KARACHI: Pakistan Stock Exchange on Friday witnessed a highly volatile session, as after positive opening, the market dropped into deep red zone after Supreme Court verdict in reserved seats case. However, the market witnessed healthy recovery at the fag end.
The benchmark KSE-100 Index hit 80,321.69 points intraday high and 78,611.68 points intraday low, before closing at 79,944.10 points, down 48.26 points or 0.06 percent.
Trading activity improved as daily volumes on ready counter increased to 437.315 million shares as compared to 389.024 million shares traded on Thursday while total daily traded value on the ready counter increased to Rs 23.484 billion against previous session’s Rs 20.924 billion.
BRIndex100 lost 19.47 points or 0.23 percent to close at 8,524.89 points with total daily turnover of 376.352 million shares.
BRIndex30 decreased by 206.32 points or 0.75 percent to close at 27,185.14 points with total daily trading volumes of 258.833 million shares.
The market capitalization declined by Rs 23 billion to Rs 10.630 trillion. Out of total 444 active scrips, 245 closed in negative and 155 in positive while the value of 44 stocks remained unchanged.
Fauji Fertilizer Bin Qasim was the volume leader with 45.357 million shares and increased by Rs 2.60 to close at Rs 40.85 followed by K-Electric that lost Rs 0.04 to close at Rs 4.81 with 33.085 million shares. WorldCall Telecom closed at Rs 1.20, down Rs 0.02 with 29.218 million shares.
Rafhan Maize Products Company and Unilever Pakistan Foods were the top gainers increasing by Rs 99.06 and Rs 86.83 respectively to close at Rs 7,699.27 and Rs 18,192.23 while Data Agro Limited and Hoechst Pakistan Limited were the top losers declining by Rs 42.62 and Rs 30.00 respectively to close at Rs 405.96 and Rs 1,500.00.
An analyst at Topline Securities said that volatile session was observed, where the KSE-100 Index at one point declined by 1,380 points or 1.73 percent after the Supreme Court verdict in reserved seats case in favor of PTI.
However, recovery was observed during the latter hours of trade as investors factored in that PML-N ruling coalition still has 62 percent representation in National Assembly; index recovered to settle at 79,944 level (down by 0.06 percent).
BR Automobile Assembler Index gained 14.66 points or 0.08 percent to close at 18,129.19 points with total turnover of 20.808 million shares.
BR Cement Index lost 10.53 points or 0.13 percent to close at 7,812.14 points with 22.286 million shares.
BR Commercial Banks Index increased by 103.83 points or 0.45 percent to close at 22,977.64 points with 46.342 million shares.
BR Power Generation and Distribution Index declined by 308.05 points or 1.54 percent to close at 19,644.93 points with 45.772 million shares.
BR Oil and Gas Index decreased by 43.14 points or 0.65 percent to close at 6,634.48 points with 17.163 million shares.
BR Tech. & Comm. Index closed at 4,050.72 points, up 1.32 points or 0.03 percent with 85.836 million shares.
Mubashir Anis Naviwala at JS Global Capital said that the day started positively with the KSE-100 index reaching intra-day high of 80,321 points. However, profit taking ahead of the SC decision on reserved seats erased early gains, closing the first half 405 points down.
The second session began with panic selling following the verdict, dragging the index down to the 78,611 level (down 1,380 points). Investors then capitalized on attractive levels, helping the market recover.
Copyright Business Recorder, 2024
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