KARACHI: Pakistan Stock Exchange on Tuesday opened on strong positive note, however failed to sustain this momentum due to selling pressure and closed almost flat due to investor concerns over political uncertainty.
The benchmark KSE-100 Index crossed 61,000 psychological level to hit 61,237.51 points intra-day high during the session however due to selling pressure dropped at 60,420.84 points intraday low, before closing at 60,464.24 points, up only 4.49 points or 0.01 percent.
Trading activity however improved as total daily volumes on ready counter increased to 364.443 million shares as compared to 261.799 million shares traded on Monday while total daily traded value on the ready counter increased to Rs 10.928 billion against previous session’s Rs 9.907 billion.
BRIndex100 lost 5.24 points or 0.08 percent to close at 6,163.13 points with total daily turnover of 336.961 million shares.
BRIndex30 inched up by 16.67 points or 0.08 percent to close at 20,982.21 points with total daily trading volumes of 279.875 million shares.
Foreign investors also remained net sellers of shares worth $456,930. Total market capitalization declined by Rs 12 billion to stand at Rs 8.792 trillion. Out of total 349 active scrips, 174 closed in positive and 155 in negative while the value of 20 stocks remained unchanged.
Bank of Punjab was the volume leader with 117.022 million shares and gained Rs 0.25 to close at Rs 6.27 followed by P.I.A.C. (A) that inched up by Rs 0.04 to close at Rs 11.10 with 19.289 million shares. K-Electric lost Rs 0.04 to close at Rs 4.26 with 19.168 million shares.
Pakistan Tobacco Company and Ismail Industries were the top gainers increasing by Rs 49.16 and Rs 45.00 respectively to close at Rs 1,030.00 and Rs 1,200.00 while Unilever Pakistan Foods and Sapphire Textile Mills were the top losers declining by Rs 490.00 and Rs 124.00 respectively to close at Rs 21,800.00 and Rs 1,600.00.
“The KSE-100 index opened on a positive note and made an intraday high of plus 777.77 points, however the index couldn’t sustain the positivity as the index came down to close at 60,464.24 (up 4.50 points),” an analyst at Topline Securities said.
The market sentiment soured amidst enduring political gridlock hampering the formation of the federal government and a dearth of favorable catalysts.
In the pharmaceutical domain, a surge ensued following news of the Ministry’s green light for deregulating the prices of non-essential medications. GLAXO, SEARL, CPHL, and AGP, soared by 7.50 percent, each hitting the upper circuit.
ILP (down 5.42 percent) from the textile sector announced its first half of Y24 result, where the company posted an EPS of Rs 7.03, and a cash payout of Rs 2/share, the earning came below industry expectation due to lower gross margins. Furthermore, EPCL announced its 2023 result, where the company declared an EPS of Rs 9.12/share and a cash payout of Rs 1/share.
BR Automobile Assembler Index lost 31.84 points or 0.23 percent to close at 14,025.38 points with total turnover of 15.122 million shares.
BR Cement Index fell by 34.05 points or 0.55 percent to close at 6,130.73 points with 9.300 million shares.
BR Commercial Banks Index decreased by 52.43 points or 0.34 percent to close at 15,437.59 points with 129.839 million shares.
BR Power Generation and Distribution Index surged by 212.8 points or 1.59 percent to close at 13,574.13 points with 26.894 million shares.
BR Oil and Gas Index declined by 56.07 points or 1.0 percent to close at 5,573.97 points with 33.546 million shares.
BR Tech. & Comm. Index increased by 50.07 points or 1.48 percent to close at 3,436.76 points with 36.616 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that positive news flow on the political front regarding a resolution to form government lifted the market. The KSE-100 Index closed at the 60,464 level after touching a high of 61,238 points, gaining 4 points.
Traded volume stood at 364 million shares where BOP (up 4.2 percent), PIAA (up 0.4 percent), KEL (down 0.9 percent), WTL (down 1.6 percent) and PRL (down 0.6 percent) were the volume leaders.
Copyright Business Recorder, 2024
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