KARACHI: Pakistan Stock Exchange Thursday remained rangebound throughout the day due to concerns over rising inflation and political noise.
The market opened on a positive note but dull activity was observed. In the last trading hour, profit-taking was witnessed across-the-board which dragged the index in the red zone.
The benchmark KSE-100 Index hit 43,458.92 points intraday high and 42,961.23 points intraday low before closing at 43,032.57 points, down 305.40 points or 0.70 percent.
Trading activity remained low as total daily volumes on ready counter decreased to 208.115 million shares as compared to 256.479 million shares traded on Wednesday while total daily traded value on ready counter declined to Rs 7.783 billion against previous day’s Rs 8.747 billion.
BRIndex100 lost 31.97 points or 0.73 percent to close at 4,321.68 points with total daily turnover of 171.078 million shares.
BRIndex30 decreased by 108.19 points or 0.68 percent to close at 15,743.81 points with total daily trading volumes of 95.093 million shares.
Foreign investors however remained net buyers of shares worth $501,086. Total market capitalization declined by Rs 46 billion to Rs 7.151 trillion. Out of total 343 active scrips, 209 closed in negative and 110 in positive while the value of 24 stocks remained unchanged.
WorldCall Telecom was the volume leader with 18.598 million shares however lost Rs 0.03 to close at Rs 1.32 followed by Hascol Petroleum that closed at Rs 6.74, down Rs 0.08 with 10.506 million shares. P.I.A.C. (A) inched down by Rs 0.38 to close at Rs 4.97 with 9.304 million shares.
Sanofi-Aventis and Reliance Cotton were the top gainers increasing by Rs 79.70 and Rs 37.05 respectively to close at Rs 1,349.70 and Rs 531.05 while Sapphire Textile and Colgate Palmolive were the top losers declining by Rs 64.33 and Rs 24.97 respectively to close at Rs 1,057.00 and Rs 2,375.00.
An analyst at Arif Habib Limited said that the market remained range bound throughout the day due to concerns over rising inflation and political noise. The benchmark KSE-100 index opened in the positive zone but dull activity was observed. In the last trading hour, profit taking was witnessed across the board which dragged the index in the red zone. Volumes remained dry in the main board although hefty volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Power (down 142.4 points), Fertilizer (down 32.0 points), E&P (down 28.4 points), Banks (down 27.6 points) and Technology (down 25.0 points).
BR Automobile Assembler Index decreased by 75.16 points or 0.77 percent to close at 9,637.79 points with total turnover of 867,030 shares.
BR Cement Index declined by 56.19 points or 1.27 percent to close at 4,486.48 points with 10.840 million shares.
BR Commercial Banks Index lost 26.57 points or 0.29 percent to close at 9,108.26 points with 21.539 million shares.
BR Power Generation and Distribution Index plunged by 296.57 points or 4.88 percent to close at 5,785.36 points with 30.493 million shares.
BR Oil and Gas Index inched down by 22.59 points or 0.56 percent to close at 4,002.23 points with 17.019 million shares.
BR Tech. & Comm. Index closed at 3,844.63 points, down 27.83 points or 0.72 percent with 39.477 million shares.
An analyst at Topline Securities said that Pakistan equities closed on a negative note where benchmark KSE-100 Index settled at 43,032, down 0.70 percent.
After a slight positive opening, profit taking was witnessed at the bourse, where the market made an intraday low of 377 points. Major decliners in the trading session were ENGRO, MEBL, BAHL, MCB and MARI cumulatively dented the KSE-100 Index by 87 points.
Copyright Business Recorder, 2022
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