KARACHI: Pakistan Stock Exchange Monday remained under pressure in most part of the day, however healthy buying at the fag end supported the market to close on strong positive note with healthy gains. Investors remained cautious and avoided taking fresh positions due to political unrest and devaluation of PKR.
The benchmark KSE-100 Index closed its intraday high level of 43,933.56 point with healthy gains of 382.41 points or 0.88 percent. The KSE-100 Index hit 43,291.03 points intraday low.
Investor participation remained low due to political unrest in the country as total daily trading volumes on ready counter decreased to 132.635 million shares as compared to 161.935 million shares traded on previous session while total daily traded value increased to Rs 4.802 billion against previous session’s Rs 4.146 billion.
BRIndex100 increased by 55.22 points or 1.27 percent to close at 4,407.91 points with total daily turnover of 113.558 million shares.
BRIndex30 surged by 296.48 points or 1.93 percent to close at 15,695.89 points with total daily trading volumes of 71.470 million shares.
Foreign investors however remained net sellers of shares with total outflow of $1.641 million. Total market capitalization increased by Rs 59 billion to Rs 7.417 trillion. Out of total 328 active scrips, 216 closed in positive and only 87 in negative while the value of 25 stocks remained unchanged.
Telecard Limited was the volume with 13.112 million shares and gained Rs 0.72 to close at 11.17 followed by WorldCall Telecom that closed at Rs 1.57, up Rs 0.01 with 6.664 million shares. K-Electric inched up by Rs 0.11 to close at Rs 3.02 with 6.608 million shares.
Rafhan Maize and Premium Textile were the top gainers increasing by Rs 357.00 and Rs 46.43 respectively to close at Rs 11,990.00 and Rs 666.00 while Sapphire Textile and Colgate Palmolive were the top losers declining by Rs 77.68 and Rs 70.00 respectively to close at Rs 961.27 and Rs 2,220.00.
An analyst at Arif Habib Limited said that the index stayed in the red territory during the first trading hour due to political unrest and further PKR devaluation against the dollar.
Cement sector remained in the limelight due to price increase by another 15/bag in the south except Karachi. Main board activity remained dull. On the flip-side, activity continued to remain sideways as the market witnessed hefty volumes in the 3rd tier stocks. In the last trading hour, value buying was witnessed which led the index to close in the green zone.
Sectors contributing to the performance include Cement (up 120.1 points), Commercial Banks (up 50.4 points), Automobile Assembler (up 48.0 points), E&P (up 40.3 points) and Pharmaceuticals (up 20.9 points).
BR Automobile Assembler Index surged by 272.02 points or 3.06 percent to close at 9,157.77 points with total turnover of 2.171 million shares.
BR Cement Index increased by 155.66 points or 3.01 percent to close at 5,324.53 points with 11.490 million shares.
BR Commercial Banks Index gained 49.21 points or 0.5 percent to close at 9,837.39 points with 6.621 million shares.
BR Power Generation and Distribution Index inched up by 44.44 points or 0.79 percent to close at 5,663.24 points with 8.932 million shares.
BR Oil and Gas Index added 36.84 points or 0.99 percent to close at 3,749.41 points with 9.083 million shares.
BR Tech. & Comm. Index closed at 3,413.20 points, up 29.04 points or 0.86 percent with 32.007 million shares.
An analyst at Topline Securities said that the Pakistan equities closed on a positive note as benchmark KSE-100 Index settled at 43,933 Level, up 0.88 percent.
The market opened sideways on the back of rising political conditions where the market made an intraday low of 260 points.
However, the market witnessed recovery in the second half where media reporting PM Imran Khan has given green signal to its allies demand for official appointments resultantly the market made an intraday high of 382 points.
The investors interest was mostly witnessed in Cement sector over fall in international coal prices where LUCK, DGKC and MLCF closed higher.
Telecard Limited ruled the volume charts with 13.11 million shares exchanging hands after notified the Exchange regarding listing of its subsidiary Supernet Limited where the book building dates have been set as April 12, 2022 and April 13, 2022.
Copyright Business Recorder, 2022
Comments
Comments are closed.