KARACHI: Pakistan Stock Exchange Friday witnessed a rangebound session due to investor concerns over uncertain political and economic situation in the country.

The benchmark KSE-100 Index hit 40,421.24 points intraday high and 40,027.07 points intraday low level before closing at 40,150.36 points, down 126.28 points or 0.31 percent.

Trading activity also remained low as total daily volumes on ready counter decreased to 170.272 million shares as compared to 251.270 million shares traded on Thursday while total daily traded value on ready counter declined to Rs 6.307 billion against previous day’s Rs 9.347 billion.

BRIndex100 lost 14.76 points or 0.37 percent to close at 3,968.38 points with total daily turnover of 158.464 million shares.

BRIndex30 inched down by 33.17 points or 0.23 percent to close at 14,609.77 points with total daily trading volumes of 120.556 million shares.

Foreign investors however remained net buyers of shares worth $1.945 million. The market capitalization declined by Rs 18 billion to Rs 6.771 trillion. Out of 312 active scrips, 179 closed in negative and 108 in positive while the value of 25 stocks remained unchanged.

Unity Foods was the volume leader with 13.939 million shares and gained Rs 0.45 to close at Rs 18.74 followed by Lotte Chemical that lost Rs 0.76 to close at Rs 29.47 with 9.967 million shares. Cnergyico PK closed at Rs 4.79, down Rs 0.04 with 8.718 million shares.

Mehmood Textile and Indus Motor Co were the top gainers increasing by Rs 57.04 and Rs 43.18 respectively to close at Rs 818.25 and Rs 994.60 while Colgate Palmolive and Thal Limited were the top losers declining by Rs 70.50 and Rs 18.15 respectively to close at Rs 1,999.50 and Rs 228.98.

An analyst at Topline Securities said that range bound session was observed on last trading session of the week, as index traded between an intraday high of plus 144 points and intraday low of minus 250 points to finally settle at 40,150 level, down by 0.31 percent.

Major contribution to the index came from TRG, BAFL, INDU, FABL and PKGS, as they cumulatively contributed 146 points to the index. On the flip side FFC, EFERT, ENGRO, BAHL and THALL lost value to weigh down on the index by negative 97 points.

BR Automobile Assembler Index inched up by 1.11 points or 0.01 percent to close at 8,950.43 points with total turnover of 1.286 million shares.

BR Cement Index declined by 49.0 points or 1.31 percent to close at 3,702.12 points with 6.051 million shares.

BR Commercial Banks Index lost 2.78 points or 0.03 percent to close at 8,394.58 points with 12.123 million shares.

BR Power Generation and Distribution Index decreased by 16.39 points or 0.3 percent to close at 5,359.87 points with 11.255 million shares.

BR Oil and Gas Index fell by 16.59 points or 0.44 percent to close at 3,782.67 points with 9.491 million shares.

BR Tech. & Comm. Index surged by 83.33 points or 2.41 percent to close at 3,540.70 points with 36.684 million shares.

Ahsan Mehanti at Arif Habib Corporation said that stocks fell sharply lower after S&P downgrades outlook on Pakistan’s long term ratings to negative and investor concerns for weak earnings outlook.

Midsession support witnessed on rupee recovery on account of government decision to lift import ban on non essential and luxury items imposed in May’22 and speculations over likely current account surplus in July’22

He said political unrest, rising energy prices and weak rupee played a catalyst role in bearish close.

Copyright Business Recorder, 2022