KARACHI: Pakistan Stock Exchange on Thursday witnessed mixed trend and after moving in both directions finally closed on negative note due to selling mainly by local investors.
The benchmark KSE-100 index hit 65,874.15 points intra-day high and 65,187.69 points intra-day low levels, before closing at 65,603.09 points, down 53.53 points or 0.08 percent.
Trading activities also remained low as total daily volumes on ready counter decreased to 354.153 million shares as compared to 419.737 million shares traded on Wednesday while total daily traded value on the ready counter declined to Rs 14.435 billion against previous session’s Rs 18.296 billion.
BRIndex100 lost 4.04 points or 0.06 percent to close at 6,764.90 points with total daily turnover of 306.697 million shares.
BRIndex30 gained 106.63 points or 0.47 percent to close at 22,924.38 points with total daily trading volumes of 222.688 million shares.
The foreign investors however remained net buyers of shares worth $3.493 million. Total market capitalization declined by Rs 13 billion to stand at Rs 9.330 trillion. Out of total 354 active scrips, 187 closed in negative and 145 in positive while the value of 22 stocks remained unchanged.
Pak Elektron was the volume leader with 31.074 million shares and increased by Rs 1.61 to close at Rs 23.24 followed by Telecard Limited that inched up by Rs 0.09 to close at Rs 8.57 with 22.636 million shares. P.I.A.C. (A) gained Rs 1.09 to close at Rs 15.60 with 21.560 million shares.
Unilever Pakistan Foods and Rafhan Maize Products Company were the top gainers increasing by Rs 400.00 and Rs 111.12 respectively to close at Rs 21,900.00 and Rs 9,000.00 while Nestle Pakistan and Mehmood Textile Mills were the top losers declining by Rs 310.00 and Rs 22.50 respectively to close at Rs 7,890.00 and Rs 378.50.
An analyst at Topline Securities said that the KSE-100 index witnessed a volatile session marked by an intraday high of plus 217.53 points and an intraday low of minus 468.94 points, ultimately closing at 65,603.08 level, reflecting a decline of 53.54 points.
On the political front, newly elected Prime Minister Shehbaz Sharif has pledged to devote himself tirelessly to resolving the country’s crisis, with expectations that his cabinet members’ names will be finalized within the next 48 hours.
In the cement sector, DGKC (up 1.29 percent), PIOC (up 0.92 percent), and KOHC (up 2.16 percent) closed positively as international coal prices dropped to $100/ton.
Consequently, the banking, oil exploration, fertilizer, and power sectors made positive contributions to the index, with OGDC, PAEL, HUBC, PPL, and DAWH collectively adding 134 points. However, BAHL, MCB, ENGRO, and MEBL experienced selling pressure, resulting in a collective loss of 121 points.
BR Automobile Assembler Index increased by 105.34 points or 0.68 percent to close at 15,710.95 points with total turnover of 7.737 million shares.
BR Cement Index lost 12.55 points or 0.19 percent to close at 6,577.76 points with 14.404 million shares.
BR Commercial Banks Index decreased by 95.49 points or 0.57 percent to close at 16,661.91 points with 30.546 million shares.
BR Power Generation and Distribution Index gained 49.64 points or 0.35 percent to close at 14,380.70 points with 20.374 million shares.
BR Oil and Gas Index added 54.09 points or 0.87 percent to close at 6,261.68 points with 26.721 million shares.
BR Tech. & Comm. Index closed at 3,758.31 points, down 10.09 points or 0.27 percent with 73.921 million shares.
Mubashir Anis Naviwala at JS Global Capital said that profit taking continued across the board. The market opened in the green zone and touched an intraday high of 65,874 points but was unable to sustain the momentum.
Traded volume stood at 337 million shares with PAEL (up 7.4 percent), TELE (up 1.1 percent), PIAA (up 7.5 percent), WTL (down 2.2 percent) and CNERGY (down 1.1 percent) as the volume leaders.
Copyright Business Recorder, 2024
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