KARACHI: Pakistan Stock Exchange on Thursday remained under severe selling pressure for the most part of the day however buying on dips in late hours supported the market to recover its intra-day losses and to close on slight positive note.
Trading activities remained low due to investor lack of interest on their concerns over prevailing economic and political situation in the country.
The benchmark KSE-100 index hit 43,028.58 points intra-day high and 42,273.27 points intra-day low level before closing at 42,898.44 points, up 35.29 points or 0.08 percent.
Daily trading volumes on ready counter decreased to 284.503 million shares as compared to 338.542 million shares traded on Wednesday while total daily traded value on the ready counter declined to Rs 7.800 billion against previous day’s Rs 9.531 billion.
BRIndex100 gained 13.31 points or 0.31 percent to close at 4,263.06 points with total daily turnover of 264.012 million shares.
BRIndex30 increased by 216.16 points or 1.46 percent to close at 14,978.58 points with total daily trading volumes of 195.317 million shares.
The foreign investors however remained net sellers of shares worth $613,086. Total market capitalization declined by Rs 4 billion to Rs 7.106 trillion. Out of total 336 active scrips, 180 closed in positive and 137 in negative while the value of 19 stocks remained unchanged.
Treet Corp was the volume leader with 27.626 million shares and increased by Rs 1.37 followed by TPL Properties that gained Rs 0.12 to close at Rs 17.21 with 18.899 million shares. Telecard Limited closed at Rs 11.17, up Rs 0.41 with 16.855 million shares.
Gatron Industries and Highnoon (Lab) were the top gainers increasing by Rs 27.53 and Rs 20.01 respectively to close at Rs 410.33 and Rs 550.59 while Nestle Pakistan and Sapphire Textile were the top losers declining by Rs 134.16 and Rs 50.12 respectively to close at Rs 5615.84 and Rs 1150.00.
An analyst at Arif Habib Limited said that the KSE-100 index remained under pressure due to prevailing uncertain economic issues and continued decline of Pak Rupee against USD kept the investors at bay. The benchmark KSE-100 index remained volatile throughout the day, but in the last trading hour investor opted for value hunting that helped the index to close in positive territory. Main board activity remained dull whereas, hefty volumes were observed in 3rd tier stocks.
Sectors contributing to the performance include Cement (up 56.3 points), Chemical (up 24.8 points), OMC’s (up 15.4 points) and Technology (up 14.9 points).
BR Automobile Assembler Index inched up by 8.36 points or 0.09 percent to close at 9,428.14 points with total turnover of 1.154 million shares.
BR Cement Index increased by 78.04 points or 1.76 percent to close at 4,520.73 points with 14.507 million shares.
BR Commercial Banks Index decreased by 40.19 points or 0.42 percent to close at 9,534.39 points with 19.805 million shares.
BR Power Generation and Distribution Index lost 6.2 points or 0.12 percent to close at 5,274.11 points with 6.933 million shares. BR Oil and Gas Index closed at 3,648.91 points, down 3.87 points or 0.11 percent with 9.001 million shares.
BR Tech. & Comm. Index gained 19.04 points or 0.58 percent to close at 3,304.92 points with 62.399 million shares. Mohammad Waqar Iqbal at JS Global Capital said that the market opened on a negative note however a rebound was witnessed later during the trading session as investors uplifted the market in anticipation of some stability on the political front.
Traded volumes stood at 285 million shares where TREET (up 4.6 percent), TPLP (up 0.7 percent), TELE (up 3.8 percent), WTL (up 0.7 percent) and GGL (up 4.1 percent) were the volume leaders.
Copyright Business Recorder, 2022