PSX remains range-bound as investors opt cautious approach

KARACHI: The Pakistan bourse closed on a positive note on Wednesday after observing another range-bound session, where the investors opted for a cautious approach.

An analyst at Pearl Securities said that the prime minister’s visit to China remained in the limelight as China announced RMB500 million in flood aid and speed up work on the China-Pakistan Economic Corridor (CPEC) projects.

“The oil sales number improved with growth of 9 per cent on a monthly basis in October 2022. On the flip side, the rupee depreciated in the interbank foreign exchange market. Going forward, we expect the market to perform well. Hence, we recommend our investors adopt the “Buy on Dip” strategy in the upcoming sessions,” he added.

The Pakistan Stock Exchange KSE-100 shares Index gained 135.90 points, or 0.33 per cent to close at 41,944.59 points. The KSE-30 shares Index gained 62.78 points, or 0.41 per cent to close at 15,349.13 points.

Ahsan Mehanti at Arif Habib Corp said that the stock witnessed bullish activity on investor speculations over the positive outcome of the prime minister’s visit to China.

“Mid-session pressure remained on the reports of 26.6 per cent CPI inflation and dismal data for oil, auto and cement sales in October 2022. A likely debt rollover by China, CPEC revival and dues settlement of Chinese Independent Power Producers (IPPs) under the CPEC to sign-off new projects played a catalyst role in the positive close,” he added.

As many as 353 scrips were active of which 156 advanced, 166 declined and 31 remained unchanged.

The ready market volumes stood at 230.56 million shares, compared with the turnover of 192.14 million shares in the last trading session.

The companies which reflected the highest gains included Siemens Pakistan up Rs63.09 to close at Rs904.42/share, and Goodluck Industries up Rs48.15 to close at Rs690.15/share.

The companies which reflected the most losses included Allawasaya Textile down Rs269.36 to close at Rs3,322.19/share, and Sanofi-Aventis down Rs43.45 to close at Rs982.05/share.

The highest volumes were witnessed in Hascol Petrol with a turnover of 55.74 million shares. The scrip gained Re1 to close at Rs7.34/share, followed by WorldCall Telecom with a turnover of 23.56 million shares. It shed 2 paisas to close at Rs1.46/share. Cnergyico PK remained the third with a turnover of 16.08 million shares. It gained 13 paisas to close at Rs4.88/share.

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