KARACHI: Pakistan Stock Exchange Wednesday witnessed a positive trend on the back of fresh buying in various sectors.
The market opened on a positive note and remained in the green zone throughout the day. However, profit-taking in certain sectors minimized its intraday gains at the fag end. The benchmark KSE-100 Index hit 41,334.10 points intraday high level but failed to sustain this level and closed at 41,159.79 points with a net gain of 57.22 points or 0.14 percent.
Trading activity slightly improved as total daily volumes on ready counter increased to 98.247 million shares as compared to 76.890 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 2.690 billion against previous day’s Rs 2.398 billion.
BRIndex100 inched up by 13.48 points or 0.33 percent to close at 4,071.40 points with total daily turnover of 90.428 million shares.
BRIndex30 added 64.32 points or 0.43 percent to close at 14,888.85 points with total daily trading volumes of 68.348 million shares.
The foreign investors also remained net buyers of shares worth $783,800. The market capitalization increased by Rs 7 billion to Rs 6.904 trillion. Out of total 308 active scrips, 173 closed in positive and 115 in negative while the value of 20 stocks remained unchanged.
Agritech was the volume leader with 25.039 million shares and gained Rs 0.41 to close at Rs 7.01 followed by Unity Foods that inched up by Rs 0.10 to close at Rs 19.93 with 5.391 million shares. Azgard Nine closed at Rs 10.69, up Rs 0.32 with 3.600 million shares.
Unilever Foods and Allawasaya Textile were the top gainers increasing by Rs 249.50 and Rs 120.18 respectively to close at Rs 24,249.50 and Rs 1,760.00 while Mehmood Textile and Colgate Palmolive were the top losers declining by Rs 60.00 and Rs 55.00 respectively to close at Rs 840.00 and Rs 2,195.00.
An analyst at Arif Habib Limited said that the benchmark KSE-100 Index witnessed sluggish session. Investor’s participation continued to remain dry due to concerns regarding rate hike in the upcoming monetary policy and PKR depreciation against the dollar. Main board activity remained dull but decent volumes were recorded in the 3rd tier stocks.
Sectors contributing to the performance include Banks (up 35.9 points), Cement (up 15.5 points), Technology (up 13.9 points), Power (up 11.7 points) and OMC (up 6.7 points).
BR Automobile Assembler Index gained 16.55 points or 0.17 percent to close at 9,870.70 points with total turnover of 655,495 shares.
BR Cement Index added 21.68 points or 0.55 percent to close at 3,938.18 points with 7.611 million shares.
BR Commercial Banks Index inched up by 36.01 points or 0.42 percent to close at 8,548.51 points with 5.171 million shares.
BR Power Generation and Distribution Index increased by 47.5 points or 0.86 percent to close at 5,602.46 points with 6.714 million shares.
BR Oil and Gas Index lost 1.81 points or 0.05 percent to close at 3,748.27 points with 4.527 million shares.
BR Tech. & Comm. Index closed at 3,307.80 points, up 15.13 points or 0.46 percent with 9.352 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks showed recovery amid speculations on likely release of $2.0 billion tranche under IMF resumed bailout program and subdued SBP policy announcement tomorrow.
He said speculations in earning season and record $4.6 billion receipts in RDA accounts played a catalyst role in positive close.
Copyright Business Recorder, 2022
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