KARACHI: Pakistan Stock Exchange on Wednesday opened on a strong positive note, however closed almost flat due to selling pressure as the investors opted to book profits in the second half of the trading session.
The benchmark KSE-100 Index hit 44,041.26 points intraday high and 43,464.06 points intraday low before closing at 43,552.84 points, down 4.18 points or 0.01 percent.
Trading activity remained low as total daily volumes on ready counter decreased to 351.181 million shares as compared to 419.302 million shares traded on Tuesday while total daily traded value on ready counter declined to Rs 12.014 billion against previous session’s Rs 15.839 billion.
BRIndex100 gained 11.19 points or 0.26 percent to close at 4,380.72 points with total daily turnover of 313.593 million shares.
BRIndex30 inched up by 2.88 points or 0.02 percent to close at 15,264.52 points with total daily trading volumes of 192.116 million shares.
Foreign investors remained net buyers of shares worth $846,917. Total market capitalization declined by Rs 7 billion to Rs 6.615 trillion. Out of total 332 active scrips, 162 closed in negative and 146 in positive while the value of 24 stocks remained unchanged.
Pak Refinery was the volume leader with 27.316 million shares and gained Rs 0.44 to close at Rs 15.75 followed by Cnergyico PK that inched up by Rs 0.03 to close at Rs 3.18 with 20.471 million shares. WorldCall Telecom closed at Rs 1.18, up Rs 0.03 with 16.691 million shares.
Pak Services and Khairpur Sugar were the top gainers increasing by Rs 48.80 and Rs 19.02 respectively to close at Rs 808.80 and Rs 272.62 while Sapphire Textile and Ibrahim Fibers were the top losers declining by Rs 49.50 and Rs 20.49 respectively to close at Rs 1110.00 and Rs 254.50.
An analyst at Topline Securities said that the Pakistan equities initially opened on positive note where the KSE-100 Index made an intraday high at 44,041, up 1.11 percent. However, in the latter half of the trading session, investors opted to do some profit-taking at the aforesaid levels which pushed benchmark index settled at 43,553 (down 4 points or 0.01 percent) for the day.
During the session, OMC, Bank, Refinery and Technology sector stocks contributed positively to the index. On the flip side, LUCK, ATRL and UBL witnessed some profit taking trend.
BR Automobile Assembler Index declined by 103.51 points or 1.27 percent to close at 8,056.47 points with total turnover of 1.796 million shares.
BR Cement Index lost 16.23 points or 0.34 percent to close at 4,816.00 points with 21.577 million shares.
BR Commercial Banks Index inched up by 2.14 points or 0.02 percent to close at 9,076.48 points with 24.755 million shares.
BR Power Generation and Distribution Index surged by 145.91 points or 1.82 percent to close at 8,147.39 points with 41.719 million shares.
BR Oil and Gas Index fell by 23.46 points or 0.58 percent to close at 3,998.84 points with 40.746 million shares.
BR Tech. & Comm. Index increased by 74.88 points or 1.91 percent to close at 3,986.98 points with 49.216 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that the KSE-100 Index failed to sustain above the 44,000 level for the second consecutive day and closed at 43,553, losing 4 points. Increased market volatility was observed where prices moved sharply in both directions.
NRL, HTL, KAPCO, and NPL closed at their respective upper caps, while E&P stocks closed in the red. Market turnover was recorded at 351 million where PRL (up 2.9 percent), CNERGY (up 1.0 percent), WTL (up 2.6 percent), PAEL (up 3.9 percent) and HUBC (up 0.2 percent) were the volume leaders.
Copyright Business Recorder, 2023
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