KARACHI: Pakistan Stock Exchange on Thursday closed on negative note as the investors opted to book profit on their concerns over prevailing political situation in the country.
The benchmark KSE-100 index declined by 179.95 points or 0.43 percent and closed at 41,694.09 points. During the session, the index crossed 42,000 psychological level to hit 42,123.45 points intra-day high however failed to continue this trend due to selling pressure and dropped at 41,641.23 points intra-day low level.
Total daily trading volumes on ready counter stood at 234.696 million shares as compared to 233.271 million shares traded on Wednesday while total daily traded value on ready counter declined to Rs 7.462 billion against previous session’s Rs 8.441 billion.
BRIndex100 lost 2.32 points or 0.05 percent to close at 4,216.64 points with total daily turnover of 194.945 million shares.
BRIndex30 decreased by 62.57 points or 0.41 percent to close at 15,157.60 points with total daily trading volumes of 127.154 million shares.
The foreign investors however remained net buyers of shares worth $214,555. Total market capitalization declined by Rs 33 billion to Rs 6.354 trillion. Out of total 341 active scrips, 186 closed in positive and 128 in negative while the value of 27 stocks remained unchanged.
Telecard Limited was the volume leader with 14.286 million shares and gained Re 0.12 to close at Rs 8.27 followed by Ghani Global Holding that closed at Rs 12.35, up Re 0.48 with 11.906 million shares. Maple Leaf Cement lost Re 0.39 to close at Rs 27.02 with 11.817 million shares.
J.D.W. Sugar and Archroma Pak were the top gainers increasing by Rs 24.76 and Rs 20.00 respectively to close at Rs 356.09 and Rs 445.00 while Nestle Pakistan and Pak Services were the top losers declining by Rs 180.00 and Rs 129.03 respectively to close at Rs 5115.00 and Rs 1591.47.
An analyst at Arif Habib Limited said that a range-bound session was recorded at the PSX. The market opened in green zone and traded within a narrow range throughout the day reaching an intraday high of plus 244.99 points as investors await for the government and IMF to reach a SLA between the government and IMF. Market participation remained dull due to the prevailing political uncertainty low volumes were recorded across the board as investor booked profit at the day end.
Sectors contributing to the performance include E&P (down 114.0 points), Miscellaneous (down 67.0 points), Technology & Communication (down 21.8 points), Inv. Banks / Inv. Cos. / Securities Cos. (down 20.2 points) and Power Generation & Distribution (down 15.4 points).
BR Automobile Assembler Index inched up by 3.6 points or 0.05 percent to close at 7,566.58 points with total turnover of 7.444 million shares.
BR Cement Index lost 3.77 points or 0.09 percent to close at 4,112.04 points with 32.268 million shares.
BR Commercial Banks Index gained 19.08 points or 0.23 percent to close at 8,389.71 points with 21.290 million shares.
BR Power Generation and Distribution Index decreased by 37.02 points or 0.51 percent to close at 7,210.52 points with 6.722 million shares.
BR Oil and Gas Index declined by 69.88 points or 1.69 percent to close at 4,056.47 points with 13.366 million shares.
BR Tech & Comm Index closed at 4,278.20 points, down 18.59 points or 0.43 percent with 31.652 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that the KSE-100 index made a high of 42,119 during the day but eventually settled to close at 41,694, losing 180 points.
Cement and E&P sector stocks came under pressure. The KSE-100 index volumes dropped slightly to 115 million shares where TELE (up 1.5 percent), GGL (up 4.0 percent), MLCF (down 1.4 percent), TPLP (up 0.8 percent) and AGP (up 0.7 percent) led the volumes.
Copyright Business Recorder, 2023
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