KARACHI: Pakistan Stock Exchange on Thursday closed on positive note due to fresh buying mainly in E&P sector.
After positive opening, the market witnessed selling pressure that forced it into negative zone, however investors opted for value buying that supported the market to close in green zone.
The benchmark KSE-100 index hit 41,396.57 points intra-day high and 41,009.11 points intra-day low level before closing at 41,344.01 points, up 184.22 points or 0.45 percent.
Total daily trading volumes on ready counter stood at 99.088 million shares as compared to 98.247 million shares traded on Wednesday while total daily traded value on ready counter increased to Rs 4.041 billion against previous day’s Rs 2.690 billion.
BRIndex100 gained 21.52 points or 0.53 percent to close at 4,092.92 points with total daily turnover of 85.025 million shares.
BRIndex30 increased by 169.27 points or 1.14 percent to close at 15,058.12 points with total daily trading volumes of 57.660 million shares.
The foreign investors also remained net buyers of shares worth $793,294. Total market capitalization increased by Rs 37 billion to Rs 6.941 trillion. Out of total 310 active scrips, 162 closed in positive and 126 in negative while the value of 22 stocks remained unchanged.
Lotte Chemical was the volume leader with 7.320 million shares however lost Re 0.21 to close at Rs 25.02 followed by OGDC that increased by Rs 3.08 to close at Rs 80.46 with 5.795 million shares. SNGPL closed at Rs 37.37, up Re 0.75 with 5.323 million shares.
Nestle Pakistan and Allawasaya Textile were the top gainers increasing by Rs 190.00 and Rs 131.33 respectively to close at Rs 5,850.00 and Rs 1,891.33 while Gatron Industries and Otsuka Pak were the top losers declining by Rs 29.19 and Rs 17.05 respectively to close at Rs 400.00 and Rs 213.01.
An analyst at Arif Habib Limited said the bulls and bears continued to fight the battle throughout the day ahead of the announcement of the Monetary Policy State by the State Bank of Pakistan. The KSE-100 index opened in the green zone as investors opted for value buying in the E&P sector. Main board volumes remained dull.
Sectors contributing to the performance include E&P (up 73.9 points), fertilizer (up 41.3 points), banks (up 25.8 points), OMCs (up 21.0 points) and technology (up 12.0 points).
BR Automobile Assembler Index gained 14.11 points or 0.14 percent to close at 9,884.81 points with total turnover of 690,930 shares. BR Cement Index inched up by 1.53 points or 0.04 percent to close at 3,939.71 points with 4.912 million shares.
BR Commercial Banks Index added 26.96 points or 0.32 percent to close at 8,575.47 points with 4.026 million shares.
BR Power Generation and Distribution Index lost 21.58 points or 0.39 percent to close at 5,580.88 points with 11.588 million shares.
BR Oil and Gas Index increased by 56.54 points or 1.51 percent to close at 3,804.81 points with 16.796 million shares.
BR Tech & Comm Index closed at 3,324.03 points, up 16.23 points or 0.49 percent with 9.806 million shares.
An analyst at Topline Securities said that lackluster activity was observed at the exchange as the index traded between an intraday high of plus 237 points and intraday low of minus 150, to finally close at 41,344 level, up by 0.45 percent.
Investor interest was observed in gas distribution companies (SNGP and SSGC) and E&P companies (OGDC and PPL) on news that Petroleum Division has reportedly proposed a massive increase in price of natural gas, which when implemented will stop further increase in gas circular debt.
Major contribution to the index came from OGDC, PPL, FFC, EFERT and FFC as they cumulatively added 167 points to the index, on the flip side POL, HUBC, MARI, LUCK and ATRL lost value to weigh down on the index by 48 points.
Copyright Business Recorder, 2022
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