KARACHI: Pakistan Stock Exchange on Wednesday witnessed a mixed trend and after moving both ways, closed on a negative note as investors opted to book profit at available margins.
The benchmark KSE-100 Index hit 70,725.50 points intraday high and 70,037.28 points intraday low levels before closing at 70,333.32 points, down 150.34 points or 0.21 percent.
Trading activity also remained low as the daily volumes on ready counter decreased to 442.096 million shares as compared to 548.418 million shares traded on Tuesday. The daily traded value on the ready counter declined to Rs 16.034 billion against previous session’s Rs 21.032 billion.
BRIndex100 lost 17.92 points or 0.24 percent to close at 7,299.21 points with total daily turnover of 393.336 million shares.
BRIndex30 decreased by 138.4 points or 0.57 percent to close at 23,967.45 points with total daily trading volumes of 283.793 million shares.
Foreign investors also remained net sellers of shares worth $408,314. The market capitalization declined by Rs 17 billion to Rs 9.795 trillion. Out of total 359 active scrips, 196 closed in negative and 148 in positive while the value of 15 stocks remained unchanged.
Pak Refinery was the volume leader with 39.117 million shares and increased by Rs 1.28 to close at Rs 28.42 followed by Fauji Cement that gained Rs 0.77 to close at Rs 20.34 with 27.951 million shares. Kohinoor Spining closed at Rs 4.98, up Rs 0.10 with 26.476 million shares.
Nestle Pakistan and Ismail Industries were the top gainers increasing by 75.00 and Rs 72.86 respectively to close at Rs 7,600.00 and Rs 1,072.86 while Rafhan Maize Products Company and Philip Morris Pakistan were the top losers declining by Rs 31.00 and Rs 15.90 respectively to close at Rs 8,299.00 and Rs 679.00.
An analyst at Topline Securities said that Pakistan equities kicked off the day on a positive note as the KSE-100 Index made an intraday high at 70,726 level, up 242 points, in the morning.
However, at the day’s high, profit-taking initiated. Resultantly, the benchmark KSE-100 Index failed to stay in green zone and called the day at 70,333 levels (down 150 points or 0.21 percent).
Aforesaid market behavior can be accredited to investors’ approach to book profit in energy and fertilizer sector stocks.
Consequently, the day’s negative contributors were EFERT, OGDC, ENGRO, FFC and PPL as they lost 196 points. On the other hand, BAFL, UBL and BAHL saw some buying interest as they added 99 points.
BR Automobile Assembler Index lost 36.75 points or 0.23 percent to close at 16,232.00 points with total turnover of 18.623 million shares.
BR Cement Index gained 30.74 points or 0.45 percent to close at 6,882.44 points with 43.449 million shares.
BR Commercial Banks Index increased by 147.62 points or 0.8 percent to close at 18,687.23 points with 52.972 million shares.
BR Power Generation and Distribution Index decreased by 84.15 points or 0.54 percent to close at 15,545.07 points with 16.195 million shares.
BR Oil and Gas Index declined by 71.26 points or 1.1 percent to close at 6,408.96 points with 19.452 million shares.
BR Tech. & Comm. Index closed at 3,802.54 points, down 12.76 points or 0.33 percent with 42.405 million shares.
Muhammad Shuja Qureshi at JS Global Capital said the market commenced on a negative note along with low trading volumes.
There was notable investor interest in the Banking, Cement, and Refinery sectors. Top volume leaders for the day included PRL (4.7 percent), FCCL (up 3.9 percent), KOSM (up 2.0 percent), CNERGY (up 0.2 percent) and PIBTL (up 4.2 percent).
Copyright Business Recorder, 2024
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