Stocks lose more weight – Markets

KARACHI: Pakistan’s stock market remained range-bound throughout the day on Thursday on worries about rising inflation and political noise.

The market opened on a positive note but lackluster activity was seen. In the last hour of trading, profit taking was seen across the board, which pushed the index into the red zone.

The benchmark KSE-100 hit an intraday high of 43,458.92 points and an intraday low of 42,961.23 points before closing at 43,032.57 points, down 305.40 points or 0.70 %.

Trading activity remained weak as total daily volumes on the Lending Desk declined to 208.115 million shares from 256.479 million shares traded on Wednesday, while total daily traded value on the Lending Desk fell to 7.783 billion rupees against 8.747 billion rupees the day before.

BRIndex100 lost 31.97 points or 0.73% to close at 4,321.68 points with total daily turnover of 171.078 million shares.

BRIndex30 fell 108.19 points or 0.68% to close at 15,743.81 points with total daily trading volumes of 95.093 million shares.

Foreign investors, however, remained net buyers of shares worth $501,086. The total market capitalization decreased by Rs 46 billion to Rs 7.151 trillion. Out of a total of 343 active scrips, 209 closed negative and 110 positive while the value of 24 shares remained unchanged.

WorldCall Telecom was the volume leader with 18.598 million shares but lost Rs 0.03 to close at Rs 1.32, followed by Hascol Petroleum which closed at Rs 6.74, down Rs 0.08 with 10.506 million shares. PIAC (A) fell slightly by Rs 0.38 to close at Rs 4.97 with 9.304 million shares.

Sanofi-Aventis and Reliance Cotton were the main gainers rising by Rs 79.70 and Rs 37.05 respectively to close at Rs 1,349.70 and Rs 531.05 while Sapphire Textile and Colgate Palmolive were the main losers, decreasing by Rs 64.33 and Rs 24.97 respectively to close at Rs 1,057.00 and Rs 2,375.00.

An analyst from Arif Habib Limited said the market remained constrained throughout the day on concerns over rising inflation and political noise. The benchmark KSE-100 opened in the positive zone but lackluster activity was seen. In the last hour of trading, profit taking was seen across the board, which pushed the index into the red zone. Volumes remained dry in the main draw, although strong volumes were seen in third tier stocks.

Sectors contributing to performance were Energy (down 142.4 points), Fertilizers (down 32.0 points), E&P (down 28.4 points), Banks (down down 27.6 points) and technology (down 25.0 points).

BR Automobile Assembler Index fell 75.16 points or 0.77% to close at 9,637.79 points with total turnover of 867,030 shares.

BR Cement Index fell 56.19 points or 1.27% to close at 4,486.48 points with 10.840 million shares.

The BR Commercial Banks Index lost 26.57 points or 0.29% to close at 9,108.26 points with 21.539 million shares.

The BR Power Generation and Distribution Index plunged 296.57 points or 4.88% to close at 5,785.36 points with 30.493 million shares.

The BR Oil and Gas Index edged down 22.59 points or 0.56% to close at 4,002.23 points with 17.019 million shares.

BR Technician. & Com. The index closed at 3,844.63 points, down 27.83 points or 0.72% with 39.477 million shares.

An analyst from Topline Securities said Pakistani stocks closed on a negative note where the benchmark KSE-100 index came in at 43,032, down 0.70%.

After a slight positive open, profit taking was seen on the stock exchange, where the market hit an intraday low of 377 points. The main decliners in the trading session were ENGRO, MEBL, BAHL, MCB and MARI, which added up the KSE-100 index by 87 points.

Copyright Business Recorder, 2022

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