Pakistan equity market closes green after volatile session

Pakistan equity market closes green after volatile session

Pakistan equity market closes green after volatile session
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KARACHI: The Pakistan bourse observed a volatile trading day on Tuesday closing on a positive note amid rupee depreciation, political noise and volatile international commodity prices.
All eyes are on the Supreme Court verdict on the National Assembly Speaker’s ruling of April 3 that led to a constitutional crisis-like situation in the country, an analyst at Pearl Securities said.
“The International Monetary Fund (IMF) has paused the negotiations until a new government is formed. Moreover, the exchange rate is in free-fall as the dollar touched a high of Rs185. The trade deficit in the first nine months of fiscal year 2022 has clocked-in at $35 billion, while the State Bank of Pakistan (SBP) reserves have depleted to $11 billion signaling worsening economic situation,” he added.
The Pakistan Stock Exchange KSE-100 shares Index gained 0.06 per cent, or 26.03 points, to close at 43,928.08 points. The KSE-30 shares Index gained 0.10 per cent, or 16.55 points, to close at 16,753.26 points.
As many as 302 scrips were active of which 154 advanced, 125 declined and 23 remained unchanged.

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The ready market volumes stood at 115.64 million shares compared with the turnover of 170.48 million shares in the last trading session.
The companies which reflected the highest gains included Blessed Tex up Rs34.50 to close at Rs494.51/share, and Siemens Pak up Rs26.97 to close at Rs622/share.
The companies that reflected the most losses included Sapphire Fiber down Rs62 to close at Rs768/share, and Service Ind Ltd down Rs23.77 to close at Rs423.25/share.
Going forward, the analysts expect the market to remain under pressure, therefore suggesting investors adopt the “Sell on Strength” strategy.
An analyst at Arif Habib Limited said that another volatile day was observed at the PSX as Index opened in the negative zone due to political unrest and devaluation of rupee against the Dollar.
“During the second hour of trading, value buying was observed which led the KSE-100 Index to stay in the positive zone as rally was witnessed in the cements and fertilizer sector. In the last trading hour, across the board profit taking was witnessed,” he added.
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The highest volumes were witnessed in Telecard Limited with a turnover of 12.90 million shares. The scrip gained 35 paisas to close at Rs14.21/share, followed by TPL Properties with a turnover of 6.70 million shares. It shed 38 paisas to close at Rs18.88/share. Engro Polymer remained the third with a turnover of 6.52 million shares. It gained Rs5.06 to finish at Rs72.64/share.

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