KARACHI: Pakistan Stock Exchange on Tuesday witnessed a rangebound activity due to concerns over rising inflation numbers and tightening of money supply.
The market opened in green zone however failed to sustain this momentum due to selling in various sectors. The market after oscillating between both directions finally closed on slight positive note with increasing trading activities.
The benchmark KSE-100 Index hit 43,341.79 points intra-day high and 43,016.86 points intra-day low level before closing at 43,078.14 points, up 38.00 points or 0.09 percent.
Trading activity improved as total daily volumes on ready counter increased to 285.348 million shares as compared to 187.471 million shares traded on Monday while total daily traded value increased to Rs 7.388 billion against previous day’s Rs 6.118 billion.
BRIndex100 inched up by 3.37 points or 0.08 percent to close at 4,296.31 points with total daily turnover of 268.181 million shares.
BRIndex30 gained 33.89 points or 0.22 percent to close at 15,647.12 points with total daily trading volumes of 198.518 million shares.
Foreign investors were net buyers of equities with net inflow of $2.517 million. Total market capitalization however declined by Rs 7 billion and stood at Rs 7.136 trillion. Out of total 344 active scrips, 173 closed in negative and 147 in positive while the value of 24 stocks remained unchanged.
Silk Bank was the volume leader with 71.621 million shares and gained Rs 0.22 to close at Rs 1.50 followed by Pak Int. Bulk Terminal that inched up by Rs 0.43 to close at Rs 6.58 with 35.617 million shares. Pak Refinery closed at Rs 17.99, up Rs 0.17 with 21.118 million shares.
Sanofi-Aventis and Ismail Industries were the top gainers increasing by Rs 36.99 and Rs 35.04 respectively to close at Rs 836.99 and Rs 508.85 while Rafhan Maize and Mehmood Textile were the top losers declining by Rs 100.00 and Rs 65.62 respectively to close at Rs 9700.00 and Rs 809.38.
An analyst at Arif Habib Limited said that the market remained range bound throughout the day, due to concerns over rising inflation number and tightening of money supply. The benchmark KSE-100 index opened in the positive zone but lackluster activity was witnessed. Volumes remained dry in the main board although hefty volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Power (up 64.2 points), E&P (up 56.8 points), Technology (up 21.7 points), Autos (up 20.1 points) and Fertilizer (up 16.4 points).
BR Automobile Assembler Index increased by 97.54 points or 0.98 percent to close at 10,086.01 points with total turnover of 897,783 shares.
BR Cement Index declined by 88.25 points or 2.02 percent to close at 4,277.58 points with 12.168 million shares.
BR Commercial Banks Index lost 7.61 points or 0.08 percent to close at 9,512.28 points with 82.582 million shares.
BR Power Generation and Distribution Index surged by 126.5 points or 2.39 percent to close at 5,422.52 points with 8.235 million shares.
BR Oil and Gas Index gained 28.96 points or 0.79 percent to close at 3,707.80 points with 18.171 million shares.
BR Tech. & Comm. Index closed at 3,440.13 points, up 17.91 points or 0.52 percent with 22.061 million shares.
An analyst at Topline Securities said that the KSE-100 Index opened on a positive note and made an intraday high of 299 points, however profit taking was observed during the latter hours of the trade, as the index declined to settle at 43,078 level, up by 0.09 percent.
It was MSCI rebalance effective date where Semi Annual Index Review (SAIR) changes announced earlier during the month were implemented. To recall in MSCI SAIR OGDC was made part of MSCI Frontier Standard Index and HBL was moved from MSCI Frontier Standard Index to MSCI Frontier Small Cap Index, EPCL and INDU were new inclusion in MSCI Frontier Small Cap Index.
Major contribution to the index came from HUBC, MTL, SYS, POL and OGDC, as they cumulatively contributed 164 points to the index. On the flip side LUCK, MCB, HMB, SEARL and EFERT lost value to weigh down on the index by 93 points.
Copyright Business Recorder, 2022
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