KARACHI: Pakistan Stock Exchange Monday witnessed a rangebound session due to investor concerns over mounting inflation and prevailing economic and political situation in the country.
The market opened on a positive note, however remained rangebound throughout the day as no materialization of funds from friendly nations kept sentiments in check.
The benchmark KSE-100 Index crossed 42,000 crucial level during the session to hit 42,136.85 points intraday high, however selling the various sectors dragged the market into negative zone to hit 41,812.09 points intraday low.
The KSE-100 Index closed at 41,862.29 points, down 85.87 points or 0.20 percent.
Trading activity slightly improved as total daily volumes on ready counter increased to 161.425 million shares as compared to 146.631 million shares traded on last Friday however total daily traded value on ready counter declined to Rs 5.835 billion against previous session’s Rs 7.131 billion.
BRIndex100 lost 9.04 points or 0.22 percent to close at 4,187.40 points with total daily turnover of 94.567 million shares.
BRIndex30 closed at 15,229.92 points, up 8.25 points or 0.05 percent with total daily trading volumes of 69.826 million shares.
Foreign investors however remained net buyers of shares worth $1.312 million. The market capitalization declined by Rs 34 billion to Rs 6.927 trillion. Out of total 323 active scrips, 203 closed in negative and 102 in positive while the value of 18 stocks remained unchanged.
HBL Total Treas was the volume leader with 45.073 million shares and closed at Rs 10.01, up Rs 0.01 followed by TRG Pak that increased by Rs 2.34 to close at Rs 96.16 with 15.747 million shares. WorldCall Telecom lost Rs 0.03 to close at Rs 1.20 with 9.944 million shares.
Sapphire Textile and Thal Ind. Corp were the top gainers increasing by Rs 74.40 and Rs 17.39 respectively to close at Rs 1,066.40 and Rs 313.00 while Unilever Foods and Premium Textile were the top losers declining by Rs 500.00 and Rs 64.09 respectively to close at Rs 25,000.00 and Rs 790.51.
An analyst at Arif Habib Limited said that a range bound session was witnessed at the PSX due to mounting inflation, economic and political concerns. No materialization of funds from friendly nations kept sentiments in check. The benchmark KSE-100 index observed a volatile session as investors opted to remain sideways due to continuous fleet of US dollar against Pak rupee. Value traded leaders were TRG, ICI and AVN.
Sectors contributing to the performance include Cement (down 28.5 points), Food & Personal Care (down 18.4 points), Chemicals (down 17.0 points), Fertilizers (down 15.4 points) and Investment Banks (down 14.5 points).
BR Automobile Assembler Index gained 19.36 points or 0.21 percent to close at 9,028.19 points with total turnover of 696,594 shares.
BR Cement Index decreased by 40.58 points or 0.88 percent to close at 4,554.10 points with 7.519 million shares.
BR Commercial Banks Index inched up by 4.18 points or 0.05 percent to close at 8,836.65 points with 10.953 million shares.
BR Power Generation and Distribution Index added 26.81 points or 0.48 percent to close at 5,608.55 points with 7.932 million shares.
BR Oil and Gas Index fell by 2.37 points or 0.06 percent to close at 3,857.73 points with 9.015 million shares.
BR Tech. & Comm. Index closed at 3,798.62 points, up 22.47 points or 0.6 percent with 34.149 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks close lower amid thin trade on weak earnings outlook amid surging power tariff and higher taxation. Fertilizer and Energy sectors outperformed on surging prices. He said reports on rising government debt amid flood losses, and weakening rupee played a catalyst role in bearish close.
Copyright Business Recorder, 2022
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