Stock market rangebound – Markets

KARACHI: The Pakistan Stock Exchange had a limited session on Friday due to investor concerns over the uncertain political and economic situation in the country.

The benchmark KSE-100 reached an intraday high of 40,421.24 points and an intraday low of 40,027.07 points before closing at 40,150.36 points, down 126.28 points or 0.31 %.

Trading activity also remained weak, with total daily volumes on the Lending Desk declining to 170.272 million shares, from 251.270 million shares traded on Thursday, while the total value traded daily on the Lending Desk fell to 6.307 billion rupees against 9.347 billion rupees the day before.

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

BRIndex30 edged down 33.17 points or 0.23% 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. Market capitalization decreased by Rs 18 billion to Rs 6.771 trillion. Out of 312 active scrips, 179 closed negative and 108 positive while the value of 25 shares 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 which 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 main gainers, rising 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 main losers, decreasing respectively of Rs 70.50 and Rs 18.15 to close at Rs 1,999.50 and Rs 228.98.

An analyst from Topline Securities said the range-bound session was seen in the last trading session of the week, with the index trading between an intraday high of plus 144 points and an intraday low of minus 250 points. eventually settling at the 40,150 level, down 0.31%.

The major contributor to the index came from TRG, BAFL, INDU, FABL and PKGS, as they added 146 index points. On the other hand, FFC, EFERT, ENGRO, BAHL and THALL lost value to weigh on the index by minus 97 points.

The BR Automobile Assembler Index rose 1.11 points or 0.01% to close at 8,950.43 points with total turnover of 1.286 million shares.

BR Cement Index fell 49.0 points or 1.31% to close at 3,702.12 points with 6.051 million shares.

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

The BR Power Generation and Distribution Index fell 16.39 points or 0.3% to close at 5,359.87 points with 11.255 million shares.

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

BR Technician. & Com. The index jumped 83.33 points or 2.41% to close at 3,540.70 points with 36.684 million shares.

Ahsan Mehanti of Arif Habib Corporation said shares fell sharply after S&P downgraded Pakistan’s long-term rating outlook to negative and investors worried about the weak earnings outlook.

Midterm support seen on the rupiah’s recovery due to the government’s decision to lift the import ban on non-essential and luxury items imposed on May 22 and speculation over the likely current account surplus on July 22

He said political unrest, rising energy prices and weak Rupee played a catalytic role in the bearish close.

Copyright Business Recorder, 2022

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