Pakistan stocks close in red zone; down 149 points
KARACHI: The benchmark KSE-100 index closed in the red zone on Thursday, where profit-taking was witnessed, owing to the slow business activities due to the imposition of the lockdown, dealers said.
Ahsan Mehanti at Arif Habib Corp said that the stocks closed lower on late session selling, amid concerns over the global equity selloff and uncertainty over the economic outcome of the lockdowns, amid the Covid outbreak.
“Early session support was witnessed, amid reports of surge in exports and strong financial results in [the] banking sector. However, [a] slump in [the] global crude oil prices played a catalytic role in the bearish close.”
The Pakistan Stock Exchange KSE-100 shares index shed 0.31 per cent, or 149 points, to close at 47,640.88 points. The KSE-30 shares index shed 0.28 per cent, or 52.95 points, to close at 19,042.94 points.
As many as 492 scrips were active, of which 212 advanced, 263 declined and 17 remained unchanged. The ready market volumes stood at 546.80 million shares, compared with the turnover of 532.95 million shares in the last trading session.
An analyst at Arif Habib Limited said the market traded in the narrow range of -207 points and +107 points, closing the session down 149 points.
“Profit-booking was still at work, particularly in the technology, banks, O&GMCs and chemical stocks, where [the] prices went up in previous sessions, whereas steel and cement sector stocks saw continuation of consolidation. [The] rupee parity has been stable; however, the outlook suggests an appreciation in the offing that kept the investors undecided on [the] portfolio positions.”
Muhammad Mubashir at JS Global Capital said that the KSE-100 index opened on a positive note and touched an intraday high of 47,896 in the early hours but could not sustain the momentum; giving away to selling pressure. “[The] auto sector remained in the limelight on the news that the government is considering decreasing the additional Customs duty and regulatory duty on autos.”
Going forward, analysts expect the market to further correct and advise the clients to avail any dip in the market as a buying opportunity in technology, cement and steel sectors.
The companies, which reflected the highest gains included Unilever Foods, up Rs99.5 to close at Rs16,999.50/share; and Ismail Industries, up Rs29.95 to close at Rs429.95/share.
The companies that reflected the most losses included Pakistan Services, down Rs72.52 to close at Rs894.48/share; and Nestle Pakistan, down Rs66.82 to end at Rs5,983.18/share.
The highest volumes were witnessed in the Pakistan Telecommunication Company Limited (PTCL) with the turnover of 62.13 million shares. The scrip gained 58 paisas to close at Rs12.63/share; followed by TPL Corp with the turnover of 42.66 million shares. It shed 95 paisas to close at Rs23.93/share. Telecard Limited remained the third with the turnover of 35.64 million shares. It shed 71 paisas to finish at Rs3.65.
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