KARACHI: Pakistan Stock Exchange on Wednesday witnessed mixed trend and after moving in both directions finally closed on positive note due to fresh buying mainly by local investors.
The benchmark KSE-100 index increased by 297.25 points or 0.46 percent and closed at 64,646.85 points. During the session, the index crossed 65,000 psychological level to hit 65,244.60 points intra-day high however dropped into negative zone due to mid-session selling pressure and hit 64,219.54 points intra-day low level.
Trading activities remained low as total daily volumes on ready counter decreased to 639.616 million shares as compared to 671.665 million shares traded on Tuesday while total daily traded value on ready counter declined to Rs 20.282 billion against previous session’s Rs 24.451 billion.
BRIndex100 gained 34.2 points or 0.52 percent to close at 6,670.11 points with total daily turnover of 593.561 million shares.
BRIndex30 added 204.17 points or 0.85 percent to close at 24,197.31 points with total daily trading volumes of 400.059 million shares.
The foreign investors however remained on the selling side and withdrew $1.952 million from the local equity market. Total market capitalization increased by Rs 67 billion to Rs 9.359 trillion. Out of total 366 active scrips, 190 closed in positive and 159 in negative while the value of 17 stocks remained unchanged.
K-Electric was the volume leader with 127.794 million shares and gained Re 0.17 to close at Rs 5.47 followed by PTCL that increased by Re 0.74 to close at Rs 13.49 with 50.431 million shares. Pak Refinery declined by Rs 1.91 to close at Rs 28.06 with 35.835 million shares.
Pakistan Tobacco Company and Hoechst Pakistan were the top gainers increasing by Rs 57.89 and Rs 30.00 respectively to close at Rs 1,130.00 and Rs 1,350.00 while Pakistan Services and Colgate Palmolive were the top losers declining by Rs 27.34 and Rs 17.49 respectively to close at Rs 983.67 and Rs 1,607.37.
“Another volatile session ended with KSE-100 gaining 297 points to close at 64,647,” Muhammad Shuja Qureshi at JS Global Capital said.
Steel Sector posted handsome gains with INIL and ASTL closing at their upper circuits. On the other hand, Refinery Sector remained under pressure with PRL closing down 6.4 percent.
The market turnover dropped to 640 million shares, where KEL, PTC, PRL, BOP, and PPL were volume leaders.
BR Automobile Assembler Index decreased by 79.47 points or 0.57 percent to close at 13,931.09 points with total turnover of 4.227 million shares.
BR Cement Index gained 37.53 points or 0.54 percent to close at 7,041.92 points with 30.638 million shares.
BR Commercial Banks Index lost 12.19 points or 0.08 percent to close at 15,581.13 points with 51.518 million shares.
BR Power Generation and Distribution Index inched up by 28.06 points or 0.19 percent to close at 14,545.69 points with 139.526 million shares.
BR Oil and Gas Index increased by 63.41 points or 1.03 percent to close at 6,244.07 points with 66.571 million shares.
BR Tech & Comm Index closed at 4,075.26 points, down 21.29 points or 0.52 percent with 90.209 million shares.
An analyst at Topline Securities said Pakistan equities had a mixed day. Contrary to Tuesday’s negative momentum, the day kicked off on a positive note and the KSE-100 index made an intraday high at 65,241 levels (up 895 points; up 1.39 percent).
At the aforesaid level, profit taking was seen in market which compelled benchmark index to shed earlier gains and ultimately settled the day at 64,647 levels (up 297 points; up 0.46 percent) before making an intraday low at 64,220 levels (down 130 points; down 0.20 percent).
E&P, Fertilizer, Tobacco and Cement sector contributed the most as OGDC, PPL, FFC, PAKT and KOHC added 267 points. On the flip side, MTL, MEBL and PSO cumulatively lost 74 points due to profit taking in them.
Copyright Business Recorder, 2024
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