Pakistan bourse remains in green territory on profit-taking
KARACHI: Pakistan stocks witnessed another profit-taking session on the first day of the week where the index managed to close in the green territory supported by the banking sector, dealers said on Monday.
Ahsan Mehanti at Arif Habib Corp said that the stocks closed higher led by oil and banking scrips on strong valuations.
“Surging global crude oil prices, rupee stability, record surge in [the] cement dispatches and POL sales and upbeat auto sales played a catalytic role in [the] bullish close.”
The Pakistan Stock Exchange KSE-100 shares index gained 0.15 per cent, or 72.17 points, to close at 47,270.46 points. The KSE-30 shares index gained 0.07 per cent, or 13.36 points, to close at 18,796.97 points.
As many as 519 scrips were active, of which 209 advanced, 290 declined and 20 remained unchanged. The ready market volumes stood at 395.8 million shares, compared with the turnover of 427.44 million shares in the last trading session.
An analyst at Arif Habib Limited said the market consolidated the gains made in the previous sessions with profit-booking in technology, cement, steel and refinery sectors, whereas the index got some support from the banks and the power sector.
“[The] technology sector saw selling pressure that brought Avanceon and other tech stocks down, despite hitting a historic IPO of Octopus Digital in the previous week.”
Maaz Mulla at JS Global Capital said that the banking sector witnessed better participation by investors, while cement and technology sectors remained under selling pressure throughout the day.
“Going forward, we recommend investors to adopt a buy-on-dip strategy with the banks, E&P, and textile sectors as top picks.”
The companies that reflected the highest gains included Colgate Palmolive, up Rs106.3 to close at Rs2,499/share; and Allawasaya Textile, up Rs101.12 to close at Rs1,449/share.
The companies, which reflected the most losses included Buxly Paints, down Rs36.35 to close at Rs448.4/share; and Punjab Oil, down Rs16 to close at Rs210/share.
The highest volumes were witnessed in Byco Petroleum with a turnover of 44.96 million shares. The scrip gained one paisa to close at Rs9.79/share; followed by Service Fabric (Rights) with a turnover of 42.15 million shares. It gained 52 paisas to close at Rs3.3/share. TPL Properties remained the third with a turnover of 41.07 million shares. It gained Rs2.94 to finish at Rs61.4.
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