KARACHI: The Pakistan equity market moved both ways during the day on account of pressure on economic numbers along with the political disturbance, dealers said on Monday.
An analyst at Topline Securities said the investors’ interest was low during the day, amid concerns over further hike in the policy rate in the upcoming monetary policy announcement.
“Somehow, the index managed to close in the green, as the State Bank of Pakistan (SBP) received $3 billion deposit from Saudi Arabia.”
The Pakistan Stock Exchange KSE-100 shares Index gained 0.11 per cent, or 1.32 points, to close at 43,280.77 points. The KSE-30 shares index gained 0.35 per cent, or 59.2 points, to close at 16,777.44 points.
As many as 314 scrips were active, of which 122 advanced, 175 declined and 17 remained unchanged. The ready market volumes stood at 176.9 million shares, compared with the turnover of 287.7 million shares in the last trading session.
An analyst at Arif Habib Limited said the market remained lacklustre during the entire trading session, while bear remained active in the market by pushing investors’ on the sideline in continuation to the concerns towards the current account deficit and higher inflation figures along with the indication of higher interest rates in the upcoming monetary policy announcement.
“[The] market opened on a positive note but the activity remained sluggish during the day due to volatility in the index but managed to closed positive at the end of the day. Selling pressure seems to subside at the current levels and the market may witness good flows moving forward.”
Going forward, the analysts expect the market to remain under pressure and recommend investors to book profits at a higher level.
The companies, which reflected the highest gains included Colgate Palmolive, up Rs39.99 to close at Rs4,499.99/share; and Premier Sugar, up Rs31.94 to close at Rs457.9/share.
The companies that reflected the most losses included Nestle Pakistan, down Rs124.5 to close at Rs5,225.5/share; and Bhanero Textile, down Rs85.42 to close at Rs1,053.58/share.
The highest volumes were witnessed in WorldCall Telecom with a turnover of 16.58 million shares. The scrip gained five paisas to close at Rs2.10/share; followed by Telecard Limited with a turnover of 12.57 million shares. It shed 90 paisas to close at Rs13.91/share. TRG Pakistan remained the third with a turnover of 11.19 million shares. It gained Rs3.24 to finish at Rs81.1/share.