KARACHI: Pakistan Stock Exchange Friday witnessed a rangebound session and after moving both ways, closed in negative due to selling in various sectors.
The benchmark KSE-100 Index hit 42,569.52 points intraday high and 42,235.88 points intraday low before closing at 42,309.11 points, down 150.97 points or 0.36 percent.
Trading activity remained thin as total daily volumes on the ready counter decreased to 160.139 million shares as compared to 248.196 million shares traded Thursday while total daily traded value on ready counter declined to Rs 4.630 billion against previous day’s Rs 8.016 billion.
BRIndex100 lost 15.84 points or 0.37 percent to close at 4,240.93 points with total daily turnover of 140.036 million shares.
BRIndex30 decreased by 68.75 points or 0.44 percent to close at 15,425.90 points with total daily trading volumes of 96.777 million shares.
Foreign investors remained net sellers of shares worth $12,665. Total market capitalization declined by Rs 21 billion to Rs 7.023 trillion. Out of total 344 active scrips, 193 closed in negative and 130 in positive while the value of 21 stocks remained unchanged.
WorldCall Telecom was the volume leader with 11.932 million shares however lost Rs 0.02 to close at Rs 1.26 followed by Flying Cement that gained Rs 0.11 to close at Rs 8.00 with 9.715 million shares. Silk Bank inched up by Rs 0.05 to close at Rs 1.25 with 8.957 million shares.
Colgate Palmolive and Premium Textile were the top gainers increasing by Rs 60.56 and Rs 48.50 respectively to close at Rs 2,395.96 and Rs 748.00 while Sanofi-Aventis and Mehmood Textile were the top losers declining by Rs 92.96 and Rs 63.28 respectively to close at Rs 1,146.54 and Rs 860.00.
An analyst at Topline Securities said that rangebound session was observed at the exchange as the index traded between its intraday high of plus 109 points and intraday low of minus 151 points.
Major contribution to the index came from FABL, COLG, KOHC, CEPB and EFERT as they cumulatively contributed 49 points to the index, whereas on the flipside PPL, FFC, THALL, POL and DAWH lost value to weigh down on the index by 75 points.
BR Automobile Assembler Index declined by 75.26 points or 0.82 percent to close at 9,149.12 points with total turnover of 458,411 shares.
BR Cement Index lost 7.48 points or 0.16 percent to close at 4,600.85 points with 27.457 million shares.
BR Commercial Banks Index fell by 13.48 points or 0.15 percent to close at 8,917.71 points with 23.961 million shares.
BR Power Generation and Distribution Index inched down by 1.02 points or 0.02 percent to close at 5,698.54 points with 13.883 million shares.
BR Oil and Gas Index decreased by 36.08 points or 0.92 percent to close at 3,874.92 points with 8.241 million shares.
BR Tech. & Comm. Index closed at 3,771.80 points, down 16.36 points or 0.43 percent with 21.112 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks witnessed bearish close amid dismal data of 27.4 percent on year-on-year basis CPI inflation and $3.53 billion trade deficit in August 2022.
He said investor concerns for flash flood losses hitting $10 billion, slump in rupee and dismal data for fertilizer and oil sales in August 20 22 played a catalyst role in bearish close.
Copyright Business Recorder, 2022
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