KARACHI: Pakistan Stock Exchange Monday witnessed a bullish trend on the back of healthy buying, mainly in Exploration and Production sector companies after signing of new agreement with Canadian firm for extraction of gold and copper reserves from Reko Diq and 78 percent decline in current account deficit in February 2022.
The market opened on a positive note and remained in green throughout the day, however profit taking in later half reduced intraday gains. On the other hand, trading activity remained thin as investors remained cautious to take fresh positions due to political unrest in the country.
The benchmark KSE-100 Index hit 43,387.50 points intraday high, however could not sustain this level due to profit-taking in certain stocks and closed slightly lower at 43,230.22 points with a net gain of 200.25 points or 0.47 percent.
Trading activity remained thin as daily volumes on ready counter decreased to 124.946 million shares as compared to 180.438 million shares traded on previous session while total daily traded value on ready counter declined to Rs 3.934 billion against previous session’s Rs 6.392 billion.
BRIndex100 gained 33.14 points or 0.78 percent to close at 4,293.83 points with total daily turnover of 95.100 million shares.
BRIndex30 inched up by 18.71 points or 0.13 percent to close at 14,893.72 points with total daily trading volumes of 60.021 million shares.
Foreign investors however remained net sellers of shares worth $247,541. Total market capitalization increased by Rs 36 billion to Rs 7.310 trillion. Out of total 317 active scrips, 165 closed in positive and 126 in negative while the value of 26 stocks remained unchanged.
Summit Bank was the volume leader with 16.070 million shares and gained Rs 0.53 to close at Rs 2.86 followed by Hum Network that closed at Rs 6.53, up Rs 0.24 with 8.923 million shares. WorldCall Telecom lost Rs 0.03 to close at Rs 1.47 with 7.970 million shares.
Unilever Foods and Wyeth Pak were the top gainers increasing by Rs 1374.47 and Rs 93.07 respectively to close at Rs 23,249.50 and Rs 2,095.95 while Sapphire Textile and Murree Brewery were the top losers declining by Rs 37.50 and Rs 15.35 respectively to close at Rs 947.50 and Rs 423.65.
An analyst at Arif Habib Limited said that the KSE-100 Index stayed in the green zone as CAD shrank 78 percent in February. Moreover, the federal and provincial government of Balochistan signed a new agreement with Barrick Gold Corporation of Canada for extraction of gold and copper reserves from Reko Diq with an investment of $10 billion. In E&P sector, OGDC and PPL stayed in the limelight as federal government’s 25 percent shareholding will be divided equally amongst three state-owned-entities (SOEs) – Oil and Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Government Holdings Pakistan Limited (GHPL). Main board activity remained dull. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.
Sectors contributing to the performance include Fertilizer (up 58.6 points), Cement (up 37.8 points), E&P (up 24.4 points), Banks (up 21.0 points) and Inv. Banks (up 17.2 points).
BR Automobile Assembler Index increased by 43.78 points or 0.5 percent to close at 8,774.28 points with total turnover of 324,597 shares.
BR Cement Index surged by 50.68 points or 1.01 percent to close at 5,090.07 points with 5.864 million shares.
BR Commercial Banks Index gained 32.74 points or 0.34 percent to close at 9,753.79 points with 24.721 million shares.
BR Power Generation and Distribution Index inched up by 25.11 points or 0.46 percent to close at 5,513.30 points with 5.319 million shares.
BR Oil and Gas Index added 15.19 points or 0.41 percent to close at 3,727.13 points with 9.628 million shares. BR Tech. & Comm. Index lost 7.17 points or 0.21 percent to close at 3,337.09 points with 26.363 million shares.
Mubashir Anis Naviwala at JS Global Capital said bulls made a comeback as the market made an intraday high of 43,388 points, however closed only up 200 points at 43,230 level.
Traded volumes stood low at 125 million shares where SMBL (up 23 percent), HUMNL (up 3.8 percent), WTL (down 2.0 percent), TREET (up 1.0 percent) and EFERT (up 0.2 percent) cumulatively contributed 37 percent to the total volumes.
Copyright Business Recorder, 2022
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