KARACHI: Pakistan Stock Exchange Monday witnessed a rangebound session with very low trading activity as investors avoided taking fresh positions following concerns over the prevailing political and economic situation in the country.
The market opened on positive note but lack of investor confidence dragged the market to trade in a narrow ranges. However, fresh buying at the fag end supported the market to close on slightly positive note.
The benchmark KSE-100 Index hit 42,856.37 points intraday high and 42,666.12 points intraday low before closing at 42,761.19 points, up 30.95 points or 0.17 percent.
Trading activity remained very thin as total daily volumes on ready counter decreased to 132.942 million shares as compared to 189.283 million shares traded on last Friday while total daily traded value on ready counter declined to Rs 4.579 billion against previous session’s Rs 5.060 billion. BRIndex100 gained 6.89 points or 0.16 percent to close at 4,309.58 points with total daily turnover of 108.854 million shares.
BRIndex30 increased by 103.63 points or 0.64 percent to close at 16,218.75 points with total daily trading volumes of 82.839 million shares.
Foreign investors remained net buyers of shares worth $149,514. The market capitalization declined by Rs 3 billion to Rs 6.823 trillion. Out of total 334 active scrips, 156 closed in negative and 150 in positive while the value of 28 stocks remained unchanged.
WorldCall Telecom was the volume leader with 14.125 million shares however lost Rs 0.04 to close at Rs 1.41 followed by TRG Pak that increased by Rs 5.02 to close at 146.57 with 10.231 million shares. Unity Foods gained Rs 0.41 to close at Rs 17.13 with 8.730 million shares.
Allawasaya Textile and Mehmood Textile were the top gainers increasing by Rs 168.73 and Rs 55.00 respectively to close at Rs 2418.50 and Rs 808.00 while Unilever Foods and Sanofi-Aventis were the top losers declining by Rs 250.00 and Rs 44.99 respectively to close at Rs 25750.00 and Rs 1050.00.
“A range bound session was witnessed at the PSX”, an analyst at Arif Habib Limited said. The KSE-100 index opened in a positive note but lack of investors’ confidence dragged the index to trade in a narrow range. Main board volumes remain dry although decent volumes was observed in the third-tier stocks.
Sectors contributing to the performance include Technology & Communication (up 97.0 points), Commercial Banks (up 17.0 points), Miscellaneous (up 9.7 points), Transport (up 6.4 points), Oil & Gas Marketing Companies (up 6.0 points).
BR Automobile Assembler Index lost 29.67 points or 0.33 percent to close at 8,849.95 points with total turnover of 2.106 million shares.
BR Cement Index inched down by 25.44 points or 0.57 percent to close at 4,469.97 points with 8.940 million shares.
BR Commercial Banks Index gained 17.5 points or 0.21 percent to close at 8,479.44 points with 10.785 million shares.
BR Power Generation and Distribution Index decreased by 40.95 points or 0.59 percent to close at 6,932.21 points with 6.772 million shares.
BR Oil and Gas Index closed at 3,889.71 points, down 1.79 points or 0.05 percent with 9.889 million shares.
BR Tech. & Comm. Index increased by 107.75 points or 2.31 percent to close at 4,780.20 points with 31.104 million shares.
An analyst at Topline Securities said that Pakistan equities closed slight positive where benchmark KSE-100 Index settled at 42,761 level, up 0.07 percent.
Despite decline in international commodities prices market witnessed rangebound activity at the bourse today as investors await clarity on new chief of army staff, upcoming US$1bn Eurobond payment due in December 2022 and the IMF review.
Major positive contributors in the trading session were TRG and SYS added 100 points in KSE-100 Index.
Copyright Business Recorder, 2022
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