KARACHI: Pakistan Stock Exchange on Thursday witnessed a mixed trend and after moving in both directions, closed on slightly positive note due to fresh buying in some stock at the fag end.
The benchmark KSE-100 Index crossed 80,000 psychological level during the session to hit 80,114.73 points intraday high however dropped into negative zone due to selling pressure to hit 79,708.87 points intraday low. The index closed at 79,992.35 points, with a net gain of 150.80 points or 0.19 percent.
Trading activity remained low as daily volumes on ready counter decreased to 389.024 million shares as compared to 495.910 million shares traded on Wednesday. The daily traded value on the ready counter declined to Rs 20.924 billion against previous session’s Rs 22.116 billion.
BRIndex100 inched up by 31.27 points or 0.37 percent to close at 8,544.36 points with total daily turnover of 308.722 million shares.
BRIndex30 added 177.62 points or 0.65 percent to close at 27,391.46 points with total daily trading volumes of 196.520 million shares.
Total market capitalization declined by Rs 12 billion to Rs 10.653 trillion. Out of total 445 active scrips, 212 closed in negative and 181 in positive while the value of 52 stocks remained unchanged.
Agritech Limited was the volume leader with 22.041 million shares and inched up by Rs 0.10 to close at Rs 24.24 followed by Hub Power Company that surged by Rs 5.35 to close at Rs 163.75 with 18.624 million shares. Air Link Communication increased by Rs 5.62 to close at Rs 100.64 with 16.815 million shares.
Exide Pakistan Limited and PIA Holding Company B were the top gainers increasing by Rs 77.94 and Rs 69.20 respectively to close at Rs 898.32 and Rs 797.67 while Data Agro Limited and Sapphire Textile Mills were the top losers declining by Rs 47.09 and Rs 39.00 respectively to close at Rs 448.58 and Rs 1,301.00.
An analyst at Topline Securities said the Pakistani stock market showed a mixed pattern. The KSE-100 index peaked at 80,115 points earlier in the day before settling at 79,993 points, marking a modest increase of 151 points or 0.19 percent.
Driving the market’s positive momentum were sectors like Fertilizer, Power, IT, and Banking, bolstered by companies including FFC, HUBC, SYS, HBL, and NBP, collectively contributing plus 377 points.
BR Automobile Assembler Index increased by 140.74 points or 0.78 percent to close at 18,114.53 points with total turnover of 19.835 million shares.
BR Cement Index declined by 52.39 points or 0.67 percent to close at 7,822.67 points with 16.095 million shares.
BR Commercial Banks Index lost 12.93 points or 0.06 percent to close at 22,873.81 points with 34.851 million shares.
BR Power Generation and Distribution Index surged by 435.13 points or 2.23 percent to close at 19,952.98 points with 39.559 million shares.
BR Oil and Gas Index decreased by 36.37 points or 0.54 percent to close at 6,677.62 points with 19.251 million shares.
BR Tech. & Comm. Index added 61.66 points or 1.55 percent to close at 4,049.40 points with 55.193 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks showed recovery led by oil, banking and auto sectors on strong earnings outlook.
He said the government resolve to settle energy sector circular debt crises, surge in remittances to $3.2 billion by 44.4 percent YoY in June 2024, and upbeat data on auto sales surging by 120 percent YoY in June 2024 played a catalytic role in bullish close.
Copyright Business Recorder, 2024
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