KARACHI: Pakistan Stock Exchange Friday witnessed a mixed trend and after moving both ways, closed on a positive note on the back of fresh buying, mainly by local investors. The benchmark KSE-100 Index hit 46,144.49 points intraday high and 45,838.75 points intraday low levels. The index managed to close above 46,000 psychological level at 46,079.37 points with a net gain of 139.33 points or 0.30 percent.
Trading activity however remained thin as total daily volumes on ready counter decreased to 170.627 million shares as compared to 285.968 million shares traded on Thursday while total daily traded value declined to Rs 7.720 billion against previous day’s Rs 9.272 billion.
BRIndex100 gained 6.37 points or 0.14 percent to close at 4,712.37 points with total daily turnover of 143.228 million shares. BRIndex30 closed at 18,093.02 points, down 39.58 points or 0.22 percent with total daily trading volumes of 94.028 million shares.
Foreign investors however remained net sellers of shares worth $1.670 million. Total market capitalization increased by Rs 30 billion to Rs 7.875 trillion. Out of total 358 active scrips, 195 closed in negative and 143 in positive while the value of 20 stocks remained unchanged.
K-Electric was the volume leader with 11.988 million shares and gained Rs 0.16 to close at Rs 3.42 followed by WorldCall Telecom that lost Rs 0.03 to close at Rs 2.15 with 11.426 million shares. TRG Pak inched up by Rs 0.91 to close at Rs 85.14 with 11.122 million shares.
Rafhan Maize and Nestle Pakistan were the top gainers increasing by Rs 300.00 and Rs 100.09 respectively to close at Rs 10900.00 and Rs 5600.10 while Sapphire Fiber and Ismail Industries were the top losers declining by Rs 74.62 and Rs 43.59 respectively to close at Rs 920.38 and Rs 537.69.
An analyst at Arif Habib Limited said that the market stayed rangebound as sustainability concerns arise over psychological level of 46,000. Cement sector stayed under pressure due to higher international coal prices. PSO stayed under pressure due to zero payout (cash dividend or bonus) in the financial result.
Index level of 46,000 was unable to digest by the investors as profit taking was observed across the board in the last trading hour. Main board activity remained gloomy. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.
Sectors contributing to the performance include Banks (up 121.6 points), Misc (up 26.8 points), Automobile (up 21.3 points), Cement (up 18.0 points) and Technology (up 17.7 points).
BR Automobile Assembler Index increased by 124.46 points or 1.4 percent to close at 9,035.17 points with total turnover of 7.257 million shares.
BR Cement Index gained 20.85 points or 0.37 percent to close at 5,694.91 points with 5.308 million shares.
BR Commercial Banks Index surged by 111.31 points or 1.09 percent to close at 10,330.44 points with 11.911 million shares.
BR Power Generation and Distribution Index inched up by 10.2 points or 0.17 percent to close at 6,191.34 points with 20.995 million shares.
BR Oil and Gas Index lost 31 points or 0.77 percent to close at 3,993.86 points with 7.934 million shares.
BR Tech. & Comm. Index closed at 3,731.75 points, up 11.41 points or 0.31 percent with 41.272 million shares.
An analyst at Topline Securities said a rangebound session was observed at the exchange as the KSE-100 Index traded within its range of intraday high 204 points and intraday low of 101 points to finally close at 46,079 level, up by 0.3 percent.
Major contribution to the index came from MARI, UBL, MEBL, PSEL and HBL, as they cumulatively contributed 140 points to the index. On the flip side PSO, ENGRO, EFERT, OGDC and ISL lost value to weigh down on the index by 102 points.
Copyright Business Recorder, 2022
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