KARACHI: After bullish opening, Pakistan Stock Exchange Wednesday remained highly volatile with low volumes due to investors’ lack of interest in the absence of any positive trigger. However, fresh buying at the fag end supported the market to close on a positive note.
The benchmark KSE-100 Index hit 45,031.21 points intraday high and 44,709.30 points intraday low level to close at 44,955.05 points, up 67.28 points or 0.15 percent. Trading activity remained thin as total daily volumes on ready counter decreased to 137.309 million shares as compared to 207.040 million shares traded Tuesday.
BRIndex100 inched up by 1.17 points or 0.03 percent to close at 4,602.93 points with total daily turnover of 119.524 million shares.
BRIndex30 gained 151.76 points or 0.88 percent to close at 17,487.23 points with total daily trading volumes of 80.490 million shares.
Foreign investors remained net sellers of shares worth $1.253 million. Total market capitalization increased by Rs 15 billion to Rs 7.711 trillion. Out of total 333 active scrips, 179 closed in negative and 130 in positive while the value of 24 stocks remained unchanged.
TRG Pak was the volume leader with 18.809 million shares and increased by Rs 4.15 to close at Rs 81.29 followed by Ghani Glo. Holding that closed at Rs 19.67, down Rs 0.20 with 6.014 million shares.
Unilever Foods and Colgate Palmolive were the top gainers increasing by Rs 1562.00 and Rs 171.99 respectively to close at Rs 22409.00 and Rs 2466.00 while Rafhan Maize and Sapphire Fiber were the top losers declining by Rs 300.00 and Rs 53.80 respectively to close at Rs 9600.00 and Rs 812.00. An analyst at Arif Habib Limited said that a rangebound session was witnessed due to concerns over rising Covid-19 cases and mounting international oil prices.
Cement sector stayed in the red zone as provisional cement data for the month of January 2022 depicts a decline of 19 percent to 3.85 million tons whereby domestic dispatches recorded a dip of 18 percent to 3.32 million tons led primarily by slowdown in construction activity. In fertilizer sector, FFBL made the journey to its lower circuit due to disappointing result announcement. Moreover, main board activity remained gloomy.
On the flip-side, activity continued to remain sideways as the market witnessed hefty volumes in the 3rd tier stocks. In the last trading hour, value buying was observed due to announcement of corporate results.
Sectors contributing to the performance include Technology (up 15.1 points), Chemical (up 25.8 points), Commercial Banks (up 20.2 points), Inv. Banks (up 14.8 points) and Cement (up 10.6 points).
BR Automobile Assembler Index lost 7.6 points or 0.09 percent to close at 8,550.02 points with total turnover of 638,772 shares.
BR Cement Index gained 13.09 points or 0.23 percent to close at 5,721.29 points with 5.728 million shares.
BR Commercial Banks Index inched up by 21.34 points or 0.21 percent to close at 10,102.20 points with 9.476 million shares.
BR Power Generation and Distribution Index added 13.65 points or 0.23 percent to close at 6,064.07 points with 11.420 million shares.
BR Oil and Gas Index fell by 6.69 points or 0.17 percent to close at 3,874.84 points with 6.477 million shares.
BR Tech. & Comm. Index closed at 3,727.90 points, up 34.2 points or 0.93 percent with 41.600 million shares.
Neelam Naz at JS Global Capital said after two negative sessions, bulls made a comeback as the market made an intraday high of 45,030 points, before closing at 44,955, up 67 points. Major index movers were TRG, COLG, HUBC, BAHL, DAWH whereas major volume leaders were TRG, GGL, TPLP, WTL and CNERGY. FFBL announced CY21 EPS of Rs 4.95, the company did not announce any payout with the result which kept the share under pressure and caused it to close at the lower circuit.
Copyright Business Recorder, 2022
Comments
Comments are closed.