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KARACHI: Despite foreign selling, Pakistan Stock Exchange Friday closed on a positive note on the back of healthy buying, mainly by local investors and institutions in various sectors.

The PSX opened on a negative note however soon after turned positive and remained in green till the end of the session.

The benchmark KSE-100 Index hit 45,396.14 points intraday high and 44,671.59 points intraday low. The KSE-100 Index increased by 223.28 points or 0.50 percent to close above 45,000 psychological level at 45,152.11 points.

Daily trading volumes on ready counter stood at 389.113 million shares as compared to 415.634 million shares traded on Thursday while total daily traded value increased to Rs 11.107 billion against Wednesday’s Rs 9.675 billion.

BRIndex100 gained 29.79 points or 0.66 percent to close at 4,547.58 points with total daily turnover of 342.717 million shares.

BRIndex30 inched up by 88.18 points or 0.54 percent to close at 16,420.85 points with total daily trading volumes of 249.842 million shares.

An analyst at Arif Habib Limited said that the KSE-100 Index opened in the red territory due to political unrest and further PKR devaluation against dollar. Market remained volatile throughout the day. However, rally in UBL and MCB was witnessed due to expectation of foreign selling spree in banking sector getting over. Cement sector remained in the limelight due to decline in international coal prices. In the second session, value buying was witnessed which led the index to close in the green zone.

Sectors contributing to the performance include Banks (up 125.7 points), Technology (up 34.1 points), Fertilizer (up 31.96 points), Auto Assemblers (up 28.3 points) and Textile (up 14.2 points).

Foreign investors however remained on the selling side with net outflow of $4.786 million. Total market capitalization increased by Rs 17 billion to Rs 7.599 trillion. Out of the total 364 active scrips, 183 closed in positive and 149 in negative while the value of 32 stocks remained unchanged.

Telecard Limited was the volume leader with 35.432 million shares and gained Rs 0.26 to close at Rs 14.43 followed by TPL Properties that closed at Rs 20.82, up Rs 0.62 with 26.362 million shares. Treet Corp increased by Rs 0.47 to close at Rs 34.40 with 24.860 million shares.

Nestle Pakistan and Sapphire Textile were the top gainers increasing by Rs 70.30 and Rs 67.96 respectively to close at Rs 5,892.03 and Rs 1,008.52 while Bata Pak and Colgate Palmolive were the top losers declining by Rs 122.41 and Rs 99.99 respectively to close at Rs 2,304.02 and Rs 2,200.01.

An analyst at Topline Securities said that the KSE-100 Index opened on a negative note but soon came into positive zone as the day progressed, where the index gained to close at 45,121 level, up by 0.5 percent.

This positivity in market can be attributed to no confidence voting against Prime Minister on Sunday in parliament, where investors expect ambiguity to end on political front post this event.

Major contribution to the index came from UBL, ENGRO, TRG, HMB and INDU as they cumulatively contributed 146 points. On the flip side COLG, EFERT, SRVI, ABL and SCBPL lost value to weigh down on the index by 76 points.

BR Automobile Assembler Index surged by 161.75 points or 1.73 percent to close at 9,515.28 points with total turnover of 2.405 million shares.

BR Cement Index gained 13.76 points or 0.25 percent to close at 5,520.29 points with 18.572 million shares.

BR Commercial Banks Index increased by 117.33 points or 1.18 percent to close at 10,030.34 points with 20.460 million shares.

BR Power Generation and Distribution Index lost 17.34 points or 0.29 percent to close at 5,874.82 points with 10.270 million shares.

BR Oil and Gas Index inched up by 2.95 points or 0.08 percent to close at 3,790.20 points with 10.320 million shares.

BR Tech. & Comm. Index closed at 3,632.02 points, up 40.8 points or 1.14 percent with 89.783 million shares.

Mubashir Anis Naviwala at JS Global Capital said that a rollercoaster ride was seen in the trading session due to the rising political temperature in the country.

Healthy participation was however witnessed. Total volume traded for the day was recorded at 389 million shares where TELE (up 1.8 percent), TPLP (up 3.1 percent), TREET (up 1.4 percent), GGL (up 0.5 percent) and CNERGY (up 2.1 percent) were the top contributors.

Copyright Business Recorder, 2022

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