KARACHI: Bearish trend continued on Friday and the Pakistan Stock Exchange closed in red zone as the investors opted to book profit on available margins.
The benchmark KSE-100 index hit 43,533.12 points intra-day high and 43,232.74 points intra-day low level before closing at 43,270.65 points, down 210.85 points or 0.48 percent.
Trading activities remained very thin as total daily volume on ready counter decreased to 306.208 million shares as compared to 621.216 million shares traded on Thursday while total daily traded value declined to Rs 6.393 billion against previous day’s Rs 10.496 billion.
BRIndex100 lost 21.78 points or 0.5 percent to close at 4,336.25 points with total daily turnover of 201.566 million shares.
BRIndex30 inched down by 8.31 points or 0.05 percent to close at 15,988.10 points with total daily trading volumes of 140.189 million shares.
The foreign investors also remained net sellers of shares worth $832,473. Total market capitalization declined by Rs 33 billion to Rs 7.201 trillion. Out of total 323 active scrips, 185 closed in negative and 110 in positive while the value of 28 stocks remained unchanged.
Hascol Petroleum was the volume leader with 71.464 million shares and gained Rs 0.55 to close at Rs 6.87 followed by Pak Refinery that lost Rs 0.08 to close at Rs 19.83 with 19.355 million shares. Bank of Punjab inched up by Rs 0.19 to close at Rs 6.03 with 19.140 million shares.
Siemens Pak and Shield Corp were the top gainers increasing by Rs 45.00 and Rs 21.14 respectively to close at Rs 750.00 and Rs 303.13 while Sanofi-Aventis and Sapphire Textile were the top losers declining by Rs 61.00 and Rs 55.50 respectively to close at Rs 1,400.00 and Rs 1,007.00.
“Profit taking continued across the board throughout the day as the benchmark KSE-100 closed at the 43,271 level losing 211 points”, Mubashir Anis Naviwala at JS Global Capital said.
The market touched the intraday high of 43,532 points but failed to break the intraday resistance of 43,777 points. Traded volume for the day stood at 306 million shares with the highest contribution from HASCOL (up 8.7 percent), PRL (down 0.4 percent), BOP (up 3.3 percent), CNERGY (down 0.2 percent) and WTL (up 1.4 percent). Moving forward, the upcoming monetary policy meeting of SBP and the IMF agreement will remain key driving forces for the market.
BR Automobile Assembler Index lost 1.43 points or 0.01 percent to close at 9,717.93 points with total turnover of 607,474 shares.
BR Cement Index declined by 63.52 points or 1.42 percent to close at 4,413.00 points with 6.448 million shares.
BR Commercial Banks Index decreased by 73.88 points or 0.8 percent to close at 9,171.59 points with 41.082 million shares.
BR Power Generation and Distribution Index fell by 83.24 points or 1.37 percent to close at 5,982.29 points with 36.294 million shares.
BR Oil and Gas Index closed at 4,016.12 points, down 6.8 points or 0.17 percent with 76.341 million shares.
BR Tech & Comm Index gained 24.49 points or 0.65 percent to close at 3,814.77 points with 34.628 million shares.
An analyst at Topline Securities said that range bound session was observed at the exchange as the index traded between intraday high of plus 50 points and intraday low of minus 249 points to finally close at level 43,268 level, down by 0.5 percent.
Investor participation in the market was low, as they preferred to remain on sidelines before the monetary policy announcement on Monday. Major contribution to the index came from MEBL, BOP, AICL, BAHL and PKGS, as they cumulatively contributed 37 points to the index. On the flip side UBL, HUBC, HMB, LUCK & BAFL lost value to weigh on the index by 138 points.
Copyright Business Recorder, 2022
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