KARACHI: Pakistan Stock Exchange on Friday opened on a positive note and remained in green for most part of the session. However, profit taking at the fag end eroded the intraday gains and the share market ended almost flat.
The benchmark KSE-100 Index crossed 65,000 psychological level during the session to hit 65,356.85 points intraday high, however selling pressure in various sectors forced the index into negative zone to hit 64,491.08 points intraday low. The index closed at 64,637.64 points, slightly up by only 20.07 points or 0.03 percent.
Trading activity further improved as total daily volumes on ready counter increased to 643.307 million shares as compared to 586.548 million shares traded on Thursday while total daily traded value on the ready counter increased to Rs 20.021 billion against previous session’s Rs 17.024 billion.
BRIndex100 closed at 6,642.98 points, down 0.24 points with total daily turnover of 589.263 million shares.
BRIndex30 lost 41.16 points or 0.17 percent to close at 24,106.46 points with total daily trading volumes of 469.715 million shares.
Foreign investors remained net buyers of shares worth $487,156. Total market capitalization increased by Rs 6 billion to Rs 9.453 trillion. Out of total 365 active scrips, 216 closed in negative and 137 in positive while the value of 12 stocks remained unchanged.
K-Electric was the volume leader with 142.506 million shares and inched up by Rs 0.02 to close at Rs 6.03 followed by Pak Int. Bulk Terminal that gained Rs 0.42 to close at Rs 7.57 with 77.950 million shares. WorldCall Telecom closed at Rs 1.42, down Rs 0.01 with 27.001 million shares.
Unilever Pakistan Foods and Bhanero Textile Mills were the top gainers increasing by Rs 299.00 and Rs 70.00 respectively to close at Rs 22,399.00 and Rs 1,020.00 while Pak Suzuki Motor Company and Sapphire Fibres were the top losers declining by Rs 63.80 and Rs 49.90 respectively to close at Rs 834.77 and Rs 1,700.00.
“Once again, the benchmark index failed to sustain above the 65,000 level and closed with a gain of 20 points at 64,638”, Muhammad Shuja Qureshi at JS Global Capital said.
Profit taking was seen across the board, however, EFERT, ENGRO, OGDC, PPL, and PSO managed to close with gains.
The Auto sector was under pressure with PSMC losing 7.1 percent.
The market turnover clocked in at 643 million shares, where KEL (up 0.3 percent), PIBTL (up 5.9 percent), WTL (down 0.7 percent), PIAA (down 5.3 percent) and PPL (up 0.9 percent) were the volume leaders.
BR Automobile Assembler Index declined by 346.14 points or 2.22 percent to close at 15,231.56 points with total turnover of 7.870 million shares.
BR Cement Index decreased by 44.95 points or 0.66 percent to close at 6,804.54 points with 16.786 million shares.
BR Commercial Banks Index added 77.84 points or 0.51 percent to close at 15,420.02 points with 49.412 million shares.
BR Power Generation and Distribution Index fell by 98.87 points or 0.67 percent to close at 14,652.82 points with 150.499 million shares.
BR Oil and Gas Index gained 41.51 points or 0.65 percent to close at 6,379.82 points with 73.719 million shares.
BR Tech. & Comm. Index lost 26.75 points or 0.68 percent to close at 3,903.60 points with 69.846 million shares.
An analyst at Topline Securities said that the KSE-100 Index opened on a positive note as the index gained to make an intraday high of 739 points. This positivity in market during the most part of the day can be attributed to news that IMF executive board has approved first review for Pakistan under the SBA which will lead to the release of $700 million tranche.
However, skeptical investors came in to book profit during the closing hours of the trade as they feared news flow regarding upcoming election may keep the activity in market volatile.
Copyright Business Recorder, 2024
Comments
Comments are closed.