KARACHI: Pakistan Stock Exchange Thursday witnessed a rangebound session due to continuous political unrest, which kept the investors away.
The market opened on a positive note, but selling pressure dragged it into deep red, however value buying at the fag end led the market to close in the green.
The benchmark KSE-100 Index hit 41,712.08 points intraday high and 41,319.05 points intraday low before closing at 41,602.86 points, up 62.83 points or 0.15 percent.
Trading activity remained low as total daily volumes on ready counter decreased to 203.560 million shares as compared to 265.421 million shares traded on Wednesday while total daily traded value on ready counter declined to Rs 6.364 billion against previous session’s Rs 7.713 billion.
BRIndex100 gained 11.43 points or 0.28 percent to close at 4,143.35 points with total daily turnover of 165.337 million shares.
BRIndex30 increased by 205.31 points or 1.36 percent to close at 15,326.85 points with total daily trading volumes of 114.396 million shares. Foreign investors also remained net buyers of shares worth $244,845. Total market capitalization declined by Rs 3 billion to Rs 6.741 trillion. Out of total 337 active scrips, 168 closed in negative and 150 in positive while the value of 19 stocks remained unchanged.
WorldCall Telecom was the volume leader with 22.933 million shares however lost Rs 0.02 to close at Rs 1.40 followed by Dewan Motors that gained Rs 0.22 to close at Rs 9.43 with 6.813 million shares. TRG Pak increased by Rs 5.11 to close at Rs 114.88 with 12.545 million shares.
Sapphire Fiber and Colgate Palmolive were the top gainers increasing by Rs 68.69 and Rs 44.36 respectively to close at Rs 1,177.54 and Rs 2,068.18 while Bata Pak and Archroma Pak were the top losers declining by Rs 134.88 and Rs 35.06, respectively to close at Rs 2,100.00 and Rs 532.01.
An analyst at Arif Habib Limited said that a rangebound session was witnessed at the PSX. The benchmark KSE-100 Index started off in the green, but the continuous political unrest kept investors away, causing the index to hit an intraday low of 221.37 points. On the other hand, value buying was seen in the final hour of trading, which led the index to close in the green. Volumes remained respectable due to rollover week, with 3rd tier stocks continuing to lead in terms of volume.
Sectors contributing to the performance include Technology and Communication (up 65.5 points), Fertilizer (up 25.9 points), Cement (up 19.4 points), Commercial Banks (up 18.5 points) and Chemical (up 12.4 points).
BR Automobile Assembler Index declined by 141.3 points or 1.56 percent to close at 8,923.07 points with total turnover of 17.423 million shares.
BR Cement Index gained 25.12 points or 0.56 percent to close at 4,477.79 points with 9.189 million shares.
BR Commercial Banks Index inched up by 16.12 points or 0.2 percent to close at 8,178.73 points with 10.443 million shares.
BR Power Generation and Distribution Index decreased by 54.47 points or 0.83 percent to close at 6,542.17 points with 21.295 million shares.
BR Oil and Gas Index lost 2.64 points or 0.07 percent to close at 3,702.15 points with 15.205 million shares.
BR Tech. & Comm. Index increased by 77.94 points or 1.88 percent to close at 4,226.05 points with 54.659 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stock closed bullish as investor weigh ADB release of $1.5 billion under BRACE program. Midsession pressure remained on political noise and weak rupee.
He said speculations over likely positive outcome FATF decision over removal from grey list and higher global crude oil prices played a catalyst role in bullish close.
Copyright Business Recorder, 2022
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