KARACHI: Pakistan Stock Exchange Friday witnessed a lackluster activity as investors preferred to remain on the sidelines before the announcement of the monetary policy.
The benchmark KSE-100 Index crossed 43,000 psychological level during the session to hit 43,117.28 points intraday high, however failed to continue this momentum and dropped at 42,874.69 points intraday low due to selling pressure. The KSE-100 Index closed at 42,936.73 points, up 33.08 points or 0.08 percent.
Trading activity slightly improved as daily volumes on the ready counter increased to 177.297 million shares as compared to 153.126 million shares traded Thursday while daily traded value on ready counter increased to Rs 6.053 billion against Thursday’s Rs 5.861 billion.
BRIndex100 lost 5.57 points or 0.13 percent to close at 4,324.62 points with total daily turnover of 140.782 million shares. BRIndex30 fell by 36.32 points or 0.22 percent to close at 16,260.14 points with total daily trading volumes of 100.341 million shares.
Hum Network was the volume leader with 19.310 million shares and gained Rs 0.45 to close at Rs 6.14 followed by Dewan Motors that increased by Rs 1.00 to close at Rs 11.93 with 12.256 million shares. WorldCall Telecom lost Rs 0.03 to close at Rs 1.42 with 10.554 million shares.
Rafhan Maize and Sapphire Fiber were the top gainers increasing by Rs 434.99 and Rs 49.00 respectively to close at Rs 10085.00 and Rs 1199.00 while Nestle Pakistan and Sanofi-Aventis were the top losers declining by Rs 76.00 and Rs 49.89 respectively to close at Rs 5766.00 and Rs 1050.00.
Foreign investors were net buyers of shares worth $458,630. The market capitalization increased by Rs 3 billion to Rs 6.854 trillion. Out of total 340 active scrips, 174 closed in negative and 136 in positive while the value of 30 stocks remained unchanged.
An analyst at Topline Securities said that lackluster activity was observed at the exchange as the index traded between its intraday high of plus 217 points and intraday low of minus 27 points to finally close at 43,937 level, up by 0.08 percent, as investors preferred to remain on the sidelines before the monetary policy announcement.
Major contribution to the index came from ENGRO, PSEL, UBL, POL and BAHL as they cumulatively contributed plus 98 points to the index. On the flip side HUBC, LUCK, DGKC, FATIMA and FABL lost value to weigh down on the index by minus 77 points.
BR Automobile Assembler Index gained 16.63 points or 0.19 percent to close at 8,877.42 points with total turnover of 12.770 million shares.
BR Cement Index decreased by 30.62 points or 0.68 percent to close at 4,474.20 points with 7.315 million shares.
BR Commercial Banks Index inched up by 18.52 points or 0.22 percent to close at 8,498.00 points with 11.521 million shares.
BR Power Generation and Distribution Index declined by 120.52 points or 1.78 percent to close at 6,664.75 points with 13.913 million shares.
BR Oil and Gas Index added 7.94 points or 0.2 percent to close at 3,905.71 points with 18.853 million shares.
BR Tech. & Comm. Index closed at 4,895.26 points, up 3.31 points or 0.07 percent with 49.113 million shares.
An analyst at Arif Habib Limited said that the week concluded with another rangebound trading session at the PSX. The session began in the positive zone after the name of the new COAS was announced, providing much-needed clarity on the political ground. However, after the second session resumed, the index traded in a narrow range, drying up volumes as investors chose to remain on the sidelines in anticipation of the Monetary Policy announcement.
Sectors contributing to the performance include Fertilizer (up 34.3 points), Miscellaneous (up 26.4 points), Commercial Banks (up 21.9 points), E&P (up 20.2 points) and Food & Personal Care Products (up 6.9 points).
Copyright Business Recorder, 2022
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