KARACHI: Pakistan Stock Exchange Thursday witnessed a volatile session due to persistent widening gap of value between the US dollar and Pak rupee, experts said.
The market opened on positive note and continued the positive momentum throughout the day, however during the last trading hour, profit-taking was observed which led the index to close in the red zone.
The benchmark KSE-100 Index crossed 42,000 crucial level during the session to hit 42,311.62 points intraday high, however failed to continue this momentum due to selling pressure and dropped into negative zone to hit 41,727.16 points intraday low. The KSE-100 Index closed at 41,772.09 points, down 239.73 points or 0.57 percent.
Trading activity however improved as total daily volumes on ready counter increased to 259.979 million shares as compared to 156.581 million shares traded Wednesday while total daily traded value on ready counter increased to Rs 10.111 billion against previous day’s Rs 6.548 billion.
BRIndex100 lost 20.72 points or 0.49 percent to close at 4,182.96 points with total daily turnover of 231.010 million shares.
BRIndex30 closed in green zone at 15,426.48 points, up 70.27 points or 0.46 percent with total daily trading volumes of 167.349 million shares.
Foreign investors emerged net buyers of equities with net inflow of $5.965 million. The market capitalization declined by Rs 46 billion to Rs 6.885 trillion. Out of total 341 active scrips, 206 closed in negative and 114 in positive while the value of 21 stocks remained unchanged. TRG Pak was the volume leader with 27.444 million shares and surged by Rs 7.27 to close at Rs 109.52 followed by WorldCall Telecom that lost Rs 0.02 to close at Rs 1.18 with 21.632 million shares. TPL Properties gained Rs 0.39 to close at Rs 18.97 with 21.489 million shares.
Sapphire Textile and Siemens Pak were the top gainers increasing by Rs 20.01 and Rs 12.89 respectively to close at Rs 1,119.99 and Rs 712.90 while Bhanero Textile and Sapphire Fiber were the top losers declining by Rs 97.50 and Rs 78.00 respectively to close at Rs 1,202.50 and Rs 1,001.00.
An analyst at Arif Habib Limited said that the benchmark KSE-100 Index witnessed another rangebound session due to continued widening gap of value of US dollar against Pak rupee. The market opened in the positive zone and continued the positive momentum throughout the day however, during the last trading hour profit-taking was observed which led the index to close in the red. Volumes remained healthy in the main board on the contrary hefty volumes were recorded in the 3rd tier stocks
Sectors contributing to the performance include Banks (down 81.3 points), Fertilizer (down 59.3 points), E&P (down 57.1 points), Power (down 37.5 points) and Cement (down 32.0 points).
BR Automobile Assembler Index inched down by 2.27 points or 0.02 percent to close at 9,129.52 points with total turnover of 538,489 shares.
BR Cement Index decreased by 47.87 points or 1.05 percent to close at 4,511.78 points with 13.500 million shares.
BR Commercial Banks Index fell by 76.83 points or 0.87 percent to close at 8,738.76 points with 18.661 million shares.
BR Power Generation and Distribution Index declined by 85.61 points or 1.48 percent to close at 5,692.89 points with 24.862 million shares.
BR Oil and Gas Index lost 42.29 points or 1.09 percent to close at 3,819.93 points with 16.152 million shares.
BR Tech. & Comm. Index plunged by 98.48 points or 2.56 percent to close at 3,951.99 points with 77.271 million shares.
Mubashir Anis Naviwala at JS Global Capital said that volatility continued throughout the day due to lack of positive triggers and rising political temperature.
Index made an intraday high and low of 42,311 and 41,725, respectively to close at 41,772, losing 240 points. Total volume traded for the day was recorded at 260 million shares where TRG (up 7.1 percent), WTL (down 1.7 percent), TPLP (up 2.1 percent), FABL (up 1.9 percent) and KEL (down 1.3 percent) were the top contributors.
Copyright Business Recorder, 2022
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