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KARACHI: Pakistan Stock Exchange Friday closed on positive note due to fresh buying in various sectors on available attractive low levels.

The market opened on a negative note however witnessed sharp recovery and remained in positive most part of the day. The benchmark KSE-100 Index increased by 117.26 points or 0.27 percent and closed above 43,000 psychological level at 43,100.71 points. During the session, the KSE-100 index hit 43,187.12 points intra-day high and 42,938.60 points intra-day low level. Trading activity slightly improved as total daily volumes on ready counter increased to 189.926 million shares as compared to 187.101 million shares traded on Thursday however, total daily traded value on ready counter declined to Rs 3.830 billion against previous day’s Rs 5.084 billion.

BRIndex100 gained 5.33 points or 0.12 percent to close at 4,280.09 points with total daily turnover of 170.057 million shares.

BRIndex30 inched up by 5.1 points or 0.03 percent to close at 14,901.08 points with total daily trading volumes of 119.483 million shares. Foreign investors however remained net sellers of shares worth $541,176. Total market capitalization increased by Rs 23 billion to Rs 7.143 trillion. Out of total 321 active scrips, 179 closed in positive and 107 in negative while the value of 35 stocks remained unchanged.

K-Electric was the volume leader with 19.219 million shares and closed at Rs 2.58, down Rs 0.01 followed by Silk Bank that gained Rs 0.06 to close at Rs 1.28 with 17.006 million shares. Pak Elektron inched up by Rs 0.42 to close at Rs 16.05 with 16.459 million shares.

Sapphire Fiber and Colgate Palmolive were the top gainers increasing by Rs 69.79 and Rs 41.48 respectively to close at Rs 1092.79 and Rs 2152.00 while Nestle Pakistan and Rafhan Maize were the top losers declining by Rs 19.99 and Rs 10.00 respectively to close at Rs 5780.00 and Rs 9990.00.

An analyst at Topline Securities said that the KSE-100 Index remained in positive zone during the trading session, as Index gained to close at 43,101 level, up by 0.27 percent.

This positivity can be attributed to emergency economic plan – where government has decided to ban import of non-essential luxury items in order to save dwindling foreign reserves and decline in C/A deficit for the month of April-22 by 39 percent on MoM basis to $623 million.

Major contribution to the index came from DAWH, SYS, FFC, HBL and BAHL, as they cumulatively contributed 67 points to the index.

BR Automobile Assembler Index gained 21.92 points or 0.23 percent to close at 9,716.96 points with total turnover of 942,159 shares.

BR Cement Index inched up by 17.18 points or 0.39 percent to close at 4,429.36 points with 13.973 million shares. BR Commercial Banks Index added 37.12 points or 0.39 percent to close at 9,583.90 points with 27.143 million shares.

BR Power Generation and Distribution Index lost 6.04 points or 0.11 percent to close at 5,319.55 points with 20.740 million shares. BR Oil and Gas Index increased by 13.38 points or 0.38 percent to close at 3,628.68 points with 4.808 million shares.

BR Tech. & Comm. Index closed at 3,299.01 points, up 8.62 points or 0.26 percent with 23.768 million shares.

An analyst at Arif Habib Limited said that the PSX witnessed a lackluster session as investor participation remained dry. The market opened by continuing weak momentum from the last trading session as investors opted to remain silent due to weakening of Pak rupee against US Dollars and build up political noise. Volumes remained dry in main board throughout the day although hefty volumes were witnessed in 3rd tier stocks.

Sectors contributing to the performance include Banks (up 39.0 points), Inv. Banks (up 16.1 points), E&P (up 14.2 points) and Cement (up 10.0 points).

Copyright Business Recorder, 2022

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