KARACHI: Pakistan Stock Exchange Friday witnessed a mixed trend and after moving both sides finally closed on a negative note due to selling pressure on investor concerns over political situation in the country.
The benchmark KSE-100 Index hit 41,148.56 points intraday high and 40,783.80 points intraday low before closing at 40,964.54 points, down 65.14 points or 0.16 percent.
The daily trading volumes on ready counter increased to 168.481 million shares as compared to 125.344 million shares traded on Thursday while total daily traded value on ready counter increased to Rs 6.767 billion against previous session’s Rs 4.059 billion.
BRIndex100 lost 14.56 points or 0.35 percent to close at 4,094.51 points with total daily turnover of 152.197 million shares.
BRIndex30 declined by 145.28 points or 1.04 percent to close at 13,833.56 points with total daily trading volumes of 93.273 million shares.
The market capitalization declined by Rs 3 billion to Rs 6.211 trillion. Out of total 329 active scrips, 179 closed in negative and 120 in positive while the value of 30 stocks remained unchanged.
WorldCall Telecom was the volume leader with 10.337 million shares and closed at previous session’s closing level of Rs 1.10 without any change followed by Maple Leaf Cement that increased by Rs 1.35 to close at Rs 27.84 with 9.791 million shares. NBP lost Rs 0.30 to close at Rs 20.31 with 6.677 million shares.
Bata Pak and Siemens Pak were the top gainers increasing by Rs 88.67 and Rs 47.44 respectively to close at Rs 1695.00 and Rs 679.95 while Al-Abbas Sugar and Indus Motor Co were the top losers declining by Rs 29.75 and Rs 16.09 respectively to close at Rs 430.00 and Rs 921.92.
An analyst at Arif Habib Limited said the PSX opened with a lacklustre session, as investor participation remained low due to the country’s ongoing political turmoil. However, as the session began following the break, investor activity rose substantially as the bears dominated the KSE-100 Index, losing 245.88 points in the intraday. During the final trading hour, however, investors chose to add value to their portfolios by cherry picking stocks. Volumes climbed considerably from the previous close due to the end of rollover week, Cements sector remained in the limelight.
Sectors contributing to the performance include Technology & Communication (down 73.4 points), E&P (down 56.3 points), Commercial Banks (down 41.7 points), OMCs (down 31.4 points) and Pharmaceuticals (down 14.3 points).
BR Automobile Assembler Index declined by 109.08 points or 1.46 percent to close at 7,387.78 points with total turnover of 991,834 shares.
BR Cement Index surged by 190.19 points or 4.46 percent to close at 4,453.45 points with 24.223 million shares.
BR Commercial Banks Index decreased by 82.70 points or 0.96 percent to close at 8,568.72 points with 17.773 million shares.
BR Power Generation and Distribution Index lost 28.37 points or 0.39 percent to close at 7,301.13 points with 11.272 million shares.
BR Oil and Gas Index fell by 49.46 points or 1.32 percent to close at 3,710.21 points with 13.864 million shares.
BR Tech. & Comm. Index plunged by 148.08 points or 4.02 percent to close at 3,538.56 points with 26.726 million shares.
An analyst at Topline Securities said that range bound session was observed where the market made an intraday high of plus 119 points and an intraday low of minus 65 points to finally close at 40,965 level, down by 0.16 percent. Number of companies announced board meeting other than financial result; where it is expected that most likely they will approve increase in authorized capital for the purpose of bonus issue on expectation that tax may be imposed on company reserves in upcoming FY24 budget announcement.
GATM, AICL, TGL, SGF, SRVI, ISIL, MLCF, KTML and AICL were companies that announced board meeting for aforementioned reason. LUCK, ENGRO, MLCF, COLG and POL were among the major contributors, as they cumulatively added 163 points to the index. On the flip side SYS, PPL, TRG, OGDC and PSO lost value to weigh down on the index by negative 146 points.
Copyright Business Recorder, 2023
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