KARACHI: Pakistan Stock Exchange witnessed a rangebound session and after moving in both directions, closed in negative zone on the last trading day of the fiscal year FY24.
The benchmark KSE-100 Index hit 78,784.23 points intraday high and 78,312.36 points intraday low before closing at 78,444.96 points, down 83.29 points or 0.11 percent on Friday.
Trading activity however improved as daily volumes on ready counter increased to 347.671 million shares as compared to 283.542 million shares traded on Thursday. The daily traded value on the ready counter increased to Rs 11.899 billion against previous session’s Rs 11.067 billion.
BRIndex100 lost 31.22 points or 0.38 percent to close at 8,281.61 points with total daily turnover of 295.255 million shares.
BRIndex30 decreased by 76.36 points or 0.29 percent to close at 26,501.96 points with total daily trading volumes of 211.605 million shares.
Foreign investors also remained net buyers of shares worth $1.724 million. The market capitalization increased by Rs 41 billion to Rs 10.374 trillion. Out of total 435 active scrips, 189 closed in positive and 170 in negative while the value of 76 stocks remained unchanged.
PTCL was the volume leader with 70.992 million shares and increased by Rs 1.00 to close at Rs 12.01 followed by K-Electric that lost Rs 0.04 to close at Rs 4.63 with 18.700 million shares. WorldCall Telecom inched gained Rs 0.01 to close at Rs 1.26 with 13.191 million shares.
Nestle Pakistan and Ismail Industries were the top gainers increasing by Rs 227.25 and Rs 114.87 respectively to close at Rs 7,154.17 and Rs 1,482.14 while Rafhan Maize Products Company and Thal Limited were the top losers declining by Rs 56.95 and Rs 11.60 respectively to close at Rs 7,593.05 and Rs 483.34.
An analyst at Topline Securities said a rangebound session was observed on the last trading session of the week as the index traded between its intraday high of plus 266 points and intraday low of minus 216 points to finally close at 78,445 level (down by 0.11 percent).
Major positive contribution to the index were FABL, MEBL, PSEL, NESTLE and PTC as they cumulatively contributed plus 155 points. On the other hand, MCB, UBL, OGDC, HUBC and FFC lost value to weigh down on the index by minus 310 points.
PTC was the volume leader with 71 million shares as the telecommunication announced that BODs of IFC have approved the debt financing up to $400 million to the Company for acquisition of Telenor Pakistan Limited.
BR Automobile Assembler Index lost 36.0 points or 0.21 percent to close at 16,861.42 points with total turnover of 7.783 million shares.
BR Cement Index gained 45.66 points or 0.59 percent to close at 7,751.44 points with 15.208 million shares.
BR Commercial Banks Index declined by 119.31 points or 0.54 percent to close at 21,987.53 points with 41.242 million shares.
BR Power Generation and Distribution Index decreased by 88.68 points or 0.45 percent to close at 19,663.24 points with 25.174 million shares.
BR Oil and Gas Index fell by 24.06 points or 0.36 percent to close at 6,573.63 points with 19.627 million shares.
BR Tech. & Comm. Index inched down by 12.13 points or 0.31 percent to close at 3,919.21 points with 107.246 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed lower amid pressure at the fiscal year-end close and futures rollover on concerns for expected higher CPI inflation for June 2024 and $918 million profit repatriations causing massive foreign outflows in May’24.
He said over leveraging, and concerns for tough tax measures in the approved federal budget FY25 played a catalyst role in bearish close.
Copyright Business Recorder, 2024
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