KARACHI: Pakistan Stock Exchange on Tuesday opened under severe pressure and nosedived, however witnessed healthy recovery to close in positive on the back of fresh buying at attractive, low levels.
The benchmark KSE-100 Index gained 161.61 points or 0.26 percent and closed at 61,226.93 points. The index hit 61,654.65 points intraday high and 59,613.18 points intraday low.
Trading activity improved as daily volumes on ready counter increased to 435.549 million shares as compared to 349.975 million shares traded on Monday. The daily traded value on the ready counter increased to Rs 15.972 billion against previous session’s Rs 12.745 billion.
BRIndex100 inched up by 6.2 points or 0.1 percent to close at 6,231.72 points with total turnover of 402.743 million shares.
BRIndex30 however declined by 245.94 points or 1.14 percent to close at 21,355.80 points with total daily trading volumes of 317.090 million shares.
Foreign investors also remained net buyers of shares worth $172,754. Total market capitalization declined by Rs 14 billion to stand at Rs 8.920 trillion. Out of total 355 active scrips, 188 closed in positive and 139 in negative while the value of 28 stocks remained unchanged.
K-Electric was the volume leader with 65.824 million shares however lost Rs 0.06 to close at Rs 4.15 followed by WorldCall Telecom that gained Rs 0.02 to close at Rs 1.23 with 30.099 million shares. Pak Refinery closed at Rs 25.63, down Rs 0.34 with 28.602 million shares.
Mari Petroleum Company and ZIL Limited were the top gainers increasing by Rs 161.03 and Rs 21.23 respectively to close at Rs 2,308.04 and Rs 304.33 while Rafhan Maize Products Company and Khairpur Sugar Mills were the top losers declining by Rs 346.99 and Rs 32.29 respectively to close at Rs 8,303.01 and Rs 398.25.
An analyst at Topline Securities said that the KSE-100 Index moved in both directions as investors were still not clear who will form new government. The KSE-100 Index made an intraday low of minus 1,452.14 points and intraday high of plus 589.34 points to close at 61,226.92 level, up by 161.61 points.
The market opened on a negative trend where mainly OGDC and PPL opened at lower lock on back of the news that IMF is not onboard with energy ministry’s tariff rationalization and circular debt management plan. However, the market witnessed recovery during the second half of the session. OGDC (down 7.47 percent) and PPL (down 6.25 percent) closed in negative.
Similarly, Cement Sector witnessed resurgence, with PIOC, MLCF, and FCCL registering gains of 3.19 percent, 3.09 percent, and 2.98 percent, respectively, culminating in a positive close.
ABL, from the banking sector, announced its 2023 financial results, where the bank posted an EPS of Rs 36.07 per share and a cash payout of Rs 4.0 per share.
BR Automobile Assembler Index increased by 137.7 points or 0.99 percent to close at 14,037.44 points with total turnover of 6.938 million shares.
BR Cement Index added 52.57 points or 0.84 percent to close at 6,290.25 points with 14.361 million shares.
BR Commercial Banks Index surged by 167.92 points or 1.09 percent to close at 15,607.71 points with 30.461 million shares.
BR Power Generation and Distribution Index gained 52.16 points or 0.38 percent to close at 13,617.41 points with 86.554 million shares.
BR Oil and Gas Index declined by 139.49 points or 2.38 percent to close at 5,719.25 points with 62.076 million shares.
BR Tech. & Comm. Index closed at 3,465.99 points, up 12.58 points or 0.36 percent with 63.599 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks showed recovery in the post election rally at PSX after MSCI added 19 companies in its MSCI frontier small cap index in Quarterly Index Review.
The mid-session pressure remained on reports of IMF disapproval on Government proposals for power tariff rationalization and resolve of circular debt crises.
He said reports of coalition sharing PM slot forming new Government, upbeat data on $2.4 billion remittances surging by 26 percent YoY in January 2024 and strong earnings in oil and banking sectors played catalyst role in bullish close.
Copyright Business Recorder, 2024
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