- Index closes with gain of 11.6 points
Inflation concerns amid rising oil prices in the international market hovered over the Pakistan Stock Exchange, as the benchmark KSE-100 Index ended the day flat, while volume and value of shares traded also decreased on Thursday.
Main-board activity remained dull during the trading session, however, the benchmark index observed value buying mainly in the E&P sector in the last trading hour.
At close, the KSE-100 Index ended with a gain of 11.60 points or 0.03% to settle at 44,525.72.
“Market opened under pressure as inflationary concerns arise due to higher fuel prices and overheated commodities cycle,” said Arif Habib Limited in its post-market note.
“Cement sector stayed in the red zone due to mounting international coal prices."
Moreover, Pakistan’s trade deficit widened by 82.2% during the first eight months (July-February) of the current fiscal year 2021-22 and reached $31.959 billion compared to $17.535 billion during the same period of 2020-21, revealed the Pakistan Bureau of Statistics (PBS).
On the corporate front, Frontier Ceramic Limited announced the completion of its tile plant. It informed trial production run will commence within this week followed by marketable commercial production by the mid of March 2022.
Meanwhile, sectors helping the benchmark KSE 100 included oil and gas exploration (131.61 points), power generation and distribution (21.68 points) and fertiliser (13.48 points).
Volume on the all-share index decreased drastically to 188.67 million from 235.03 million on Wednesday. The value of shares traded also declined to Rs7.36 billion from Rs9.35 billion recorded in the previous session.
TRG Pakistan Limited was the volume leader with 15.14 million shares, followed by Oil and Gas Development Company Limited with 11.66 million shares, and Fauji Cement with 8.87 million shares.
Shares of 358 companies were traded on Thursday, of which 116 registered an increase, 209 recorded a fall, and 33 remained unchanged.