KARACHI: Pakistan Stock Exchange on Tuesday witnessed mixed trend and after moving in both directions finally closed on a negative note on the last day of calendar year due institutional selling in some sectors on year-end closing.
The benchmark KSE-100 index hit 116,700.02 points intra-day high and 114,804.81 points intra-day low levels before closing at 115,126.90 points, down 132.09 points or 0.11 percent.
On year-on-year basis, the index has provided a gain of 84.34 percent (87 percent in US$ term) in the calendar year 2024, highest return in last 22 years. Previously, the index has recorded highest return of 112 percent in the year 2002.
Trading activities improved as total daily volumes on ready counter increased to 1,236.873 million shares as compared to 1,059.020 million shares traded on Monday while total daily traded value on the ready counter increased to Rs 44.218 billion against previous session’s Rs 40.889 billion.
BRIndex100 decreased by 196.25 points or 1.58 percent to close at 12,188.55 with total daily turnover of 1,081.039 million shares.
BRIndex30 declined by 1,498.97 points or 3.9 percent to close at 36,889.73 points with total daily trading volumes of 776.345 million shares.
The foreign investors however remained net buyers of shares worth $2.099 million. Total market capitalization declined by Rs 63 billion to stand at Rs 14.495 trillion. Out of total 465 active scrips, 235 closed in positive and 188 in negative while the value of 42 stocks remained unchanged.
Cnergyico PK was the volume leader with 213.352 million shares and gained Re 0.41 to close at Rs 7.85 followed by Pace (Pak) Limited that increased by Re 0.76 to close at Rs 8.09 with 66.219 million shares. WorldCall Telecom lost Re 0.05 to close at Rs 1.78 with 65.770 million shares.
Bata Pakistan and Unilever Pakistan Foods were the top gainers increasing by Rs 104.48 and Rs 91.16 respectively to close at Rs 2,018.85 and Rs 21,225.03 while Haleon Pakistan and Shahmurad Sugar Mills were the top losers declining by Rs 52.25 and Rs 47.31 respectively to close at Rs 807.67 and Rs 425.82.
An analyst at Topline Securities said a range bound session was observed on the last trading session of the year, as KSE-100 Index traded between its intraday high of plus 1,441 points and intraday low of minus 454 points.
Traded value wise OGDC (Rs1.97 billion), PPL (Rs1.77 billion), CNERGY (Rs1.66 billion), MARI PA (Rs1.54 billion) and PAEL PA (Rs1.52 billion) dominated the trading activity.
OGDC & PPL were among the top traded companies and gained to close 0.8 percent and 2.31 percent respectively on the back of the news that decision has been made with respect to sale of 15 percent stake to KSA.
Top point wise contribution to the index came from PPL, UBL, HBL, DAWH and SRVI, as they cumulatively contributed plus 314 points to the index. On the other hand pressure was observed in fertilizer and banking sector as FFC, MCB, BAHL, BAFL and ENGRO lost value to weigh down on the index by negative 423 points.
BR Automobile Assembler Index lost 62.25 points or 0.3 percent to close at 20,693.79 points with total turnover of 8.075 million shares.
BR Cement Index declined by 104.57 points or 0.93 percent to close at 11,125.43 points with 36.323 million shares.
BR Commercial Banks Index decreased by 98.37 points or 0.33 percent to close at 29,621.47 points with 96.269 million shares.
BR Power Generation and Distribution Index increased by 163.03 points or 0.89 percent to close at 18,575.61 points with 57.222 million shares.
BR Oil and Gas Index gained 28.94 points or 0.22 percent to close at 13,005.56 points with 56.065 million shares.
BR Tech & Comm Index added 50.43 points or 0.87 percent to close at 5,856.30 points with 188.538 million shares.
Ali Najib at Insight Securities said that the trading resumed on a jubilant note as Monday’s massive bull run’s tail end led the show in the early trading hours. Nevertheless, profit taking on the last day did generate some selling pressure which compelled the benchmark index to lose earlier gained grounds.
Banks, Fertilizer and E&P were the key sectors which observed some profit taking. Consequently, FFC, MCB, BAHL, BAFL and ENGRO saw selling as they lost 424 points.
Copyright Business Recorder, 2024
Source: Brecorder
