KARACHI: Pakistan Stock Exchange Wednesday managed to close in positive territory on the back of fresh buying at the fag end.
The market opened in negative and remained in red zone in most part of the day due to political unrest in the country which invited panic selling in almost all sectors.
The benchmark KSE-100 Index hit 42,126.30 points intra-day high and 41,356.75 points intra-day low level before closing at 42,012.66 points, up 62.34 points or 0.15 percent.
Trading activity also improved as total daily volumes on ready counter increased to 240.046 million shares as compared to 169.707 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 7.570 billion against previous day’s Rs 5.462 billion.
BRIndex100 gained 6.93 points or 0.17 percent to close at 4,163.63 points with total daily turnover of 217.480 million shares.
BRIndex30 increased by 329.86 points or 2.27 percent to close at 14,866.74 points with total daily trading volumes of 149.302 million shares.
Foreign investors also remained net buyers of shares worth $136,393. Total market capitalization increased by Rs 10 billion to Rs 7.000 trillion. Out of total 324 active scrips, 198 closed in positive and 103 in negative while the value of 23 stocks remained unchanged.
Pak Refinery was the volume leader with 21.238 million shares and gained Rs 0.90 to close at Rs 16.64 followed by K-Electric that inched up by Rs 0.02 to close at Rs 2.52 with 15.143 million shares. WorldCall Telecom closed at Rs 1.54, up Rs 0.08 with 13.435 million shares.
Colgate Palmolive and Mari Petroleum were the top gainers increasing by Rs 47.99 and Rs 26.41 respectively to close at Rs 2199.99 and Rs 1612.99 while Rafhan Maize and Sapphire Fiber were the top losers declining by Rs 200.00 and Rs 81.78 respectively to close at Rs 9600.00 and Rs 1011.01.
An analyst at Arif Habib Limited said that another negative session was witnessed at PSX due to ongoing political noise which created panic among investors by pushing the KSE-100 Index down further. The benchmark KSE-100 index made intraday low of negative 594 points and remained in red zone throughout the day, however in the last trading hour investors opted for value buying which helped the index to close in positive territory. Whereas, main board activity remained dry. On the contrary, hefty volumes were observed in the 3rd tier stocks.
Sectors contributing to the performance include Technology (up 42.6 points), Cement (up 24.0 points), Chemical (up 17.6 points), Vanaspati and Allied (up 11.7 points) and Refinery (up 11.6 points). BR Automobile Assembler Index gained 32.8 points or 0.34 percent to close at 9,616.17 points with total turnover of 736,972 shares.
BR Cement Index inched up by 31.97 points or 0.77 percent to close at 4,207.15 points with 22.170 million shares.
BR Commercial Banks Index lost 11.55 points or 0.12 percent to close at 9,415.95 points with 18.288 million shares.
BR Power Generation and Distribution Index added 6.54 points or 0.13 percent to close at 5,174.37 points with 19.956 million shares.
BR Oil and Gas Index closed at 3,546.63 points, down 9.28 points or 0.26 percent with 10.002 million shares.
BR Tech. & Comm. Index increased by 69.76 points or 2.24 percent to close at 3,187.21 points with 38.010 million shares.
Muhammad Waqar Iqbal at JS Global Capital said the market opened in the negative zone over concerns on the protests called by PTI. Investors vigilantly following the news on political front.
In late hours of the trading session the market recovered sharply from the low of negative 594 points to close 62 points up at 42,013. Volume leaders were PRL, KEL, WTL, CNERGY and GGL.
In upcoming days market’s direction is likely to depend on economic clarity on the IMF talks and government decision on petroleum prices.
Copyright Business Recorder, 2022
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