Pakistan bourse closes in red over lack of positive triggers

KARACHI: The bears continued to rule over the Pakistan equity market witnessing lackluster activity during the trading session on Tuesday.

The investors’ confidence in the market was dampened by the renewed concerns over the rising new Covid cases in the country, coupled with the economic uncertainty in the country which kept the investors at bay.

“Rising Covid cases and lack of positive triggers resulted in range-bound activity at the bourse today. Index touched an intra-day high and low of 45,758 and 45,469, respectively, to eventually close at the level of 45,507. Major laggards today were HUBC, LUCK, BAHL, SCBPL and CHCC,” an analyst at JS Global said.

The Pakistan Stock Exchange KSE-100 shares Index shed 0.23 per cent, or 104.79 points, to close at 45,507.4 points. The KSE-30 shares Index shed 0.09 per cent, or 16.39 points, to close at 17,942.16 points.

“The Pakistan equities had a direction-less day today, where the KSE-100 Index moved in the band of 289 points. The recent rise in the global oil prices kept the market performance in check,” an analyst at Topline Securities said.

“The E&P, fertiliser, banking sectors’ stocks contributed positively today where POL, Engro, PPL, MCB and OGDC cumulatively added 78 points,” he added.

As many as 350 scrips were active, of which 129 advanced, 199 declined and 22 remained unchanged.

“Going forward, a buy on dips strategy is advised especially in oil and gas exploration, oil marketing and fertiliser sectors.”

The ready market volumes stood at 165.13 million shares, compared with the turnover of 173.49 million shares in the last trading session.

The companies which reflected the highest gains included Unilever Foods up Rs409 to close at Rs20,899/share, and Nestle Pakistan up Rs90 to close at Rs5,500/share.

The companies which reflected the most losses included Bata (Pak)XD down Rs99.90 to close at Rs2,000/share, and Ismail Industries down Rs39 to close at Rs486/share.

The highest volumes were witnessed in TRG Pakistan Limited with a turnover of 20.68 million shares. The scrip shed 93 paisas to close at Rs95.52 /share, followed by Worldcall Telecom Limited with a turnover of 17.67 million shares, shedding 3 paisas to close at Rs2.34/share. The Hub Power Company Limited remained the third with a turnover of 8.14 million shares, as it shed Rs1.12 to finish at Rs79.67/share.