KARACHI: Pakistan Stock Exchange on Wednesday started on positive note, however failed to continue this momentum as the investors opted to book profit that forced the market to close in negative zone.
The benchmark KSE-100 index once again crossed 66,000 psychological level during the session to hit 66,150.95 points intra-day high, however selling pressure forced the index into negative zone to hit 65,603.88 points intra-day low level. The index finally closed at 65,656.62 points, down 69.42 points or 0.11 percent.
Total daily trading volumes on ready counter increased to 419.737 million shares as compared to 396.598 million shares traded on Tuesday while total daily traded value on the ready counter increased to Rs 18.296 billion against previous session’s Rs 16.591 billion.
BRIndex100 lost 2.3 points or 0.03 percent to close at 6,768.94 points with total daily turnover of 381.498 million shares.
BRIndex30 fell by 23.86 points or 0.1 percent to close at 22,817.75 points with total daily trading volumes of 281.790 million shares.
The foreign investors however remained net buyers of shares worth $512,754. Total market capitalization increased by Rs 6 billion to Rs 9.343 trillion. Out of total 354 active scrips, 172 closed in negative and 163 in positive while the value of 19 stocks remained unchanged.
Cnergyico PK was the volume leader with 30.683 million shares and inched up by Re 0.04 to close at Rs 4.63 followed by PIAC (A) that gained Re 0.71 to close at Rs 14.51 with 28.092 million shares. Pak Refinery lost Re 0.44 to close at Rs 28.52 with 28.036 million shares.
Nestle Pakistan and Unilever Pakistan Foods were the top gainers increasing by Rs 522.50 and Rs 400.00 respectively to close at Rs 8,200.00 and Rs 21,500.00 while Mari Petroleum Company and Pakistan Hotels Developers were the top losers declining by Rs 53.56 and Rs 39.67 respectively to close at Rs 2,431.67 and Rs 489.33.
An analyst at Topline Securities said that Pakistan equities initiated the business on a positive note as the KSE-100 index made an intraday high at 66,151 level, up 425 points or 0.65 percent in earlier trading hours.
The aforesaid earlier buying momentum can be attributed to government focus towards economy reflecting from news vibes regarding PM direction to finance ministry to start talk with IMF about current SBA program which will likely unleash last tranche of $1.2 billion and upcoming new program of around $6-8 billion, potentially.
However, investors chose to do some profit taking above 66,000 level which compelled the benchmark index to shed earlier gains and eventually closed the day’s affair at 65,657 levels, down 0.11 percent.
Consequently, FMCG, Banks, OMC, Fertilizer and Power sectors contributed positively to the index as NESTLE, MCB, PSO, DAWH and HUBC added 120 points, cumulatively. On the flip side, ENGRO, MARI and TRG saw some selling as they lost 114 points, collectively.
BR Automobile Assembler Index added 37.22 points or 0.24 percent to close at 15,605.61 points with total turnover of 13.006 million shares.
BR Cement Index fell by 27.31 points or 0.41 percent to close at 6,590.31 points with 9.986 million shares.
BR Commercial Banks Index gained 18.96 points or 0.11 percent to close at 16,757.40 points with 32.023 million shares.
BR Power Generation and Distribution Index closed at 14,331.06 points, down 7.11 points or 0.05 percent with 24.157 million shares.
BR Oil and Gas Index inched down by 9.74 points or 0.16 percent to close at 6,207.59 points with 48.045 million shares.
BR Tech & Comm Index decreased by 43.3 points or 1.14 percent to close at 3,768.40 points with 69.093 million shares.
Mubashir Anis Naviwala at JS Global Capital said that profit taking continued across the board as KSE-100 closed at 65,657, down 69 points. Market opened in the green-zone and touched an intraday high of 66,151 points but was unable to sustain at that level.
The volume leaders were CNERGY (up 0.9 percent), PIAA (up 5.1 percent), PRL (down 1.5 percent), TELE (up 4.8 percent) and KOSM (down 3.5 percent).
Copyright Business Recorder, 2024
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