KARACHI: Pakistan Stock Exchange Wednesday witnessed a positive trend after the State Bank of Pakistan’s decision to keep the policy rate unchanged at 9.75 percent.
The investors took fresh positions on available attractive low levels that supported the market to stay in the green zone throughout the day, however political uncertainty kept participation low.
The benchmark KSE-100 Index hit 43,218.13 points intra-day high and 42,865.22 points intra-day low level. The KSE-100 Index closed above 43,000 points psychological level at 43,042.96 points, up 164.61 points or 0.38 percent.
Trading activity however remained low as daily volumes on the ready counter decreased to 183.707 million shares as compared to 226.106 million shares traded on Tuesday while the total daily traded value declined to Rs 6.066 billion against the previous day’s Rs 7.120 billion.
BRIndex100 gained 8.98 points or 0.21 percent to close at 4,297.93 points with a total daily turnover of 162.189 million shares.
BRIndex30 inched up by 113.69 points or 0.74 percent to close at 15,468.16 points with total daily trading volumes of 122.018 million shares.
Foreign investors however remained net sellers of shares worth $834,104. Total market capitalization stood at Rs 7.382 trillion, down Rs 01 billion. Out of total 341 active scrips, 167 closed in negative and 148 in positive while the value of 26 stocks remained unchanged.
Ghani Global Holding was the volume leader with 12.791 million shares however lost Rs 0.34 to close at Rs 15.49 followed by PIBTL which closed at Rs 6.17, down Rs 0.25 with 12.531 million shares. TPL Properties declined by Rs 1.90 to close at Rs 23.48 with 11.135 million shares.
Wyeth Pak and Sapphire Textile were the top gainers increasing by Rs 83.99 and Rs 67.30 respectively to close at Rs 2,084.00 and Rs 1,029.80 while Rafhan Maize and Philip Morris Pak were the top losers declining by Rs 138.00 and Rs 44.38, respectively to close at Rs 11,861.00 and Rs 675.00.
An analyst at Arif Habib Limited said that the market stayed in the green zone as SBP kept the policy rate unchanged at 9.75 percent in Mar’22 Monetary Policy meeting. State Bank of Pakistan (SBP) held its benchmark interest rate steady for the second meeting in a row as inflationary concerns cooled a bit, but it did hint at the possibility of an early huddle in case of any economic fallout of the Russia-Ukraine war spills over into the country.
The cement sector stayed in the red zone due to mounting international coal prices. In the last trading hour, value buying was observed.
Sectors contributing to the performance include Technology (up 74.6 points), Fertilizer (up 63.0 points), E&P (up 18.1 points), Cement (up 12.5 points) and Automobile & Parts (up 5.8 points).
BR Automobile Assembler Index gained 31.5 points or 0.37 percent to close at 8,621.26 points with a total turnover of 504,834 shares.
BR Cement Index inched up by 12.74 points or 0.26 percent to close at 4,855.09 points with 15.858 million shares.
BR Commercial Banks Index lost 12.26 points or 0.13 percent to close at 9,711.64 points with 10.425 million shares.
BR Power Generation and Distribution Index added 8.91 points or 0.16 percent to close at 5,498.48 points with 9.880 million shares.
BR Oil and Gas Index closed at 3,945.30 points, up 11.43 points or 0.29 percent with 8.346 million shares.
BR Tech. & Comm. Index increased by 68.72 points or 2.15 percent to close at 3,269.31 points with 41.377 million shares.
Mubashir Anis Naviwala at JS Global Capital said that positive momentum was witnessed in the market but political uncertainty kept participation low.
A major contribution to the traded volume of 184 million shares was from GGL (down 2.1 percent), PIBTL (down 3.9 percent), TPLP (down 7.5 percent), TELE (down 3.6 percent) and TPL (down 9.5 percent).
Copyright Business Recorder, 2022
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