KARACHI: Pakistan Stock Exchange Wednesday witnessed a mixed trend and after moving both ways, closed on a positive note on the back of fresh buying at attractive low levels. The market opened on a positive note, however dropped in negative zone due to selling pressure in various sectors. Fresh buying at the fag end again supported the market to close in the green zone.
The benchmark KSE-100 Index after oscillating between 45,231.40 points intraday high and 44,756.23 points intraday low levels, closed at 45,132.92 points with a net gain of 120.74 points or 0.27 percent.
Trading activity however remained low as total daily volumes on ready counter decreased to 186.355 million shares as compared to 227.171 million shares traded Tuesday while total daily traded value on the ready counter declined to Rs 6.802 billion against previous day’s Rs 7.625 billion.
BRIndex100 gained 22.17 points or 0.49 percent to close at 4,589.36 points with total daily turnover of 170.130 million shares.
BRIndex30 increased by 157.36 points or 0.94 percent to close at 16,957.80 points with total daily trading volumes of 113.924 million shares.
Foreign investors also remained net buyers of shares worth $539,330. Total market capitalization increased by Rs 9 billion to Rs 7.702 trillion. Out of total 348 active scrips, 178 closed in positive and 153 in negative while the value of 17 stocks remained unchanged.
Bank of Punjab was the volume leader with 13.629 million shares however lost Rs 0.15 to close at Rs 7.80 followed by Telecard Limited that gained Rs 0.59 to close at Rs 15.34 with 12.292 million shares. WorldCall Telecom closed at Rs 1.82, up Rs 0.02 with 11.558 million shares.
Rafhan Maize and Pak Tobacco were the top gainers increasing by Rs 101.00 and Rs 37.99 respectively to close at Rs 10,300.00 and Rs 1046.00 while Nestle Pakistan and Colgate Palmolive were the top losers declining by Rs 144.90 and Rs 50.00 respectively to close at Rs 5600.00 and Rs 2350.00.
An analyst at Arif Habib Limited said that the market remained volatile due to political unrest and higher commodity prices. Cement sector remained under pressure due to higher international coal prices. In banking sector, UBL remained in the limelight due to announcement of tremendous financial result beating market expectations.
In the last trading hour, value hunting was observed which led the recovery in the market. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.
Sectors contributing to the performance include Cement (up 69.3 points), Banks (up 48.0 points), Automobile Assembler (up 19.1 points), Tobacco (up 11.6 points) and Technology (up 11.4 points).
BR Automobile Assembler Index increased by 110.57 points or 1.22 percent to close at 9,194.47 points with total turnover of 1.019 million shares.
BR Cement Index added 89.28 points or 1.62 percent to close at 5,588.87 points with 22.637 million shares.
BR Commercial Banks Index gained 47.16 points or 0.46 percent to close at 10,247.05 points with 24.746 million shares.
BR Power Generation and Distribution Index inched up by 18.99 points or 0.32 percent to close at 5,882.89 points with 8.241 million shares.
BR Oil and Gas Index lost 5.27 points or 0.13 percent to close at 3,947.16 points with 10.790 million shares.
BR Tech. & Comm. Index closed at 3,499.63 points, up 24.85 points or 0.72 percent with 47.083 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks showed recovery as Asian stocks recover and investor weigh positive impact of PM visit to Russia.
He said strong financial results and firm rupee played a catalyst role in bullish close.
Copyright Business Recorder, 2022
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