KARACHI: Pakistan Stock Exchange Friday witnessed a rangebound session, however fresh buying at the fag end supported the market to close on a positive note.
The benchmark KSE-100 Index increased by 152.48 points or 0.38 percent and crossed 40,000 psychological level to close at its intraday high of 40,000.83 points.
The index hit 39,729.61 points intraday low. Trading activity also improved as daily volumes on ready counter increased to 112.200 million shares as compared to 88.701 million shares traded on Thursday while daily traded value on ready counter stood at Rs 3.933 billion against previous session’s Rs 3.988 billion.
BRIndex100 gained 24.2 points or 0.6 percent to close at 4,056.06 points with total daily turnover of 96.154 million shares.
BRIndex30 added 58.81 points or 0.41 percent to close at 14,366.90 points with total daily trading volumes of 62.544 million shares.
Foreign investors however remained net sellers of shares worth $188,663. Total market capitalization increased by Rs 15 billion to Rs 6.108 trillion. Out of total 294 active scrips, 155 closed in positive and 110 in negative while the value of 29 stocks remained unchanged.
Pak. Int. Bulk was the volume leader with 12.120 million shares and gained Rs 0.46 to close at Rs 4.22 followed by Pak Electron that inched up by Rs 0.72 to close at Rs 11.30 with 6.523 million shares. Hascol Petroleum closed at Rs 5.93, up Rs 0.26 with 4.865 million shares.
Bata Pak and Nestle Pakistan were the top gainers increasing by Rs 94.26 and Rs 40.10 respectively to close at Rs 2033.68 and Rs 5017.50 while Pak Services and Philip Morris Pak were the top losers declining by Rs 35.90 and Rs 34.57 respectively to close at Rs 840.10 and Rs 426.43.
An analyst at Arif Habib Limited said that the PSX closed the business week with a range-bound trading session. The market started in the green and went on to trade both ways as bulls and bears battled for control of the bourse throughout the day.
The continuing political turmoil and the delay in signing the SLA for the IMF’s Extended Fund Facility kept investors at bay. However, fresh buying was seen across the board during the last trading hour, as the index ended in the green. Main board volumes remained dull while 3rd tier stocks led the volume board.
Sectors contributing to the performance include Commercial Banks (up 39.4 points), Cement (up 28.1 points), Fertilizer (up 19.9 points), OMCs (up 15.7 points) and Power Generation & Distribution (up 13.4 points).
BR Automobile Assembler Index declined by 74.04 points or 0.95 percent to close at 7,690.50 points with total turnover of 606,488 shares.
BR Cement Index gained 32.32 points or 0.84 percent to close at 3,868.63 points with 10.805 million shares.
BR Commercial Banks Index added 43.99 points or 0.54 percent to close at 8,192.37 points with 9.601 million shares.
BR Power Generation and Distribution Index increased by 64.07 points or 0.92 percent to close at 7,051.85 points with 11.404 million shares.
BR Oil and Gas Index inched up by 17.81 points or 0.46 percent to close at 3,881.63 points with 12.910 million shares.
BR Tech. & Comm. Index closed at 4,059.86 points, up 5.85 points or 0.14 percent with 13.177 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks showed recovery as investors weigh FM assurance over technical discussions completed and agreement nearing with IMF paving way for release of bailout funding.
He said institutional support at quarter end close and easing political noise played a catalyst role in bullish close.
Copyright Business Recorder, 2023
Comments
Comments are closed.