- The Pakistan equity closed in the red zone after a range-bound session on Thursday.
- The Index shed 0.59 per cent, or 251.52 points, to close at 42,243.33 points.
- Positive inflows kept coming in as the rupee touched a mark of Rs216/$ at the interbank.
KARACHI: The Pakistan equity closed in the red zone after a range-bound session on Thursday, as the investors opted for profit-taking in the last trading hour.
An analyst at Arif Habib Limited said that a range bound session was observed at the bourse where the benchmark KSE-100 Index opened in the positive zone.
“However, sluggish activity was witnessed as investors opted for profit taking in the last trading hour which led the Index to close in the red zone. Volumes remained decent in the main board although hefty volumes were witnessed in the third tier stocks,” he added.
The Pakistan Stock Exchange KSE-100 shares Index shed 0.59 per cent, or 251.52 points, to close at 42,243.33 points. The KSE-30 shares Index shed 0.67 per cent, or 108.32 points, to close at 15,971.67 points.
An analyst at Pearl Securities said that the market witnessed a much-awaited healthy profit taking session after gaining 2,400 points since last week where the investor’s interest seems to remain unharmed throughout the day.
“The cut-off yield on the 3-months and 6-months T-bill in yesterday’s auction remained unchanged from the previous one. On the flip side, positive inflows kept coming in as the rupee touched a mark of Rs216/$ at the interbank,” he added.
“Likewise, Pakistan’s deal with the International Monetary Fund (IMF) is getting closer to the finish line. Going forward, we expect the market to perform well backed by the positive inflows; hence, we suggest our investors adopt the “Buy on Dip” strategy in the ongoing week,” he added.
Ahsan Mehanti at Arif Habib Corp said that the stocks fell lower on the political noise and a hike in the power tariff.
“Mid-session support remained on strong rupee and falling Pakistan’s dollar bond yields, while the investors’ concerns for weak earnings outlook played a catalyst role in the bearish close,” he added.
As many as 343 scrips were active of which 130 advanced, 193 declined and 20 remained unchanged.
The ready market volumes stood at 281.73 million shares, compared with the turnover of 373.18 million shares in the last trading session.
The companies which reflected the highest gains included Unilever Foods up Rs500 to close at Rs25,000/share, Nestle Pakistan(XD) up Rs45 to close at Rs6,100/share.
The companies which reflected the most losses included Gatron Industries down Rs26.40 to close at Rs361.10/share, and Indus Motor down Rs16.18 to close at Rs1,054.02/share.
The highest volumes were witnessed in Unity Foods with a turnover of 19.67 million shares. The scrip gained 32 paisas to close at Rs20.43/share, followed by K-Electric with a turnover of 19.23 million shares. It gained 4 paisas to close at Rs3.10/share. WorldCall Telecom remained the third with a turnover of 18.74 million shares. It shed 3 paisas to finish at Rs1.30/share.
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