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KARACHI: Pakistan Stock Exchange Monday witnessed a rangebound session as investors remained cautious and avoided taking fresh positions on concerns over prevailing political and economic situation in the country.

The market opened on positive note but failed to continue this momentum due to selling in various sectors and closed in red zone.

The benchmark KSE-100 Index hit 40,378.51 points intraday high and 40,069.27 points intraday low before closing at 40,075.96 points, down 74.40 points or 0.19 percent.

Trading activity remained thin as total daily volumes on ready counter decreased to 110.422 million shares as compared to 170.272 million shares traded on previous session while total daily traded value on ready counter declined to Rs 3.718 billion against previous session’s Rs 6.307 billion.

BRIndex100 lost 13.72 points or 0.35 percent to close at 3,954.66 points with total daily turnover of 101.054 million shares.

BRIndex30 declined by 123.83 points or 0.85 percent to close at 14,485.94 points with total daily trading volumes of 79.066 million shares.

Foreign investors were also net sellers of shares worth $99,733. Total market capitalization increased by Rs 12 billion to Rs 6.783 trillion. Out of total 309 active scrips, 182 closed in negative and 101 in positive while the value of 26 stocks remained unchanged.

TPL Properties was the volume leader with 12.727 million shares and gained Rs 0.17 to close at Rs 17.82 followed by TRG Pak that lost Rs 0.12 to close at Rs 91.59 with 9.214 million shares. WorldCall Telecom closed at Rs 1.17, down Rs 0.01 with 8.633 million shares.

Nestle Pakistan and Colgate Palmolive were the top gainers increasing by Rs 400.00 and Rs 149.96 respectively to close at Rs 6,290.00 and Rs 2,149.46 while Bata Pak and Premium Textile were the top losers declining by Rs 162.00 and Rs 37.38 respectively to close at Rs 2,010.00 and Rs 635.01.

An analyst at Arif Habib Limited said that the market remained rangebound. The benchmark KSE-100 Index opened in the positive zone but investor activity remained sideways although PKR snapped its losing streak against US dollar. Volumes remained dry in the main board on the contrary decent volumes were witnessed in the 3rd tier stocks.

Sectors contributing to the performance include Fertilizer (down 55.6 points), Banks (down 31.6 points), Insurance (down 22.0 points), E&P (down 10.5 points) and Power (down 7.8 points).

BR Automobile Assembler Index gained 20.22 points or 0.23 percent to close at 8,970.65 points with total turnover of 383,565 shares.

BR Cement Index inched down by 4.07 points or 0.11 percent to close at 3,706.19 points with 4.754 million shares. BR Commercial Banks Index decreased by 31.85 points or 0.38 percent to close at 8,362.73 points with 3.345 million shares.

BR Power Generation and Distribution Index fell by 17.39 points or 0.32 percent to close at 5,342.48 points with 4.779 million shares.

BR Oil and Gas Index lost 10.92 points or 0.29 percent to close at 3,771.75 points with 4.567 million shares.

BR Tech. & Comm. Index added 14.96 points or 0.42 percent to close at 3,555.66 points with 28.982 million shares.

Mubashir Anis Naviwala at JS Global Capital said that the KSE-100 Index witnessed rangebound activity. The index closed at 40,076, losing 74 points compared to the previous session.

A total of 110 million shares were traded where TPLP (up 1.0 percent), TRG (down 0.1 percent), WTL (down 0.8 percent), AGL (up 3.1 percent) and TELE were the top volume leaders.

Inflation for July came in at 24.9 percent, a 14-year high. “Going forward, development on the political and economic front will set the direction for market,” he said.

Copyright Business Recorder, 2022

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