The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index on Friday began trading on a higher note, adding more than 500 points during intra-day trading before late-session selling erased the gains and pushed the index into the negative territory.
At close, the benchmark index settled at 78,045.31, marginally lower by 60.67 points or 0.08%.
“KSE-100 Index largely traded in positive during the day, however some pressure was observed at the latter hours of trade as investors came in to book their gains,” brokerage house Topline Securities said in its post-market report.
Major positive contribution to the index came from UPFL, HPL, PECO, ISIL and NESTLE, as they cumulatively contributed 534 points to the index. On the other hand SAPT, EXIDE, KHYT, SAZEW and RCML lost value to weigh down on the index by 330 points, Topline said.
Another brokerage house Ismail Iqbal Securities said the equity market had closed the day relatively flat, with the benchmark index showing volatility throughout the session.
“However, the cement sector drew attention as Punjab-based manufacturers secured a stay order on revised royalty rates,” it added. “These manufacturers are also expected to raise bag prices to offset the impact, handling the charges as a non-cash expense through provisions.”
Cement and power sectors contributed positive during the day while E&Ps, banks, autos, fertiliser, technology, OMCs, and pharma sectors closed in the red.
On Monday, the KSE-100 had closed 229 points higher.
On a weekly basis, the KSE-100 declined by 0.67%, which can be attributed to lack of triggers in the market, according to Topline Securities.
In its stock notice, Attock Cement Pakistan Limited (ACPL), a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon, said it had received $5.85 million as proceeds from the sale of an additional 4.5 million shares in its subsidiary, Saqr Al Keetan for Cement Production Company Limited (SAKCPCL).
Engro Polymers and Chemicals Limited (EPCL), a subsidiary of Engro Corporation Limited, sustained losses to the tune of Rs688.4 million during the quarter ended June 30, 2024, amid lower revenue and higher cost of sales. During the same period last year, the company clocked in a profit of Rs1.56 billion on a consolidated basis.
Unilever Pakistan Foods Limited (UPFL), a subsidiary of Conopco Inc. USA, saw a significant decline of 27% in its profit-after-tax, which clocked in at Rs3.8 billion in the first six months of 2024.
Meanwhile, the Pakistani rupee registered marginal improvement, appreciating 0.06% against the US dollar in the inter-bank market on Friday. At close, the currency settled at 278.54, a gain of Re0.16, against the greenback.
Volume on the all-share index increased to 600.72 million from 591.06 million a session ago.
The value of shares rose to Rs21.07 billion from Rs20.10 billion in the previous session.
Kohinoor Spinning was the volume leader with 109.5 million shares, followed by Yousuf Weaving with 70.1 million shares, and P.T.C.L with 21.23 million shares.
Shares of 440 companies were traded on Friday, of which 170 registered an increase, 220 recorded a fall, while 50 remained unchanged.
Comments