KARACHI: Pakistan Stock Exchange on Thursday witnessed a mixed trend and after moving in both directions, closed on negative note as the investors opted to book profit on available margins.

The benchmark KSE-100 Index once again crossed 86,000 psychological level to hit 86,013.46 points intraday high, however this momentum could not continue due to selling pressure and dropped into negative zone to hit 85,425.74 points intraday low, before closing at 85,453.22 points, down 216.06 points or 0.25 percent.

Trading activity also remained low as daily volumes on ready counter decreased to 503.750 million shares as compared to 596.052 million shares traded on Wednesday. The daily traded value on the ready counter declined to Rs 27.912 billion against previous session’s Rs 31.341 billion.

BRIndex100 lost 10.67 points or 0.12 percent to close at 9,080.39 points with total daily turnover of 416.113 million shares.

BRIndex30 increased by 281.62 points or 1.03 percent to close at 27,660.46 points with total daily trading volumes of 313.490 million shares.

Foreign investors also remained on the selling side and withdrew $12.264 million from the local equity market. The market capitalization declined by Rs 13 billion to Rs 11.161 trillion. Out of total 430 active scrips, 213 closed in negative and 149 in positive while the value of 68 stocks remained unchanged.

PTCL was the volume leader with 52.237 million shares and increased by Rs 1.32 to close at Rs 14.52 followed by Hub Power Co that declined by Rs 0.69 to close at Rs 112.73 with 46.573 million shares. PIA Holding Company surged by Rs 1.85 to close at Rs 20.35 with 25.513 million shares.

Unilever Pakistan Foods and Buxly Paints were the top gainers increasing by Rs 28.71 and Rs 16.70 respectively to close at Rs 17,700.50 and Rs 183.72 while Hallmark Company and Rafhan Maize Products Company were the top losers declining by Rs 134.72 and Rs 122.00 respectively to close at Rs 1,213.31 and Rs 7,028.00.

An analyst at Topline Securities said that the KSE-100 Index experienced a battle between bulls and bears, with the bears ultimately emerging victorious. Investors chose to book profits as the index reached an intraday high of plus 344 points and a low of minus 243 points.

Two Independent Power Producers (IPPs), HUBC and LPL, published material information that shifted market sentiment, as both IPPs will terminate their contracts early. Additionally, HUBC announced that, pursuant to the terms of the agreement, the Government of Pakistan (GOP) and the Central Power Purchasing Agency-Guarantee (CPPAG) have agreed to settle the company’s outstanding receivables up to October 01, 2024.

Key contributors to the index included PPL, PSO, NBP, PTC, and SEARL, which collectively added 245 points. However, negative movements from FFC, EFERT, HBL, and LUCK deducted 267 points from the index.

BR Automobile Assembler Index decreased by 63.64 points or 0.37 percent to close at 17,189.40 points with total turnover of 4.324 million shares.

BR Cement Index lost 27.49 points or 0.33 percent to close at 8,227.14 points with 22.428 million shares.

BR Commercial Banks Index fell by 55.09 points or 0.22 percent to close at 24,647.17 points with 35.769 million shares.

BR Power Generation and Distribution Index declined by 96.98 points or 0.62 percent to close at 15,513.55 points with 64.626 million shares.

BR Oil and Gas Index increased by 96.34 points or 1.18 percent to close at 8,279.42 points with 42.881 million shares.

BR Tech. & Comm. Index closed at 3,961.53 points, down 2.19 points or 0.06 percent with 107.290 million shares.

Mohammed Waqar Iqbal at JS Global Capital said that the market opened on a positive note, but profit-taking was observed later.

The volume leaders were PTC, HUBC, PIAHCLA, PPL and HUMNL. HUBC continued its decline, even as the company announced a settlement agreement with the government regarding their receivables.

The presence of Saudi delegation in Islamabad, along with statements regarding the Reko Diq project, sparked interest in Oil heavyweights PPL and OGDC.

Copyright Business Recorder, 2024