KARACHI: Pakistan Stock Exchange Thursday witnessed a rangebound session as the investors remained cautious and avoided to take fresh positions due to political unrest in the country. The shares market opened on positive note however remained volatile throughout the session and closed in red zone with thin trading volumes.
The benchmark KSE-100 Index hit 44,194.26 points intra-day high and 43,796.65 points intra-day low level before closing at 43,807.23 points with a net loss of 168.46 points or 0.38 percent.
Trading activity remained low as total daily volumes on ready counter decreased to 148.505 million shares as compared to 236.506 million shares traded on Wednesday while total daily traded value on the ready counter declined to Rs 2.995 billion against previous day’s Rs 5.794 billion.
BRIndex100 lost 22.34 points or 0.51 percent to close at 4,369.06 points with total daily turnover of 92.770 million shares.
BRIndex30 declined by 148.85 points or 0.95 percent to close at 15,529.60 points with total daily trading volumes of 63.911 million shares.
Foreign investors also remained net sellers of shares worth $291,003. Total market capitalization declined by Rs 34 billion to Rs 7.438 trillion. Out of total 335 active scrips, 202 closed in negative and 110 in positive while the value of 23 stocks remained unchanged.
Flying Cement (R)was the volume leader with 36.233 million shares however lost Rs 0.08 to close at Rs 0.01 followed by WorldCall Telecom that closed at Rs 1.57, down Rs 0.08 with 14.572 million shares. TPL Properties gained Rs 0.41 to close at Rs 18.56 with 7.618 million shares.
Rafhan Maize and Nestle Pakistan were the top gainers increasing by Rs 300.00 and Rs 131.25 respectively to close at Rs 11,700.00 and Rs 5,600.00 while Unilever Foods and Sapphire Textile were the top losers declining by Rs 299.00 and Rs 65.85 respectively to close at Rs 21,500.00 and Rs 999.22.
An analyst at Arif Habib Limited said that a rangebound session was observed due to political unrest. The market opened in the green zone but stayed volatile throughout the day. Main board activity remained dull. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. In the last trading hour, profit taking was witnessed which led the index to close in the red zone.
Sectors contributing to the performance include E&P (down 50.7 points), Cement (down 21.8 points), Power (down 20.9 points), Technology (down 19.3 points) and Textile Composite (down 17.4 points).
BR Automobile Assembler Index lost 7.09 points or 0.08 percent to close at 8,789.06 points with total turnover of 363,019 shares.
BR Cement Index fell by 28.15 points or 0.54 percent to close at 5,192.97 points with 12.991 million shares.
BR Commercial Banks Index gained 6.0 points or 0.06 percent to close at 9,873.41 points with 11.312 million shares.
BR Power Generation and Distribution Index decreased by 37.76 points or 0.67 percent to close at 5,586.41 points with 7.278 million shares.
BR Oil and Gas Index declined by 38.58 percent or 1.0 percent to close at 3,829.59 points with 2.474 million shares.
BR Tech. & Comm. Index closed at 3,522.81 points, down 26.8 points or 0.76 percent with 26.325 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed lower amid thin trade on concerns for rupee instability, surging Government Bond yields and political noise.
He said reports of government proposed reduction in development budget, hike in local power tariff, US court dismissal of stay over $6.0 billion Reko Diq case ICSID levy and surging trade deficit played a catalyst role in bearish close.
Copyright Business Recorder, 2022
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