KARACHI: Pakistan Stock Exchange on Monday witnessed a bullish trend following fresh buying on available attractive, low levels. However, it saw some profit-taking at the fag end that minimized intraday gains.
The benchmark KSE-100 Index gained 74.04 points or 0.11 percent and closed at 64,890.51 points. The index crossed 65,000 psychological level to hit 65,148.36 points intraday high however minimized intraday gains due to profit-taking and hit 64,811.92 points intraday low.
Trading activity remained low as daily volumes on ready counter decreased to 211.758 million shares as compared to 259.373 million shares traded last Friday. while total daily traded value on the ready counter declined to Rs 7.785 billion against previous session’s Rs 10.120 billion.
BRIndex100 inched up by 19.44 points or 0.29 percent to close at 6,697.88 points with total daily turnover of 179.008 million shares.
BRIndex30 added 59.08 points or 0.26 percent to close at 22,614.41 points with total daily trading volumes of 131.357 million shares.
The foreign investors also remained net buyers of shares worth $395,487. The market capitalization declined by Rs 5 billion to Rs 9.197 trillion. Out of total 328 active scrips, 158 closed in positive and 145 in negative while the value of 25 stocks remained unchanged.
WorldCall Telecom was the volume leader with 16.605 million shares and inched up by Rs 0.02 to close at Rs 1.36 followed by Hascol Petroleum that lost Rs 0.28 to close at Rs 8.28 with 16.267 million shares. Telecard Limited gained Rs 0.33 to close at Rs 9.00 with 14.676 million shares.
Pakistan Hotels Developers and Pakistan Tobacco Company were the top gainers increasing by Rs 19.98 and Rs 11.00 respectively to close at Rs 499.98 and Rs 992.00 while Ismail Industries and Sapphire Fires were the top losers declining by Rs 60.00 and Rs 35.83 respectively to close at Rs 1,050.00 and Rs 1,506.67.
An analyst at Topline Securities said that Pakistan equities kicked off the week on a positive note as the KSE-100 Index made an intraday high at 65,148 level (plus 332 points; up 0.51 percent) in the morning.
However, at the day’s high, profit-taking initiated. Resultantly, the benchmark KSE-100 Index could not withstand 65,000 levels and called the day at 64,891 levels (plus 74 points; up 0.11 percent).
Aforesaid market behavior can be accredited to cautious approach opted by investors ahead of monetary policy announcement (scheduled at around 4pm Monday). Majority at the Street is expecting “Status Quo” to continue. However, a surprise reduction in interest rates, if gets announced, would likely be taken by PSX, positively.
Fertilizer, Banks and Power sectors contributed positively to the index as FFC, MEBL, HUBC, UBL and DAWH added 141 points, cumulatively. On the flip side, LUCK, SYS and MCB saw some profit taking as they cumulatively lost 72 points.
BR Automobile Assembler Index declined by 119.92 points or 0.77 percent to close at 15,440.97 points with total turnover of 7.022 million shares.
BR Cement Index decreased by 55.82 points or 0.85 percent to close at 6,518.93 points with 5.259 million shares.
BR Commercial Banks Index gained 28.73 points or 0.18 percent to close at 16,422.34 points with 15.987 million shares.
BR Power Generation and Distribution Index increased by 100.29 points or 0.7 percent to close at 14,417.29 points with 17.368 million shares.
BR Oil and Gas Index inched down by 11.33 points or 0.19 percent to close at 6,104.89 points with 31.589 million shares.
BR Tech. & Comm. Index closed at 3,752.67 points, up 1.9 points or 0.05 percent with 51.769 million shares.
Mubashir Anis Naviwala at JS Global Capital said that the PSX saw range-bound activity with KSE-100 Index closing at 64,890, gaining 74 points.
The traded volume stood at 212 million shares, with WTL (up 1.5 percent), HASCOL (down 3.3 percent), TELE (up 3.8 percent), PTC (up 7.6 percent) and KEL (down 1.8 percent) among the top volume leaders.
Copyright Business Recorder, 2024
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