KARACHI: The Pakistan Stock Exchange had a range bound session on Friday and after moving in both directions, it finally closed on a negative note due to selling across various sectors.
The benchmark KSE-100 reached an intraday high of 42,238.60 points and an intraday low of 41,895.90 points to close below the psychological level of 42,000 at 41,948.50 points, down 137 .22 points or 0.33%.
Trading activity improved, however, as total daily volumes on the Lending Desk increased to 328.653 million shares from 222.227 million shares traded on Thursday, while the total daily value traded on the Lending Desk decreased to 9.611 billion rupees against 9.669 billion rupees in the previous session.
BRIndex100 lost 11.26 points or 0.27% to close at 4,222.16 points with total daily turnover of 292.586 million shares.
BRIndex30 fell 107.71 points or 0.67% to close at 15,953.22 points with total daily trading volumes of 239.987 million shares.
Foreign investors, however, remained on the buying side with a new net inflow of $5.498 million. The total market capitalization decreased by Rs 34 billion to Rs 6.818 trillion. Out of a total of 344 active scrips, 180 closed negative and 136 positive while the value of 28 shares remained unchanged.
WorldCall Telecom was the volume leader with 108.566 million shares and gained Re 0.07 to close at Rs 1.59 followed by TRG Pak which fell by Rs 2.53 to close at Rs 125.94 with 30.688 million actions. G3 Technologies closed at Rs 9.52, up Rs 0.48 with 22.522 million shares.
Sapphire Fiber and Sanofi-Aventis were the main gainers rising by Rs 92.18 and Rs 73.50 respectively to close at Rs 1,335.90 and Rs 1,128.00 while Sapphire Textile and Pak Tobacco were the main losers , decreasing by Rs 75.40 and Rs 58.59 respectively to close at Rs 1,023.60 and Rs 781.41.
An analyst from Topline Securities said range-related activity was seen on the exchange as the index traded between its intraday high of plus 151 points and its intraday low of minus 114 points to finally settle. at the 41,952 level, down 0.32%.
The major contribution to the index came from BAFL, MARI, MCB, MTL and HUBC, as they cumulatively contributed over 24 points to the index. On the other hand, OGDC, SYS, TRG, PAKT and DAWH lost value to weigh on the index by minus 146 points.
BR Automobile Assembler Index gained 36.16 points or 0.4% to close at 9,149.72 points with total revenue of 4.071 million shares.
BR Cement Index fell 3.96 points or 0.09% to close at 4,618.80 points with 11.844 million shares.
The BR Commercial Banks Index edged down 2.64 points or 0.03% to close at 8,196.86 points with 13.381 million shares.
The BR Power Generation and Distribution Index added 25.27 points or 0.39% to close at 6,430.51 points with 17.033 million shares.
The BR Oil and Gas Index fell 7.15 points or 0.19% to close at 3,728.35 points with 14.534 million shares. The BR Tech & Comm index fell 73.38 points or 1.64% to close at 4,409.54 points with 161.268 million shares.
Ahsan Mehanti of Arif Habib Corporation said the shares saw a bearish close as investors weighed Moody’s downgrades, falling foreign exchange reserves and the slump in the rupiah.
He said the IMF cut growth and forecast inflation over 19.9% in FY23, which would likely impact SBP policy rates, lower cotton production, September 22 cement and auto sales data acted as a catalyst for the bearish close.
Copyright Business Recorder, 2022