37.19 points or 0.65 percent to close at 5,698.92 points with 4.735 million shares.

BR Commercial Banks Index inched up by 2.6 points or 0.03 percent to close at 9,705.54 points with 10.111 million shares.

BR Power Generation and Distribution Index gained 28.65 points or 0.52 percent to close at 5,540.89 points with 5.251 million shares.

BR Oil and Gas Index added 16.72 points or 0.45 percent to close at 3,768.71 points with 10.325 million shares.

BR Tech. & Comm. Index closed at 4,123.54 points, up 3.16 points or 0.08 percent with 27.863 million shares.

Ahsan Mehanti at Arif Habib Corporation said that stocks closed flat amid thin trade on investor concerns over economic uncertainty.

He said trade deficits, reports of present government $55 billion external debt repayable, $7.1 billion current account deficit for July-November 2021 and uncertainty over mini budget with new taxes ahead of resumption of IMF program played a catalyst role in negative close.

Copyright Business Recorder, 2021

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