KARACHI: Pakistan Stock Exchange on Tuesday closed on a negative note due to selling pressure as investors opted to book profit at available margins.
After positive opening, the benchmark KSE-100 Index hit 71,846.64 points intraday highest-ever level, however could not sustain this level and dropped into negative zone hitting 71,338.43 points intraday low, before closing at 71,359.41 points, down 74.06 points or 0.10 percent.
The trading volumes on ready counter slightly increased to 655.935 million shares as compared to 655.205 million shares traded on Monday however, total daily traded value on the ready counter declined to Rs 24.485 billion against previous session’s Rs 31.248 billion.
BRIndex100 lost 20.65 points or 0.28 percent to close at 7,434.24 points with total daily turnover of 610.430 million shares.
BRIndex30 inched down by 30.25 points or 0.12 percent to close at 24,219.79 points with total daily trading volumes of 456.137 million shares.
Foreign investors however remained net buyers of shares worth $1.245 million. The market capitalization declined by Rs 21 billion to stand at Rs 9.904 trillion. Out of total 371 active scrips, 179 closed in negative and 170 in positive while the value of 22 stocks remained unchanged.
K-Electric was the volume leader with 67.160 million shares however lost Rs 0.23 to close at Rs 4.05 followed by Pak Int. Bulk Terminal that inched up by Rs 0.04 to close at Rs 6.63 with 46.349 million shares. Fauji Cement gained Rs 0.19 to close at Rs 20.37 with 45.924 million shares.
Hallmark Company and Sazgar Engineering Works were the top gainers increasing by Rs 64.57 and Rs 29.45 respectively to close at Rs 928.57 and Rs 626.15 while Rafhan Maize Products Company and Unilever Pakistan Foods were the top losers declining by Rs 184.90 and Rs 58.84 respectively to close at Rs 8,125.10 and Rs 20,474.50.
An analyst at Topline Securities said Pakistan equities kicked off the day on a positive note and the KSE-100 Index made an intraday high at 71,847 level, plus 413 points, in the morning.
This market behavior can be accredited to across the board buying in cyclical stocks, especially in Cement Sector in the backdrop of Monday’s current surplus of $619 million and anticipation of inflation to clock in at 17-18 percent for April 2024.
It is pertinent note that street expectation is scattered from “status-quo” to 50-100bps cut in upcoming Monetary Policy, scheduled on next Monday, April 29, 2024. Any reduction in interest rates would put further fuel in the fire as far as recent bullish momentum goes at PSX.
However, at the day’s high, profit taking initiated. Resultantly, the benchmark KSE-100 index could not stay in green zone and called the day at 71,359 levels (down 74 points or 0.10 percent).
Cement, Bank and Autos sectors contributed positively to the index as LUCK, UBL, HBL, MTL and MLCF added 161 points, cumulatively. On the flip side, MEB, FABL and OGDC saw some profit taking as they cumulatively lost 135 points.
BR Automobile Assembler Index increased by 205.61 points or 1.21 percent to close at 17,150.81 points with total turnover of 26.489 million shares.
BR Cement Index surged by 154.21 points or 2.22 percent to close at 7,102.61 points with 113.616 million shares.
BR Commercial Banks Index declined by 125.64 points or 0.66 percent to close at 18,769.91 points with 48.682 million shares.
BR Power Generation and Distribution Index decreased by 70.43 points or 0.45 percent to close at 15,611.67 points with 75.546 million shares.
BR Oil and Gas Index fell by 31.94 points or 0.49 percent to close at 6,535.06 points with 18.741 million shares.
BR Tech. & Comm. Index lost 19.81 points or 0.51 percent to close at 3,832.92 points with 72.399 million shares.
Muhammad Shuja Qureshi at JS Global Capital said the volatile session ended with a loss of 74 points and the KSE-100 Index closed at the level of 71,359.
Cement Sector posted handsome gains in the earlier part of the session. Profit taking, however, later reduced the intra-day gains.
Investor interest was seen in selective stocks like OCTOPUS, TGL, and TOMCL which closed limit up.
Copyright Business Recorder, 2024
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