The stock market lacks luster – Markets

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KARACHI: The Pakistan Stock Exchange had a limited session on Wednesday due to the continued depreciation of the PKR against the USD.

The market opened on a positive note but failed to build momentum as investor participation remained sluggish, leading the index to close in the red zone, experts said.

The benchmark KSE-100 hit an intraday high of 42,064.56 points and an intraday low of 41,705.58 points before closing at 41,766.05 points, down 94.31 points or 0.23 %.

Trading activity remained weak, with total daily trading volume declining to 92.938 million shares from 187.263 million shares traded on Tuesday, while total daily trading value on the loan desk fell to 3.156 billion rupees against 4.017 billion rupees the day before.

BRIndex100 lost 15.26 points or 0.36% to close at 4,174.09 points with total daily turnover of 74.734 million shares.

BRIndex30 fell 107.52 points or 0.71% to close at 15,034.85 points with total daily trading volumes of 47.807 million shares.

Foreign investors, however, remained net buyers of shares worth $133,365. The total market capitalization decreased by Rs 12 billion to Rs 6.931 trillion. Out of a total of 337 active scrips, 181 closed negative and 130 positive while the value of 26 shares remained unchanged.

Hascol Petroleum was the volume leader with 8.625 million shares but lost Rs 0.15 to close at Rs 6.94, followed by Pak Refinery which closed at Rs 17.95, up Rs 0.02 with 6.239 million shares. Cnergyico PK gained Rs 0.07 to close at Rs 5.19 with 4.819 million shares.

Premium Textile and Colgate Palmolive were the main gainers, rising by Rs 48.90 and Rs 48.67 respectively to close at Rs 892.90 and Rs 2,385.00, while Sapphire Textile and Reliance Cotton were the main losers, decreasing by Rs 79.05 and Rs 35.00 respectively to close at Rs 1,110.50 and Rs. 460.00.

An analyst from Arif Habib Limited said that the PSX saw a limited session due to the continued depreciation of the PKR against the US Dollar. The benchmark KSE-100, despite opening in the positive zone, failed to sustain momentum as investor participation remained sluggish, leading the index to close in the red zone. Volumes continued to decline in the main draw, although decent volumes were seen in third tier stocks.

The sectors contributing to the performance are Fertilizers (-32.8 points), Banks (-21.3 points), Technology (-17.5 points), Cement (-16.8 points) and E&P (-16.3 points).

BR Automobile Assembler Index fell 29.31 points or 0.32% to close at 9,051.41 points with total turnover of 341,367 shares.

BR Cement Index fell 26 points or 0.58% to close at 4,450.78 points with 6.974 million shares.

The BR Commercial Banks Index fell 22 points or 0.25% to close at 8,851.10 points with 4.647 million shares.

The BR Power Generation and Distribution Index edged down 2.32 points or 0.04% to close at 5,581.00 points with 8.857 million shares.

The BR Oil and Gas Index lost 0.42 points or 0.01% to close at 3,862.09 points with 15.982 million shares.

BR Technician. & Com. The index closed at 3,693.38 points, down 24.07 points or 0.65% with 9.340 million shares.

A Topline Securities analyst said lackluster activity was seen on the stock exchange as the KSE-100 index traded between its intraday high of plus 205 points and its intraday low of minus 94 points to finally slump. to settle at the 41,766 level, down 0.23%.

The major contribution to the index came from MEBL, PSO, COLG, DAWH and SHEL, as they cumulatively contributed over 44 points to the index. On the other hand, EFERT, ENGRO, HMB, LUCK and SYS lost value to weigh on the index by minus 72 points.

Copyright Business Recorder, 2022

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