Pakistan stocks slightly down amid profit-taking

KARACHI: The Pakistan bourse witnessed a profit-taking session, amid rupee depreciation, where the KSE-100 Index managed to sustain near previous levels, dealers said.

An analyst at Pearl Securities said the investors’ interest was dragged down, while keeping an eye on the pressurised economic figures coupled with the continuous rupee depreciation.

“Moreover, selling pressure, amid concerns over [the] upcoming monetary policy announcement kept the index momentum in check.”

The Pakistan Stock Exchange KSE-100 shares Index shed 0.02 per cent, or 6.62 points, to close at 43,846.87 points. The KSE-30 shares index gained 0.26 per cent, or 43.74 points, to close at 17,049.47 points.

As many as 350 scrips were active, of which 134 advanced, 196 declined and 20 remained unchanged. The ready market volumes stood at 233.17 million shares, compared with the turnover of 229.3 million shares in the last trading session.

An analyst at Arif Habib Limited said the market remained range-bound with low volumes and across-the-board lacklustre activity. “[The] KSE-100 went up 285 points during the day but couldn’t manage to sustain positive momentum. [The] activity was witnessed majorly in E&P stocks, on [the] expectations of resolution of gas circular debt. Technology stocks witnessed a sharp pull back, with good volumes.”

Muhammad Mubashir at JS Global Capital said that after three consecutive volatile sessions, bulls made a comeback. E&P companies remained under limelight throughout the day over news of a probable windfall inflow where the Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) gained 4.2 per cent and 3.8 per cent, respectively.

The companies that reflected the highest gains included Mari Petroleum, up Rs47.15 to close at Rs1,671.68/share; and Blessed Textile, up Rs30.74 to close at Rs450/share.

The companies, which reflected the most losses included Nestle Pakistan, down Rs140 to close at Rs5,250/share; and Sapphire Textile, down Rs74.9 to close at Rs925/share.

The highest volumes were witnessed in Hascol Petroleum with a turnover of 57.47 million shares. The scrip gained 65 paisas to close at Rs6.7/share; followed by Telecard Limited with a turnover of 21.82 million shares. It gained 87 paisas to close at Rs15.57/share. Treet Corporation remained the third with a turnover of 11.11 million shares. It shed 32 paisas to finish at Rs41.45/share.