KARACHI: Pakistan Stock Exchange Wednesday witnessed a mixed trend and after moving both ways, closed on a slightly positive note due to fresh buying in certain sectors.
The benchmark KSE-100 Index hit 39,904.75 points intraday high and 39,664.88 points intraday low before closing at 39,717.15 points, up 29.89 points or 0.08 percent.
Trading activity slightly improved as daily trading volumes on ready counter increased to 86.723 million shares as compared to 83.255 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 2.435 billion against previous session’s Rs 2.186 billion.
BRIndex100 gained 5.84 points or 0.15 percent to close at 4,031.03 points with total daily turnover of 71.287 million shares.
BRIndex30 added 46.13 points or 0.32 percent to close at 14,298.93 points with total daily trading volumes of 51.247 million shares.
Foreign investors remained net buyers of shares worth $736,369. The market capitalization declined by Rs 5 billion to Rs 6.057 trillion. Out of total 306 active scrips, 140 closed in negative and 136 in positive while the value of 30 stocks remained unchanged.
Silk Bank was the volume leader with 11.002 million shares and gained Rs 0.10 to close at Rs 1.03 followed by WorldCall Telecom that closed on previous session’s closing level of Rs 1.17 without any change with 5.743 million shares. Telecard Limited lost Rs 0.13 to close at Rs 7.91 with 5.347 million shares.
Khyber Textile and Premium Textile were the top gainers increasing by Rs 37.02 and Rs 33.51 respectively to close at Rs 530.72 and Rs 480.31 while Bata Pak and Philip Morris Pak were the top losers declining by Rs 148.50 and Rs 26.99 respectively to close at Rs 1835.00 and Rs 344.02.
An analyst at Arif Habib Limited said a positive session was observed at PSX. The KSE-100 Index opened in the green following much-needed clarity on the Monetary Policy Statement, with a 100bps point increase in the interest rate surprising investors and boosting their confidence as the bourse continued to trade positively throughout the trading session. Investors’ participation remained sluggish owing to the ongoing political noise in the country. Volume in the main board remained dry while third-tier companies continued to dominate the volume board.
Sectors contributing to the performance include Chemical (up 12.8 points), Miscellaneous (up 12.3 points), Technology & Communication (up 8.0 points), Power Generation & Distribution (up 7.7 points) and Insurance (up 7.0 points).
BR Automobile Assembler Index fell by 13.96 points or 0.19 percent to close at 7,516.31 points with total turnover of 598,360 shares.
BR Cement Index gained 7.32 points or 0.19 percent to close at 3,830.95 points with 5.445 million shares.
BR Commercial Banks Index inched up by 4.11 points or 0.05 percent to close at 8,150.29 points with 20.192 million shares.
BR Power Generation and Distribution Index added 29.62 points or 0.42 percent to close at 7,054.87 points with 6.503 million shares.
BR Oil and Gas Index lost 2.93 points or 0.08 percent to close at 3,834.90 points with 12.755 million shares.
BR Tech. & Comm. Index closed at 4,096.15 points, up 8.12 points or 0.2 percent with 14.455 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks showed recovery on below expected hike in the SBP key policy rate by 100bps. The mid-session pressure remained on WB dismal projection on economic growth rate at 0.4 percent for FY23.
He said institutional support in the earnings season and easing political noise played a catalyst role in positive close.
Copyright Business Recorder, 2023
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