Pakistan stocks slightly up amid dull session

KARACHI: The equity market witnessed a dull trading session staying range-bound on Wednesday, managing to close in the green zone.

“The stocks closed higher as the investor weight reports of UAE defer over $2 billion debt payments and speculations over a positive outcome of the Supreme Court hearing on the political crises,” Ahsan Mehanti at Arif Habib Corp said.

“Mid-session pressure remained on the falling rupee and economic uncertainty. Surging global crude oil prices, reports of a surge in services exports by 18 per cent for Jul-February 2022 played a catalyst role in the bullish close,” he added.

The Pakistan Stock Exchange KSE-100 shares Index gained 0.42 per cent, or 183.02 points, to close at 44,111.10 points. The KSE-30 shares Index gained 0.53 per cent, or 88.01 points, to close at 16,841.27 points.

As many as 324 scrips were active of which 190 advanced, 104 declined and 30 remained unchanged.

An analyst at Pear Securities said that it seems the market is slowly pricing in the slow-paced proceedings of the Supreme Court and observing the political scenario created by the National Assembly Speaker’s ruling against the vote of no-confidence.

“The oil prices came down a notch as the US makes efforts to increase supply and lower demand from China. However, the exchange rate continues to weaken on a daily basis as it touched a high of Rs186,” he added.

The ready market volumes stood at 108.41 million shares compared with the turnover of 115.64 million shares in the last trading session.

The companies which reflected the highest gains included Unilever Foods(XD) up Rs745 to close at Rs24,500/share, and Sapphire Fiber up Rs57.60 to close at Rs825.60/share.

The companies that reflected the most losses included Rafhan Maize down Rs600 to close at Rs11,400/share, and Nestle Pakistan(XD) down Rs392.03 to close at Rs5,500/share.

Going forward, the analysts expect the market to remain under pressure, therefore suggesting investors adopt the “Sell on Strength” strategy.

The highest volumes were witnessed in Treet Corp with a turnover of 13.43 million shares. The scrip gained 94 paisas to close at Rs32.71/share, followed by Telecard Limited with a turnover of 11.96 million shares. It shed 34 paisas to close at Rs14.55/share. Engro Polymer remained the third with a turnover of 5.56 million shares. It gained Rs2.51 to finish at Rs75.15/share.