KARACHI: Pakistan Stock Exchange on Wednesday witnessed mixed trend and closed in negative zone as the investors opted to book profit on available margins.
The benchmark KSE-100 index hit 42,880.40 points intra-day high and 42,408.07 points intra-day low level before closing at 42,458.14 points, with net loss of 67.81 points or 0.16 percent.
Due to investor lack of interest, trading activities also remained low as total daily volumes on ready counter decreased to 266.090 million shares as compared to 300.592 million shares traded on Tuesday while total daily traded value on ready counter declined to Rs 8.468 billion against previous day’s Rs 9.471 billion.
BRIndex100 lost 2.77 points or 0.07 percent to close at 4,231.82 points with total daily turnover of 239.136 million shares.
BRIndex30 declined by 164.36 points or 1.06 percent to close at 15,402.06 points with total daily trading volumes of 179.216 million shares.
The foreign investors also remained net sellers of shares worth $1.062 million. Total market capitalization declined by Rs 9 billion to Rs 7.050 trillion. Out of total 336 active scrips, 176 closed in negative and 133 in positive while the value of 27 stocks remained unchanged.
Pak Refinery was the volume leader with 23.874 million shares and gained Re 0.13 to close at Rs 18.98 followed by TPL Properties that inched up by Re 0.74 to close at Rs 21.97 with 23.154 million shares. Cnergyico PK lost Re 0.10 to close at Rs 5.56 with 16.793 million shares.
Pak Tobacco and Nestle Pakistan were the top gainers increasing by Rs 56.98 and Rs 20.08 respectively to close at Rs 955.98 and Rs 5900.08 while Colgate Palmolive and Sapphire Fiber were the top losers declining by Rs 106.67 and Rs 88.90 respectively to close at Rs 2118.33 and Rs 1110.10.
An analyst at Arif Habib Limited said the KSE-100 index opened in the green zone as rupee, during the day, snapped its losing streak against the dollar gaining Rs 3.80 in the interbank market a day after the government secured the much-anticipated deal with the International Monetary Fund (IMF). However, this gaining of rupee against dollar was short-lived as PKR closed at 211.93.
Investors opted for profit-taking in the last trading hour which led the index to close in the red zone. Volumes remained healthy in the main board stocks.
Sectors contributing to the performance include Cement (down 39.7 points), Technology (down 28.2 points), E&P (down 21.4 points), OMC (down 18.7 points) and Pharma (down 11.6 points).
BR Automobile Assembler Index lost 34.29 points or 0.34 percent to close at 9,974.92 points with total turnover of 1.553 million shares. BR Cement Index declined by 51.21 points or 1.21 percent to close at 4,171.44 points with 11.827 million shares.
BR Commercial Banks Index gained 18.77 points or 0.21 percent to close at 8,881.90 points with 18.595 million shares.
BR Power Generation and Distribution Index inched up by 16.26 points or 0.3 percent to close at 5,472.44 points with 8.498 million shares.
BR Oil and Gas Index decreased by 23.48 points or 0.6 percent to close at 3,872.84 points with 12.951 million shares.
BR Tech & Comm Index closed at 3,358.60 points, down 31.31 points or 0.92 percent with 44.309 million shares.
An analyst at Topline Securities said Pakistan equities closed slight on a negative note where benchmark KSE-100 Index settled at 42,458 level, down 0.16 percent.
The day kicked off on a positive note making an intraday high of 354 points over revival of extended fund facility and lower international oil prices. However this positivity didn’t sustain at the bourse as investors varies over inflationary pressure and Rs 436 billion additional taxes in federal budget 2022-2023. Major contributor in the trading session were FFC, MCB and BAHL cumulatively added 106 points in KSE-100 Index, where on the flip side COLG, POL and MEBL closed lower dented the KSE-100 Index by 55 points.
Copyright Business Recorder, 2022
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