KARACHI: Pakistan Stock Exchange on Monday witnessed a mixed trend and after moving in both directions, closed in negative as investors opted to book profit on available margins.
The benchmark KSE-100 Index once again crossed 86,000 psychological level to hit 86,105.03 points intra-day high however dropped into negative to hit 85,156.11 points intraday low before closing at 85,261.39 points, down 222.02 points or 0.26 percent.
Trading activity also remained low as daily volumes on the ready counter decreased to 477.642 million shares as compared to 560.740 million shares traded on last Friday. The daily trading value on the ready counter declined to Rs 23.474 billion against previous session’s Rs 26.121 billion.
BRIndex100 lost 14.92 points or 0.16 percent to close at 9,067.48 points with total daily turnover of 410.488 million shares.
BRIndex30 declined by 354.35 points or 1.29 percent to close at 27,025.52 points with daily trading volumes of 281.099 million shares.
The market capitalization increased by Rs 8 billion to Rs 11.164 trillion. Out of total 443 active scrips, 205 closed in positive and 180 in negative while the value of 58 stocks remained unchanged.
WorldCall Telecom was the volume leader with 41.061 million shares and gained Rs 0.03 to close at Rs 1.21 followed by Hub Power Co that declined by Rs 8.59 to close at Rs 98.31 with 37.178 million shares. Pak Refinery increased by Rs 0.96 to close at Rs 25.30 with 30.172 million shares.
Atlas Honda Limited and Reliance Cotton Spinning Mills were the top gainers increasing by Rs 62.42 and Rs 57.57 respectively to close at Rs 814.35 and Rs 650.00 while Unilever Pakistan Foods and Nestle Pakistan were the top losers declining by Rs 261.50 and Rs 139.45 respectively to close at Rs 17,350.50 and Rs 6,792.00.
An analyst at Topline Securities said that the KSE-100 Index opened on a positive note, reaching a high of plus 621 points. However, this momentum was short-lived as investors opted to book profits, resulting in an intraday low of 327 points.
This profit-taking was influenced by a expected downward revision of earnings for HUBC, which declined by 9.15 percent following the early termination of a contract, as well as EFERT’s corporate results, which fell by 4.1 percent as the Company declared 3Q2024 EPS of Rs 13.47 and dividend of Rs 2.50 per share, which was lower than industry expectation.
Key contributors to the index included HUBC, EFERT, OGDC, BAHL, and ENGRO, which collectively subtracted 532 points. Conversely, positive movements from FFC, NBP, ATRL, and ISL added 326 points to the index.
BR Automobile Assembler Index gained 10.48 points or 0.06 percent to close at 17,111.66 points with total turnover of 6.549 million shares.
BR Cement Index lost 27.03 points or 0.33 percent to close at 8,237.35 points with 34.412 million shares.
BR Commercial Banks Index added 71.61 points or 0.29 percent to close at 24,734.33 points with 29.002 million shares.
BR Power Generation and Distribution Index plunged by 923.49 points or 6.19 percent to close at 14,000.95 points with 73.694 million shares.
BR Oil and Gas Index decreased by 27.3 points or 0.33 percent to close at 8,261.59 points with 19.644 million shares.
BR Tech. & Comm. Index inched up by 6.46 points or 0.16 percent to close at 3,965.30 points with 93.474 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed under pressure on political noise and foreign outflows.
He said the government action on IPPs payments on tariff issues, concerns for outcome of the IMF pressure of reforms over Agri, Textile sector tax breaks and delays over privatisation of SOEs played a catalytic role in bearish close.
Copyright Business Recorder, 2024
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