KARACHI: After two consecutive bearish sessions, Pakistan Stock Exchange (PSX) witnessed a rangebound session Wednesday. The benchmark KSE-100 Index gained 71 points to close at 40,459.70 points up from 40,389 points Tuesday.
The KSE-100 index initially opened on a negative note and made an intraday low at 40,135, down by 254 points or 0.62 percent. However, some buying interest kicked in at the aforesaid low level and assisted the market to gain some lost ground by making an intraday high at 40,534, up by 145 points or 0.36 percent.
BRIndex100 also rose by 8.18 points or 0.21 percent to close at 3,988.85 points on Wednesday compared to 3,980.67 points on Tuesday. BRIndex100 touched an intraday high of 4,001.18 points and an intraday low of 3,952.87 points with 126.623 million shares volume. TPL Properties was the most traded company in BRIndex100 with a volume of 13.371 million shares.
BRIndex30 opened at 14,506.22 points. It touched an intraday high of 14,576.39 points and an intraday low of 14,310.22 points and finally closed at 14,476.02 points which was 30.2 points or 0.21 percent lower than previous close. Total volume at Br-Index30 was 88.773 million shares.
The market capitalization increased by Rs 10 billion to Rs 6.818 trillion up from Rs 6.808 trillion. Daily volume on the ready counter remained lower and decreased by 27 percent from 195.8 million shares to 141.7million shares. Out of 325 active scrips, 136 closed in positive and 169 in negative while the value of 20 stocks remained unchanged.
E&P, Banks, Tech and Power sector stocks contributed positively to the index where PPL, OGDC, BAHL, TRG & HUBC added 121 points, cumulatively. On the flip side, EFERT, EPCL and COLG have witnessed some profit taking as they lost 60 points collectively.
TPL Properties was the volume leader with 13.37 million shares and closed at Rs 17.56 followed by WorldCall Telecom that closed at Rs 1.27 with 10.7 million shares. Cnergyico PK ranked third with 7.95 million shares and closed at Rs 5.00.
Allawasaya Tex and Rafhan Maize were the top gainers increasing by Rs 189.45 and Rs 150.00 respectively to close at Rs 2,715.70 and Rs 9,950.00, while Colgate Palmolive and Premium Tex were the top losers declining by Rs 58.98 and Rs 56.25 respectively to close at Rs 2,040.01 and Rs 730.00.
Analysts Ahsan Mehanti said that stocks showed recovery in the earnings season rally at PSX as investors weigh surging global equities and $31.3 billion strong data on remittances for FY22. Post IMF staff level agreement to release the IMF tranche this month, reports of 25.53 pc surge in textile group exports in FY22 and slump in global crude oil prices likely reducing economic crises played a catalyst role in bullish close, he added.
BR Automobile Assembler Index decreased by 63.24 points to close at 9,495.29 points with a total turnover of 441,165 shares. BR Cement Index also plunged by 10.46 points or 0.28 percent to close at 3,788.22 points with a total turnover of 8.455 million shares.
BR Commercial Banks Index closed at 8,419.98 points with a net positive change of 26.81 points or a percentage change of 0.32 and a total turnover of 6,216,322. BR Power Generation and Distribution Index gained 34.44 points to close at 5,472.95 points and with a total turnover of 9.269 million shares.
BR Oil and Gas Index rose by 51.5 points or 1.38 percent to close at 3,788.13 points with a total turnover of 15.804 million shares. BR Tech. & Comm. Index closed at 3,292.30 with a net positive change of 13.32 points or a percentage change of 0.41 and a total turnover of 23,263,555.
Copyright Business Recorder, 2022