KARACHI: Pakistan Stock Exchange Friday witnessed a rangebound session as political ambiguity caused the market to trade sideways throughout the first session. Pakistani rupee’s continued devaluation versus the US dollar also discouraged investors.
However, as the session resumed, the market fell sharply as a result of the Election Commission’s announcement of its decision to disqualify the former prime minister, despite that value buying was witnessed in the last trading hour which helped the index to land in the green zone.
The benchmark KSE-100 Index hit 42,245.51 points intraday high and 41,790.65 points intraday low before closing at 42,213.48 points, up 76.44 points or 0.18 percent.
Trading activity also improved as total daily volumes on ready counter increased to 289.586 million shares as compared to 267.572 million shares traded on Thursday while total daily traded value on ready counter increased to Rs 7.870 billion against previous session’s Rs 6.281 billion.
BRIndex100 gained 6.14 points or 0.15 percent to close at 4,233.05 points with total daily turnover of 242.903 million shares.
BRIndex30 however lost 2.46 points or 0.02 percent to close at 15,882.54 points with total daily trading volumes of 142.555 million shares.
Foreign investors however remained net sellers of shares worth $824,913. Total market capitalization increased by Rs 7 billion to Rs 6.839 trillion. Out of total 338 active scrips, 176 closed in negative and 136 in positive while the value of 26 stocks remained unchanged.
WorldCall Telecom was the volume leader with 30.622 million shares however lost Rs 0.04 to close at Rs 1.52 followed by Pak Refinery that gained Rs 0.38 to close at Rs 17.81 with 21.049 million shares. Nishat Power increased by Rs 0.94 to close at Rs 20.55 with 14.791 million shares.
Rafhan Maize and Gatron Industries were the top gainers increasing by Rs 680.00 and Rs 27.00 respectively to close at Rs 10,680.00 and Rs 416.00 while Sapphire Fiber and Siemens Pak were the top losers declining by Rs 82.00 and Rs 23.87 respectively to close at Rs 1,018.00 and Rs 781.97.
“Another range bound session was witnessed at the PSX”, an analyst at Arif Habib Limited said adding that political ambiguity caused the market to trade sideways throughout the first session, and the Pakistani rupee’s continued devaluation versus the US dollar discouraged investors. However, once the session resumed, the market fell over 343.40 points as a result of the Election Commission’s announcement of its decision to disqualify the former prime minister, despite that value buying was witnessed in the last trading hour which resulted the index to close in the green. Decent volumes were recorded in the main board as third-tier companies continued to be in the spotlight.
Sectors contributing to the performance include E&P (up 47.2 points), Power Generation and Distribution (up 20.2 points), Refinery (up 15.7 points), Fertilizer (up 15.7 points) and Food and Personal Care Products (up 13.1 points).
BR Automobile Assembler Index declined by 75.63 points or 0.8 percent to close at 9,357.85 points with total turnover of 4.393 million shares.
BR Cement Index gained 14.36 points or 0.31 percent to close at 4,655.45 points with 21.159 million shares.
BR Commercial Banks Index inched up by 2.31 points or 0.03 percent to close at 8,228.71 points with 12.071 million shares.
BR Power Generation and Distribution Index increased by 64.32 points or 0.97 percent to close at 6,691.40 points with 35.125 million shares.
BR Oil and Gas Index added 18.65 points or 0.5 percent to close at 3,744.88 points with 21.865 million shares.
BR Tech. & Comm. Index lost 3.77 points or 0.09 percent to close at 4,370.71 points with 49.439 million shares. An analyst at Topline Securities said that the KSE-100 Index largely remained range bound during the trading hours as the index gained to make an intraday high of plus 108 points and intraday low of minus 343 points to finally close at 42,214 level, up by 0.18 percent.
Copyright Business Recorder, 2022
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