KARACHI: Pakistan Stock Exchange on Friday witnessed a range bound session and after moving in both directions finally closed on negative note due to selling in various sectors.
The benchmark KSE-100 index hit 42,238.60 points intra-day high and 41,895.90 points intra-day low to close below 42,000 psychological level at 41,948.50 points, down 137.22 points or 0.33 percent.
Trading activities however improved as total daily volumes on ready counter increased to 328.653 million shares as compared to 222.227 million shares traded on Thursday while total daily traded value on ready counter declined to Rs 9.611 billion against previous session’s Rs 9.669 billion.
BRIndex100 lost 11.26 points or 0.27 percent to close at 4,222.16 points with total daily turnover of 292.586 million shares.
BRIndex30 declined by 107.71 points or 0.67 percent to close at 15,953.22 points with total daily trading volumes of 239.987 million shares.
The foreign investors however remained on the buying sides with net fresh inflow of $5.498 million. Total market capitalization declined by Rs 34 billion to Rs 6.818 trillion. Out of total 344 active scrips, 180 closed in negative and 136 in positive while the value of 28 stocks remained unchanged.
WorldCall Telecom was the volume leader with 108.566 million shares and gained Re 0.07 to close at Rs 1.59 followed by TRG Pak that declined by Rs 2.53 to close at Rs 125.94 with 30.688 million shares. G3 Technologies closed at Rs 9.52, up Rs 0.48 with 22.522 million shares.
Sapphire Fiber and Sanofi-Aventis were the top gainers increasing by Rs 92.18 and Rs 73.50 respectively to close at Rs 1,335.90 and Rs 1,128.00 while Sapphire Textile and Pak Tobacco were the top losers declining by Rs 75.40 and Rs 58.59 respectively to close at Rs 1,023.60 and Rs 781.41.
An analyst at Topline Securities said that range bound activity was observed at the exchange as the index traded between its intraday high of plus 151 points and intraday low of minus 114 points to finally settle at 41,952 level, down by 0.32 percent.
Major contribution to the index came from BAFL, MARI, MCB, MTL and HUBC, as they cumulatively contributed plus 24 points to the index. On the flip side OGDC, SYS, TRG, PAKT and DAWH lost value to weigh down on the index by minus 146 points.
BR Automobile Assembler Index gained 36.16 points or 0.4 percent to close at 9,149.72 points with total turnover of 4.071 million shares.
BR Cement Index lost 3.96 points or 0.09 percent to close at 4,618.80 points with 11.844 million shares.
BR Commercial Banks Index inched down by 2.64 points or 0.03 percent to close at 8,196.86 points with 13.381 million shares.
BR Power Generation and Distribution Index added 25.27 points or 0.39 percent to close at 6,430.51 points with 17.033 million shares.
BR Oil and Gas Index fell by 7.15 points or 0.19 percent to close at 3,728.35 points with 14.534 million shares. BR Tech & Comm Index declined by 73.38 points or 1.64 percent to close at 4,409.54 points with 161.268 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks witnessed bearish close as investor weigh Moody’s downgrades, fall in FX reserves and slump in rupee.
He said IMF cut over growth and forecast over 19.9 percent inflation in FY23 likely impacting SBP policy rates, decline in cotton output, cement and auto sales data for Sep’22 played a catalyst role in bearish close.
Copyright Business Recorder, 2022
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