KARACHI: Pakistan Stock Exchange Wednesday witnessed a mixed trend and after moving both ways, closed on slightly negative note.
The benchmark KSE-100 Index hit 40,986.59 point intraday high and 40,611.60 points intraday low before closing at 40,619.95 points, down 53.11 points or 0.13 percent.
Trading activity remained low as daily volumes on the ready counter decreased to 130.973 million shares as compared to 153.324 million shares traded on Tuesday while total daily traded value on ready counter declined to Rs 5.877 billion against Tuesday’s Rs 7.441 billion.
BRIndex100 inched down by 0.74 points or 0.02 percent to close at 4,044.47 points with total daily turnover of 119.243 million shares.
BRIndex30 lost 18.45 points or 0.13 percent to close at 14,437.04 points with total daily trading volumes of 70.685 million shares.
Foreign investors remained net sellers of shares worth $285,517. Total market capitalization declined by Rs 4 billion to Rs 6.390 trillion. Out of total 323 active scrips, 158 closed in positive and 133 in negative while the value of 32 stocks remained unchanged.
PPL was the volume leader with 9.469 million shares however lost Rs 0.90 to close at Rs 76.63 followed by P.I.A.C. (A) that gained Rs 0.29 to close at Rs 3.99 with 8.353 million shares. Gul Ahmed closed at Rs 21.13, up Rs 0.65 with 8.350 million shares.
Sanofi-Aventis and Pak Engineering were the top gainers increasing by Rs 24.50 and Rs 21.11 respectively to close at Rs 870.00 and Rs 302.70 while Rafhan Maize and Pak Services were the top losers declining by Rs 325.00 and Rs 169.87 respectively to close at Rs 8000.00 and Rs 2095.13.
An analyst at Arif Habib Limited said that the PSX witnessed a rangebound session. The market opened in the green and traded within the same range as investor participation remained sluggish due to the continuous depreciation of the PKR against the USD, causing the benchmark KSE-100 to close the trading day in the red zone. Volumes remained reasonable across the board.
Sectors contributing to the performance include Miscellaneous (down 82.8 points), E&P (down 35.4 points), Technology & Communication (down 22.1 points), Fertilizer (down 11.2 points) and OMCs (down 6.1 points).
BR Automobile Assembler Index increased by 74.07 points or 1.02 percent to close at 7,305.50 points with 4.117 million shares.
BR Cement Index inched up by 9.61 points or 0.26 percent to close at 3,652.01 points with 15.581 million shares.
BR Commercial Banks Index gained 29.01 points or 0.36 percent to close at 8,038.09 points with 11.537 million shares.
BR Power Generation and Distribution Index added 44.72 points or 0.69 percent to close at 6,547.42 points with 11.030 million shares.
BR Oil and Gas Index lost 24.37 points or 0.6 percent to close at 4,051.73 points with 19.905 million shares.
BR Tech. & Comm. Index closed at 4,111.53 points, down 24.66 points or 0.6 percent with 12.129 million shares.
An analyst at Topline Securities said that Pakistan equities closed slight negative where the benchmark KSE-100 Index settled at 40,619 level, down 0.13 percent.
After a positive opening profit taking has been witnessed at the bourse as investor remain cautious over higher inflation as CPI for the month of January 2023 clocked in at 27.6 percent as compared to 24.5 percent in December 2022.
On MoM basis further expectation of another hike in oil prices, increase of electricity and gas tariffs on the cards also dented the investor sentiments, which led the market to make an intraday high of 312 points and a low of 61 points. PPL, TRG, LUCK, SYS and FFC dented the KSE100 Index most by 60 points cumulative.
Copyright Business Recorder, 2023
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