KARACHI: The trading session at Pakistan Stock Exchange on Tuesday commenced on a positive note and the index hit new highest levels. However, selling pressure in various sectors forced the market to close in negative territory.
The benchmark KSE-100 Index crossed 71,000 psychological level for the first time in its history to hit 71,092.61 points highest ever intraday level, however it failed to continue this trend due to selling pressure and closed at 70,483.66 points, down 60.92 points or 0.09 percent.
The daily trading volumes on ready counter decreased to 548.418 million shares as compared to 555.214 million shares traded on Monday. The daily traded value on the ready counter declined to Rs 21.032 billion against previous session’s Rs 21.986 billion.
BRIndex100 lost 7.45 points or 0.1 percent to close at 7,317.13 points with total daily turnover of 479.104 million shares.
BRIndex30 gained 48.24 points or 0.2 percent to close at 24,105.85 points with total daily trading volumes of 363.534 million shares.
Foreign investors however remained net buyers of shares worth $2.847 million. Total market capitalization declined by Rs 12 billion to Rs 9.812 trillion. Out of total 369 active scrips, 175 closed in positive and 168 in negative while the value of 26 stocks remained unchanged.
WorldCall Telecom was the volume leader with 91.610 million shares however lost Rs 0.03 to close at Rs 1.36 followed by Kohinoor Spining that gained Rs 0.56 to close at Rs 4.88 with 34.395 million shares. Air Link Communication increased by Rs 2.36 to close at Rs 67.00 with 18.984 million shares.
Hallmark Company and Mari Petroleum Company were the top gainers increasing by Rs 47.97 and Rs 35.96 respectively to close at Rs 696.00 and Rs 2,631.31 while Unilever Pakistan Foods and Allawasaya Textile & Finishing Mills were the top losers declining by Rs 101.00 and Rs 97.00 respectively to close at Rs 20,699.00 and Rs 1,255.00.
An analyst at Topline Securities said that the trading session in Pakistan’s stock market wrapped up with the index closing at 70,484, indicating a slight decline of 0.09 percent or 61 points.
Throughout the day, the index displayed a mixed performance, hitting intraday highs and lows at 71,093 and 70,405 points, respectively.
Contributing to the index’s negative movement were sectors like Oil & Gas Marketing, Power Generation, Fertilizer and Cement where companies including FFC, EFERT, PSO, HUBC, and FCCL collectively shed 146 points. On the other side, HBL, BAHL, and MARI made positive contributions, adding a combined total of 189 points.
BR Automobile Assembler Index lost 24.68 points or 0.15 percent to close at 16,268.75 points with total turnover of 12.699 million shares.
BR Cement Index decreased by 46.27 points or 0.67 percent to close at 6,851.70 points with 31.364 million shares.
BR Commercial Banks Index increased by 186.47 points or 1.02 percent to close at 18,539.61 points with 50.687 million shares.
BR Power Generation and Distribution Index fell by 94.74 points or 0.6 percent to close at 15,629.22 points with 26.583 million shares.
BR Oil and Gas Index gained 11.01 points or 0.17 percent to close at 6,480.22 points with 44.048 million shares.
BR Tech. & Comm. Index closed at 3,815.30 points, up 0.74 points or 0.02 percent with 137.858 million shares.
Muhammad Shuja Qureshi at JS Global Capital said the KSE-100 index lost 61 points to close at 70,484. Profit-taking set in as the index touched a record high at 71,093. Bulk of the profit-taking was witnessed in Auto, Cement, and Refinery stocks. However, there was investor interest in selective stocks in the Banking sector where BAHL and HBL posted decent gains.
Other notable gainers were ABOT, AIRLINK and ISL. Market volumes dropped to 548 million shares, where WTL, KOSM, AIRLINK, KEL and PIAA were the volume leaders.
Copyright Business Recorder, 2024
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