KARACHI: Pakistan Stock Exchange Friday opened in green, however failed to sustain this momentum as investors opted to book profit that forced the market to close on a negative note.
The benchmark KSE-100 Index hit 42,390.76 points intraday high and 41,992.11 points intraday low before closing at 42,085.25 points, down 75.32 points or 0.18 percent.
Trading activity also remained low as total daily volumes on ready counter decreased to 313.348 million shares as compared to 442.582 million shares traded on Thursday while total daily traded value on ready counter declined to Rs 9.420 billion against previous day’s Rs 13.714 billion.
BRIndex100 lost 10.04 points or 0.24 percent to close at 4,237.73 points with total daily turnover of 275.679 million shares.
BRIndex30 decreased by 155.43 points or 0.94 percent to close at 16,391.37 points with total daily trading volumes of 218.608 million shares.
Foreign investors however remained net buyers of shares worth $203,124. Total market capitalization declined by Rs 17 billion to Rs 6.862 trillion. Out of total 344 active scrips, 187 closed in negative and 134 in positive while the value of 23 stocks remained unchanged.
WorldCall Telecom was the volume leader with 83.519 million shares and closed at Rs 1.60, up Rs 0.01 followed by Telecard Limited that gained Rs 0.40 to close at Rs 11.73 with 44.186 million shares. The Organic Meat inched up by Rs 0.85 to close at Rs 24.65 with 9.919 million shares.
Reliance Cotton and Premium Textile were the top gainers increasing by Rs 34.50 and Rs 25.40 respectively to close at Rs 494.51 and Rs 685.65 while Sapphire Textile and Murree Brewery were the top losers declining by Rs 58.00 and Rs 23.99 respectively to close at Rs 1,005.00 and Rs 383.00.
An analyst at Arif Habib Limited said that a mixed session was witnessed at the PSX. Investors chose to stay at bay from Pakistan’s stock market during the opening session, causing the index to drop to 168.46 points after Moody’s Investor Service lowered Pakistan’s sovereign credit rating by one notch.
However, after resuming the second session in the green zone investor opted for booking profits which resulted the index to close in the red zone. The main board volumes remained respectable as a result of the Pak rupee’s strengthening versus the US dollar over a period of sessions, with third-tier companies leading the volume board.
Sectors contributing to the performance include E&P (down 40.1 points), Technology (down 32.4 points), Investment Banks (down 18.6 points), Cement (down 8.8 points) and Automobile Assemblers (down 8.3 points).
BR Automobile Assembler Index decreased by 43.92 points or 0.48 percent to close at 9,086.75 points with total turnover of 941,966 shares.
BR Cement Index lost 13.71 points or 0.29 percent to close at 4,648.20 points with 25.046 million shares.
BR Commercial Banks Index inched up by 5.17 points or 0.06 percent to close at 8,239.13 points with 7.682 million shares.
BR Power Generation and Distribution Index gained 38.37 points or 0.6 percent to close at 6,394.02 points with 23.288 million shares.
BR Oil and Gas Index fell by 20.46 points or 0.55 percent to close at 3,696.88 points with 10.264 million shares.
BR Tech. & Comm. Index closed at 4,528.55 points, down 30.51 points or 0.67 percent with 148.635 million shares.
Waqar Iqbal at JS Global Capital said that profit-taking was witnessed taking the benchmark KSE-100 Index to close at 42,085, losing 75 points.
Traded volume stood at 313 million shares where WTL (up 0.6 percent), TELE (up 3.5 percent), TOMCL (up 3.6 percent), LOTCHEM (up 1.3 percent) and KAPCO (up 3.0 percent) were the highest contributors.
Copyright Business Recorder, 2022
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