KARACHI: Pakistan Stock Exchange Wednesday opened in negative zone due to political noise, however fresh buying after mid-session supported the market to close on positive note.
The benchmark KSE-100 Index hit 42,472.45 points intraday high and 42,073.87 points intraday low before closing at 42,351.15 points, up 155.89 points or 0.37 percent. Trading activity remained low as daily volumes on the ready counter decreased to 181.267 million shares as compared to 237.670 million shares traded Tuesday while daily traded value on ready counter declined to Rs 7.209 billion against previous day’s Rs 7.315 billion.
BRIndex100 gained 28.15 points or 0.67 percent to close at 4,249.18 points with total daily turnover of 157.521 million shares.
BRIndex30 increased by 212.27 points or 1.39 percent to close at 15,506.68 points with total daily trading volumes of 99.469 million shares.
Foreign investors however remained net sellers of shares worth $457,620. Total market capitalization increased by Rs 20 billion to Rs 7.034 trillion. Out of total 339 active scrips, 173 closed in positive and 143 in negative while the value of 23 stocks remained unchanged.
K-Electric was the volume leader with 15.137 million shares however lost Rs 0.08 to close at Rs 3.26 followed by Unity Foods that gained Rs 0.66 to close at Rs 23.65 with 10.978 million shares. Engro Polymer increased by Rs 3.85 to close at Rs 62.27 with 10.260 million shares.
Bhanero Textile and Sapphire Textile were the top gainers increasing by Rs 95.62 and Rs 73.16 respectively to close at Rs 1,370.62 and Rs 1,159.99 while Pak Services and Philip Morris Pak were the top losers declining by Rs 79.33 and Rs 41.99 respectively to close at Rs 1,020.67 and Rs 518.00.
An analyst at Arif Habib Limited said that the market opened in the negative zone due to prevailing political noise. The benchmark KSE-100 Index witnessed a range bound session as investor remained on the side line awaiting for clarity on the political front. However, during the last trading hour value buying was observed in the cement sector which helped the index to close in the green zone. Volumes remained dry in the main board although hefty volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Cements (up 75.3 points), Chemicals (up 32.3 points), Fertilizers (up 23.1 points), Power (up 22.9 points) and E&P (up 18.7 points).
BR Automobile Assembler Index declined by 115.97 points or 1.24 percent to close at 9,220.82 points with total turnover of 577,317 shares.
BR Cement Index surged by 101.99 points or 2.33 percent to close at 4,486.36 points with 20.558 million shares.
BR Commercial Banks Index lost 10.87 points or 0.12 percent to close at 8,909.49 points with 24.313 million shares.
BR Power Generation and Distribution Index gained 42.06 points or 0.74 percent to close at 5,712.41 points with 24.368 million shares.
BR Oil and Gas Index inched up by 18.99 points or 0.49 percent to close at 3,910.33 points with 13.700 million shares.
BR Tech. & Comm. Index closed at 3,767.27 points, up 14.79 points or 0.39 percent with 17.586 million shares.
An analyst at Topline Securities said that rangebound session was observed at the Exchange as KSE-100 Index traded between its intraday high of plus 156 points and intraday low of minus 116 points to finally close at 42,351 level, up by 0.37 percent.
Major contribution to the Index was observed from HUBC, EPCL, EFERT, PPL and LUCK, as they cumulatively contributed 133 pints to the Index. On the flipside DAWH, PSEL, BAHL, MTL and POL lost value to weigh down on the Index by 155 points.
Copyright Business Recorder, 2022