KARACHI: Pakistan Stock Exchange on Thursday witnessed mixed trend and after moving in both directions finally closed on a negative note due to profit-taking in various sectors.
The benchmark KSE-100 index hit 70,645.30 points intra-day high and 69,783.32 points intra-day low before closing at 70,290.12 points, down 43.20 points or 0.06 percent.
Total daily trading volumes on ready counter stood at 440.314 million shares as compared to 442.096 million shares traded on Wednesday while total daily traded value on the ready counter increased to Rs 24.362 billion against previous session’s Rs 16.034 billion.
BRIndex100 lost 4.27 points or 0.06 percent to close at 7,294.94 points with total daily turnover of 388.138 million shares.
BRIndex30 decreased by 113.21 points or 0.47 percent to close at 23,854.24 points with total daily trading volumes of 303.087 million shares.
Total market capitalization declined by Rs 9 billion to Rs 9.786 trillion. Out of total 359 active scrips, 174 closed in negative and 166 in positive while the value of 19 stocks remained unchanged.
Cnergyico PK was the volume leader with 33.241 million shares however lost Re 0.08 to close at Rs 4.55 followed by K-Electric that gained Re 0.06 to close at Rs 4.43 with 29.877 million shares. Pak Refinery increased by Re 0.85 to close at Rs 29.27 with 28.448 million shares.
Rafhan Maize Products Company and Hallmark Company were the top gainers increasing by Rs 81.10 and Rs 52.00 respectively to close at Rs 8,380.10 and Rs 748.00 while Nestle Pakistan and Hoechst Pakistan were the top losers declining by Rs 52.50 and Rs 50.00 respectively to close at Rs 7,547.50 and Rs 1,300.00.
An analyst at Topline Securities said that the KSE-100 index began positively, reaching a high of plus 311.98 points. However, investors chose to capitalize on gains, leading to an intraday low of minus 550 points, ultimately closing at 70,290.11 (a decrease of 43.20 points).
Several factors contributed to the index’s downward movement, with companies like MEBL, LUCK, HUBC, BAHL, and HBL collectively shedding 262 points. Conversely, EFERTL, MCB, and FATIMA made positive contributions, collectively adding 177 points to the index.
MEBL, operating in the banking sector, announced its first quarter of 2024 results, reporting an EPS of Rs 14.18 per share along with a cash payout of Rs 7.00/share. Meanwhile, EFERT, a player in the fertilizer sector, declared its first quarter 2024 results, posting an EPS of Rs 8.08 per share with a cash payout of Rs 8.0 per share, surpassing street estimates.
BR Automobile Assembler Index increased by 118.67 points or 0.73 percent to close at 16,350.67 points with total turnover of 29.517 million shares.
BR Cement Index decreased by 39.3 points or 0.57 percent to close 6,843.14 points with 32.453 million shares.
BR Commercial Banks Index declined by 152.45 points or 0.82 percent to close at 18,534.78 points with 40.243 million shares.
BR Power Generation and Distribution Index fell by 52.67 points or 0.34 percent to close at 15,492.40 points with 36.028 million shares.
BR Oil and Gas Index gained 4.42 points or 0.07 percent to close at 6,413.38 points with 18.828 million shares.
BR Tech & Comm Index closed at 3,776.51 points, down 26.03 points or 0.68 percent with 63.230 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed under pressure amid slump in global crude oil prices and steady Government Treasury bond yields dimming rate cut hopes.
He said dismal data for car sales falling 38 percent YoY for July-March 2024, fiscal deficit rising to 7.4 percent of GDP for FY24, weak rupee and SBP fines on blue chip commercial banks for regulatory violations played a catalyst role in negative close.
The foreign investors however remained net buyers of shares worth $23.387 million.
Copyright Business Recorder, 2024
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