KARACHI: Pakistan Stock Exchange Monday closed on a positive note with healthy gains on the back of fresh buying at attractive low levels.
After opening, the market remained rangebound and moved in both directions as the investors were cautious to take fresh positions. However, value hunting kicked in that supported the market to show some recovery.
The benchmark KSE-100 Index hit 41,675.81 points intraday high and 41,030.95 points intraday low before closing at 41,577.21 points with a net gain of 262.33 points or 0.63 percent.
Trading activity remained low as daily volumes on the ready counter decreased to 189.245 million shares as compared to 225.392 million shares traded last Friday while total daily traded value declined to Rs 4.901 billion against previous session’s Rs 5.988 billion.
BRIndex100 increased by 47.68 points or 1.17 percent to close at 4,118.05 points with total daily turnover of 169.087 million shares.
BRIndex30 surged by 242.64 points or 1.67 percent to close at 14,779.14 points with total daily trading volumes of 128.169 million shares.
The market capitalization increased by Rs 17 billion to Rs 6.948 trillion. Out of total 342 active scrips, 193 closed in positive and 126 in negative while the value of 23 stocks remained unchanged.
Unity Foods was the volume leader with 33.135 million shares however lost Rs 0.21 to close at Rs 21.07 followed by Pak Refinery that gained Rs 0.09 to close at Rs 17.46 with 16.292 million shares. TLP Properties increased by Rs 1.29 to close at Rs 18.55 with 11.664 million shares.
Bata Pak and Sapphire Fiber were the top gainers increasing by Rs 61.59 and Rs 50.58 respectively to close at Rs 1771.59 and Rs 1149.00 while Rafhan Maize and Indus Motor Co were the top losers declining by Rs 155.00 and Rs 28.28 respectively to close at Rs 9800.00 and Rs 1225.15.
An analyst at Topline Securities said that Pakistan equities closed on a green note where benchmark KSE-100 Index settled at 41,577 level, up 0.63 percent. During the day, the KSE-100 Index made an intraday low at 282 points. However, value hunting kicked in at the aforesaid level which assisted benchmark KSE-100 index to show some recovery which led to make an intraday high of 360 points.
Initial positivity came from Cement sector as cement prices in the South region have increased by Rs 25/bag (effective from June 06, 2022) where LUCK, MLCF, DGKC, KOHC closed higher. Further investors’ interest also witnessed E&Ps sector where PPL, OGDC and SNGP closed higher as news flows suggest that Ogra has raised gas prices for SNGPL and SSGC by 45 percent and 44 percent.
BR Automobile Assembler Index declined by 178.64 points or 1.83 percent to close at 9,605.84 points with total turnover of 327,885 shares.
BR Cement Index increased by 74.63 points or 1.89 percent to close at 4,026.56 points with 14.081 million shares.
BR Commercial Banks Index gained 27.97 points or 0.3 percent to close at 9,201.53 points with 10.645 million shares.
BR Power Generation and Distribution Index inched up by 41.49 points or 0.8 percent to close at 5,197.48 points with 6.119 million shares.
BR Oil and Gas Index added 48.66 points or 1.36 percent to close at 3,630.75 points with 9.670 million shares.
BR Tech. & Comm. Index closed at 3,253.18 points, up 35.15 points or 1.09 percent with 20.439 million shares.
Mubashir Anis Naviwala at JS Global Capital said that the KSE-100 Index remained range-bound and closed at 41,577, gaining 262 points. A total of 190 million shares were traded throughout the day where UNITY (down 1.0 percent), PRL (up 0.5 percent), TPLP (up 7.5 percent), CNERGY (up 1.4 percent) and GGL (up 4.2 percent) were the major contributors.
Copyright Business Recorder, 2022
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