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KARACHI: Pakistan Stock Exchange Friday witnessed a mixed trend as bulls and bears fought for the dominance all day long, experts said.

The opening session consisted of a positive motion as the rupee broke its losing streak against the US dollar. In the second session, investors opted for profit taking in the last hour which forced the market to close in red zone.

The benchmark KSE-100 Index declined by 307.74 points or 0.75 percent and closed at 40,620.21 points. The index hit 41,132.11 points intraday high and 40,516.10 points intraday low.

Trading activity remained low as total daily volumes on ready counter decreased to 165.291 million shares as compared to 190.091 million shares traded on Thursday however total daily traded value on ready counter slightly increased to Rs 6.873 billion against previous day’s Rs 6.322 billion. BRIndex100 decreased by 44.89 points or 1.1 percent to close at 4,049.55 points with total daily turnover of 128.813 million shares.

BRIndex30 fell by 140.17 points or 0.92 percent to close at 15,058.05 points with total daily trading volumes of 98.514 million shares.

Foreign investors also remained net sellers of shares worth $251,897. Total market capitalization declined by Rs 33 billion to Rs 6.689 trillion. Out of total 314 active scrips, 176 closed in negative and 106 in positive while the value of 32 stocks remained unchanged.

Hascol Petroleum was the volume leader with 29.827 million shares however lost Rs 0.32 to close at Rs 6.50 followed by TRG Pak declined by Rs 1.67 to close at Rs 118.05 with 23.899 million shares. K-Electric closed at Rs 2.85, down Rs 0.13 with 11.857 million shares.

Rafhan Maize and Sapphire Fiber were the top gainers increasing by Rs 679.00 and Rs 91.50 respectively to close at Rs 9,734.00 and Rs 1,320.00 while Sanofi-Aventis and Colgate Palmolive were the top losers declining by Rs 92.17 and Rs 22.98 respectively to close at Rs 1,136.83 and Rs 2,122.00.

An analyst at Arif Habib Limited said that the market witnessed a mixed session as bulls and bears fought for the dominance all day long. The opening session consisted of a positive motion as the rupee broke its losing streak against the US dollar. In the second session, investors opted for profit taking in the last hour which led the index to lose 373.96 points. Volumes remained dry across the board whereas, hefty volumes were witnessed in the 3rd tier stocks.

Sectors contributing to the performance include Banks (down 112.1 points), Cement (down 38.4 points), Power (down 36.2 points), Technology (down 31.4 points) and Fertilizer (down 30.3 points).

BR Automobile Assembler Index lost 78.84 points or 0.88 percent to close at 9,075.62 points with total turnover of 473,732 shares.

BR Cement Index declined by 58.44 points or 1.33 percent to close at 4,321.97 points with 7.531 million shares.

BR Commercial Banks Index decreased by 106.02 points or 1.24 percent to close at 8,422.52 points with 10.573 million shares.

BR Power Generation and Distribution Index fell by 71.41 points or 1.28 percent to close at 5,527.84 points with 16.759 million shares.

BR Oil and Gas Index inched down by 25.18 points or 0.69 percent to close at 3,611.60 points with 38.514 million shares.

BR Tech. & Comm. Index closed at 3,989.83 points, down 39.34 points or 0.98 percent with 40.755 million shares.

Ahsan Mehanti at Arif Habib Corporation said that stocks fell across the board on global equity selloff, slump in global crude oil prices and surging government bond yields.

He said Ministry of Planning assessment on $30 billion flood damage and below 2.0 percent growth for FY23, dismal data for LSMI output and FDI falling by 26 percent on YoY in August 2022 played a catalyst role in bearish close.

Copyright Business Recorder, 2022

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