Pakistan stocks remain choppy; gain 33.42 points amid uncertainty

Web DeskWeb Editor

13th Jul, 2021. 09:19 pm
Pakistan Stocks Exchange

KARACHI: The Pakistan equity market witnessed a choppy session on Tuesday and ended on a positive note, which was mostly contributed by the technology sector.

“Uncertainty prevailed in the market on the back of the lethal pandemic that has started taking lives via its 4th wave where 1,590 new cases and 21 deaths were registered as per [the] NCOC [National Command Operation Center],” an analyst at Pearl Securities said.

The Pakistan Stock Exchange KSE-100 shares index gained 0.07 per cent, or 33.42 points, to close at 47,480.50 points. The KSE-30 shares gained 0.08 per cent, or 15.92 points, to close at 19,077.66 points.

As many as 412 scrips were active, of which 172 advanced, 222 declined and 18 remained unchanged. The ready market volumes stood at 496.82 million shares, compared with the turnover of 474.99 million shares in the last trading session.

An analyst at Arif Habib Limited said the investors maintained a cautious approach towards building positions, in the wake of the capital gains tax (CGT) liability that is due to be settled by the middle of the month; whereby, investors anticipate sell-off by other than corporate and institutional investors.

“[The] technology sector led the index with Netsol hitting [the] upper circuit and brisk trading in TRG Pakistan and Systems Limited. [The] power sector remained muted due to concerns over [the] Petroleum Division’s stance on payments to [the] Independent Power Producers (IPPs) under [the] Power Policy of 2002.”

Muhammad Mubashir at JS Global Capital said the market witnessed range-bound activity due to the lack of positive triggers, amid concerns regarding the fourth wave of the Covid-19. Investors preferred to book profits across-the-board.

“Moving forward, we expect range-bound activity to continue in the coming sessions and recommend investors to avail of any downside as an opportunity to buy in the technology, construction, and textile sectors.”

The companies that reflected the highest gains included Unilever Foods, up Rs281 to close at Rs16,470/share; and Khyber Tobacco, up Rs32.62 to close at Rs467.59/share.

The companies, which reflected the most losses included Nestle Pakistan, down Rs59.99 to close at Rs5,815.01/share; and Bata Pakistan, down Rs45 to end at Rs1,690/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 48.03 million shares. The scrip shed 12 paisas to close at Rs3.52/share; followed by Ghani Global Glass with a turnover of 37.59 million shares. It gained Rs1.85 to close at Rs28.44/share. TPL Corp was the third with a turnover of 29.41 million shares. It gained Rs1.58 to finish at Rs22.72.

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