KARACHI: Pakistan Stock Exchange on Tuesday opened on strong positive note and after touching new high levels, dropped in negative zone due to selling pressure as the investors opted to book profits on available margins.
The benchmark KSE-100 Index crossed 54,000 level to hit highest-ever intraday high of 54,312.90 points, however failed to continue this momentum as selling pressure forced the index into negative zone to hit 53,711.47 points intra-day low level. The KSE-100 Index closed at 53,735.73 points, down 124.64 points or 0.23 percent.
Trading activity also remained low as total daily volumes on ready counter decreased to 506.075 million shares as compared to 546.547 million shares traded on Monday however, total daily traded value on ready counter increased to Rs 18.259 billion against previous session’s Rs 17.905 billion.
BRIndex100 lost 27.95 points or 0.51 percent to close at 5,468.91 points with total daily turnover of 445.495 million shares.
BRIndex30 fell by 137.35 points or 0.72 percent to close at 18,982.65 points with total daily trading volumes of 283.019 million shares.
Foreign investors also remained net sellers of shares worth $259,782. Total market capitalization declined by Rs 22 billion to Rs 7.748 trillion. Out of total 365 active scrips, 220 closed in negative and 125 in positive while the value of 20 stocks remained unchanged.
Cnergyico PK was the volume leader with 50.458 million shares and inched up by Rs 0.04 to close at Rs 4.15 followed by Pak Refinery that declined by Rs 1.63 to close at Rs 21.67 with 36.253 million shares. Kohinoor Spinning gained Rs 0.20 to close at Rs 2.33 with 34.754 million shares.
Colgate Palmolive and Sapphire Fiber were the top gainers increasing by Rs 67.96 and Rs 63.72 respectively to close at Rs 1601.78 and Rs 1230.61 while Rafhan Maize and Pak Tobacco were the top losers declining by Rs 100.00 and Rs 45.00 respectively to close at Rs 7950.00 and Rs 895.00.
An analyst at Topline Securities said that Pakistan Equities had a mixed day where bullish and bearish forces fought whole day to grab the rein of market momentum and eventually bears had the day on their name as the KSE-100 Index settled the day at 53,734 level, 125 points or 0.23 percent.
The day started on a positive note as previous day’s momentum carried forward by market participants initially. However, investors chose to do some profit taking which compelled the benchmark index to go into negative territory and end the day on a negative note after consecutive six positive sessions.
During the day, Bank, OMC, E&P, Power and Tobacco sectors’ stocks contributed negatively as BAHL, PSO, PPL, HUBC and PAKT lost 135 points. On the other hand, some stocks like LUCK, COLG and EFERT experienced some buying interest, resulting in a combined positive contribution of plus 160 points.
BR Automobile Assembler Index declined by 102.15 points or 0.91 percent to close at 11,105.79 points with total turnover of 8.566 million shares.
BR Cement Index plunged by 68.78 points or 1.16 percent to close at 6,009.14 points with 52.107 million shares.
BR Commercial Banks Index fell by 39.48 points or 0.31 percent to close at 12,716.45 points with 31.926 million shares.
BR Power Generation and Distribution Index inched down by 29.14 points or 0.24 percent to close at 12,167.20 points with 34.034 million shares.
BR Oil and Gas Index lost 33.58 points or 0.69 percent to close at 4,807.17 points with 38.390 million shares.
BR Tech. & Comm. Index gained 10.88 points or 0.3 percent to close at 3,618.27 points with 80.016 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that the market opened on a positive note touching an all-time high of 54,313 points where investors then preferred to book profits on the higher side.
Traded volume stood at 506 million shares where CNERGY (up 1.0 percent), PRL (down 7.0 percent), KOSM (up 9.4 percent), HUMNL (up 2.1 percent) and WTL (down 3.0 percent) were the volume leaders.
Copyright Business Recorder, 2023
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