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KARACHI: Pakistan Stock Exchange Friday witnessed rangebound activities and closed on a positive note with low volumes due to concerns regarding the budget and inflationary pressure.

The benchmark KSE-100 Index increased by 278.77 points or 0.67 percent and crossed 42,000 psychological level to close at 42,014.73 points. During the session, the index hit 42,076.14 points intraday high and 41,715.05 points intraday low level.

Trading activity remained thin as total daily volumes on ready counter decreased to 115.874 million shares as compared to 235.353 million shares traded Thursday while total daily traded valve on ready counter declined to Rs 3.069 billion against previous day’s Rs 5.473 billion.

BRIndex100 gained 31.01 points or 0.75 percent to close at 4,161.29 points with total daily turnover of 97.794 million shares.

BRIndex30 inched up by 101.87 points or 0.68 percent to close at 14,996.93 points with total daily trading volumes of 66.520 million shares.

Foreign investors however remained net sellers of shares worth $704,423. Total market capitalization increased by Rs 48 billion to Rs 7.021 trillion. Out of total 315 active scrips, 185 closed in positive and only 99 in negative while the value of 31 stocks remained unchanged.

TPL Properties was the volume leader with 12.015 million shares however lost Rs 0.16 to close at Rs 19.38 followed by G3 Technologies that gained Rs 0.31 to close at Rs 9.43 with 10.434 million shares. Lotte Chemical increased by Rs 1.24 to close at Rs 24.30 with 7.330 million shares.

Colgate Palmolive and Millat Tractors were the top gainers increasing by Rs 50.00 and Rs 25.88 respectively to close at Rs 2250.00 and Rs 865.05 while Mehmood Textile and Pak Engineering were the top losers declining by Rs 69.66 and Rs 23.52 respectively to close at Rs 863.34 and Rs 290.23.

An analyst at Topline Securities said that lackluster activity was observed at the bourse, as the KSE-100 Index traded between its intraday high of 340 points and intraday low of -21 points with low volumes to finally close at 42,015 level.

Major contribution to the index came from MTL, OGDC, PPL, SYS and ENGRO, as they cumulatively contributed 124 points. On the flip side BAHL, THALL, NBP, MEBL and SRVI lost value to weigh down on the index by 47 points.

BR Automobile Assembler Index surged by 208.53 points or 2.17 percent to close at 9,837.21 points with total turnover of 1.600 million shares.

BR Cement Index gained 22.53 points or 0.55 percent to close at 4,103.87 points with 7.619 million shares.

BR Commercial Banks Index lost 10.48 points or 0.12 percent to close at 9,080.09 points with 5.810 million shares.

BR Power Generation and Distribution Index added 56.34 points or 1.06 percent to close at 5,355.49 points with 4.852 million shares.

BR Oil and Gas Index increased by 41.94 points or 1.13 percent to close at 3,738.78 points with 9.037 million shares.

BR Tech. & Comm. Index closed at 3,318.21 points, up 38.44 points or 1.17 percent with 17.278 million shares.

An analyst at Arif Habib Limited said that the KSE-100 Index remained range bound with low volumes due to concerns regarding upcoming budget and inflationary pressure. Pharma and IT Sector remained in the limelight due to expectation of incentives in the budget. Value buying was observed in the last trading hour which led the index to close in the green zone. Main board activity remained dry whereas significant volumes were observed in the 3rd tier stocks.

Sectors contributing to the performance include E&P’s (up 64.4 points), Fertilizer (up 57.1 points), Automobile (up 41.0 points), Technology (up 29.2 points) and Chemicals (up 27.0 points).

Copyright Business Recorder, 2022

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