KARACHI: Pakistan Stock Exchange on Friday witnessed a mixed trend and remained oscillating in both directions throughout the trading session.
The benchmark KSE-100 Index hit 85,750.19 points intraday high and 84,774.46 points intraday low before closing at 85,483.40 points, up 30.18 points or 0.04 percent.
The daily trading volumes on ready counter increased to 560.740 million shares as compared to 503.750 million shares traded on Thursday. The daily traded value on the ready counter declined to Rs 26.121 billion against previous session’s Rs 27.912 billion.
BRIndex100 inched up by 2.01 points or 0.02 percent to close at 9,082.40 points with total daily turnover of 460.526 million shares.
BRIndex30 declined by 280.59 points or 1.01 percent to close at 27,379.87 points with total daily trading volumes of 335.373 million shares.
Foreign investors also remained net sellers of shares worth $449,733. Total market capitalization declined by Rs 5 billion to Rs 11.156 trillion. Out of total 435 active scrips, 251 closed in negative and 130 in positive while the value of 54 stocks remained unchanged.
Hub Power Co was the volume leader with 58.159 million shares however declined by Rs 5.83 to close at Rs 106.90 followed by PTCL that increased by Rs 1.18 to close at Rs 15.70 with 51.351 million shares. WorldCall Telecom lost Rs 0.02 to close at Rs 1.18 with 45.693 million shares.
Nestle Pakistan and Rafhan Maize Products Company were the top gainers increasing by Rs 153.70 and Rs 116.35 respectively to close at Rs 6,931.45 and Rs 7,144.35 while Hallmark Company and Unilever Pakistan Foods were the top losers declining by Rs 120.64 and Rs 88.50 respectively to close at Rs 1,092.67 and Rs 17,612.00.
“Negotiation with IPPs (Independent Power Producers) where 5 IPPs have agreed for early termination of Power Purchase Agreements (PPA) has changed the market sentiment, as KSE 100 Index largely traded in negative zone during the trading session making an intraday low of 679 points”, an analyst at Topline Securities said.
However some recovery was observed at closing hours of trade as index recovered to barely close slightly above Thursday`s closing – 85,483 (up by 0.04 percent).
Major positive contribution to the index came from PSO, FFC, EFERT, PIOC and UBL, as they cumulatively contributed plus 276 points to the index. On the flip side HUBC, LUCK, HBL, TRG and SRVI lost value to weigh down on the index by minus 327 points.
BR Automobile Assembler Index decreased by 88.22 points or 0.51 percent to close at 17,101.18 points with total turnover of 8.099 million shares.
BR Cement Index added 37.24 points or 0.45 percent to close at 8,264.38 points with 39.605 million shares.
BR Commercial Banks Index gained 15.55 points or 0.06 percent to close at 24,662.72 points with 28.414 million shares.
BR Power Generation and Distribution Index declined by 589.11 points or 3.8 percent to close at 14,924.44 points with 80.637 million shares.
BR Oil and Gas Index inched up by 9.47 points or 0.11 percent to close at 8,288.89 points with 35.328 million shares.
BR Tech. & Comm. Index lost 2.69 points or 0.07 percent to close at 3,958.84 points with 152.732 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks showed recovery in late session buying led by banking and auto scrips on strong earnings outlook.
He said SBP revision of exposure limits for SMEs, upbeat data on car sales surging by 25 percent YoY in September 2024 and record $2.8 billion remittances in Sep’24 played a catalyst role in positive close.
Copyright Business Recorder, 2024
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