KARACHI: Pakistan Stock Exchange Friday witnessed a rangebound session as the investors remained cautious and avoided taking fresh positions due to their concerns over prevailing economic situation in the country.
The benchmark KSE-100 Index declined by 148.52 points or 0.34 percent to close at 44,118.39 points. Trading activity remained low as daily volumes on ready counter decreased to 223.379 million shares as compared to 240.428 million shares traded Thursday.
BRIndex100 lost 27.42 points or 0.6 percent to close at 4,541.20 points with total daily turnover of 159.003 million shares.
BRIndex30 plunged by 371.73 points or 1.91 percent to close at 19,091.80 points with total daily trading volumes of 106.638 million shares.
Foreign investors also remained net sellers of shares worth $262,950. Total market capitalization declined by Rs 23 billion to Rs 7.559 trillion. Out of total 353 active scrips, 194 closed in negative and 136 in positive while the value of 23 stocks remained unchanged.
Unity Foods Limited (R3) was the volume leader with 33.500 million shares and gained Rs 0.64 to close at Rs 1.79 followed by Hum Network that lost Rs 0.22 to close at Rs 6.66 with 24.165 million shares.
Nestle Pakistan and Sanofi-Aventis were the top gainers increasing by Rs 85.00 and Rs 52.94 respectively to close at Rs 5670.00 and Rs 758.82 while Colgate Palmolive and Sapphire Textile were the top losers declining by Rs 186.01 and Rs 65.50 respectively to close at Rs 2313.99 and Rs 820.00.
An analyst at Topline Securities said that rangebound session was observed at the local bourse as the index traded between its intraday high of 201 points and intraday low of 225 points to close at 44,189 level, down by 0.34 percent.
Major contribution to the index came from ABOT, SYS, FATIMA, MCB and HUBC as the cumulatively contributed 59 points to the index, on the flip side TRG, COLG, LUCK, MEBL and PPL lost value to weigh down on the index by 136.5 points.
BR Automobile Assembler Index decreased by 59.26 points or 0.69 percent to close at 8,491.81 points with total turnover of 2.191 million shares.
BR Cement Index lost 36.5 points or 0.64 percent to close at 5,673.96 points with 7.596 million shares.
BR Commercial Banks Index inched up by 1.6 points or 0.02 percent to close at 9,697.30 points with 7.893 million shares.
BR Power Generation and Distribution Index added 36.22 points or 0.65 percent to close at 5,606.09 points with 10.417 million shares.
BR Oil and Gas Index closed at 3,753.47 points, down 14.76 points or 0.39 percent with 3.151 million shares.
BR Tech. & Comm. Index declined by 77.0 points or 1.82 percent to close at 4,143.79 points with 67.406 million shares.
An analyst at Arif Habib Limited said battle between bulls and bears was conquered by the bears in the last trading hour. The market opened with a positive momentum as SBP conducted another OMO for 63 days. Optimistic approach faded away due to concerns of investors towards higher inflation and dip in total liquid foreign exchange reserves held by the SBP mainly due to external debt repayment. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. On the flip-side, in the second session institutional buyers started fetching value stocks due to attractive multiples.
Sectors contributing to the performance include Technology and Communication (down 60 points), Chemical (down 36 points), Cement (down 25 points) Oil and Gas Exploration Companies (down 17 points) and Textile (down 9 points).
Copyright Business Recorder, 2021
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