Pakistan’s equity market remains mixed on absence of positive triggers
KARACHI: Pakistan’s equity market witnessed a mixed session on Wednesday due to the absence of any positive triggers, while increase in the Covid cases kept the market participants away from taking fresh positions, dealers said.
Ahsan Mehanti at Arif Habib Corp said that the stocks ended higher led by selected scrips, as investors’ weighed reports on likely surge in the forex reserves by $2.8 billion on the IMF’s approval of new SDR reserves for member nations.
“Oil and cement stocks battered on slump in global crude oil prices and dismal data on cement sales. Likely resolve to the IMF conditions for [the] release of $400 million pending loan disbursement next month and speculations in the earnings season played a catalytic role in [the] positive close.”
The Pakistan Stock Exchange KSE-100 shares index gained 0.07 per cent, or 31.56 points, to close at 47,789.88 points. The KSE-30 shares index shed 0.07 per cent, or 14.18 points, to close at 19,095.89 points.
As many as 492 scrips were active, of which 229 advanced, 237 declined and 26 remained unchanged. The ready market volumes stood at 532.90 million shares, compared with the turnover of 443.21 million shares in the last trading session.
An analyst at Arif Habib Limited said the market traded range-bound. “Profit-booking brought the index down from [the] session’s high, which seems plausible after an ascent of 600 points in the past couple of sessions. Technology, fertiliser, cement and steel sectors saw profit-booking, whereas banks and oil marketing companies moved up.”
Muhammad Mubashir at JS Global Capital said that the lack of positive triggers and concerns over the fourth wave of the Covid pandemic brought the KSE-100 index down to a low of 46,955 points. However, after a full recovery, the equity market closed flat.
“Selling pressure was witnessed across-the-board. Refineries came in the limelight where National Refinery Limited (NRL) went up 1.6 per cent and Attock Refinery Limited (ATRL) rose 2.8 per cent on the back of news regarding re-surfacing of the refinery policy.
Going forward, in the light of the Covid concerns, analysts recommend investors to adopt buy on dips strategy in banks, textiles and fertilisers.
The companies that reflected the highest gains included Nestle Pakistan, up Rs171.46 to close at Rs6,050/share; and Colgate Palmolive, up Rs49.66 to close at Rs2,912.99/share.
The companies, which reflected the most losses included Premium Textile, down Rs30 to close at Rs410/share; and Pakistan Engineering, down Rs16.42 to end at Rs376.31/share.
The highest volumes were witnessed in Telecard Limited with a turnover of 58.17 million shares. The scrip gained 81 paisas to close at Rs17.85/share; followed by Hascol Petrol with the turnover of 49.79 million shares. It gained 31 paisas to close at Rs8.63/share. WorldCall Telecom was the third with the turnover of 45.69 million shares. It gained one paisa to finish at Rs3.65.
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