KARACHI: The Pakistan bourse witnessed recovery in the earnings season on Wednesday, as investors weigh on surging global equities and a strong data of $31.3 billion in remittances for fiscal year 2022.
Ahsan Mehanti at Arif Habib Corp said that post International Monetary Fund (IMF) staff level agreement to release the next tranche this month and reports of 25.53 per cent surge in textile exports during fiscal year 2022 played a catalyst role in the bullish close.
The Pakistan Stock Exchange KSE-100 shares Index gained 0.17 per cent, or 70.63 points, to close at 40,459.70 points. The KSE-30 shares Index gained 0.28 per cent, or 43.52 points, to close at 15,368.95 points.
An analyst at Pearl Securities said that the market continued to hover in the shade of uncertainty as the dollar touched a new high of Rs225 in the interbank foreign exchange market.
“However, higher global oil prices lifted up the activity in the exploration and production (E&P) sector which added 71 points to the index, thus, supported the sentiment,” he added.
Further, the finance minister said that the government had started taking measures to control imports and cued ease in the trade deficit in the upcoming period, due to which slight recovery was seen in the last hours of the session, he added.
Going forward, the analysts expect the market to remain under pressure amid deteriorating fundamentals. Therefore, suggesting investors adopt the “Sell on Strength” strategy in the forthcoming sessions.
As many as 325 scrips were active of which 136 advanced, 169 declined and 20 remained unchanged.
The ready market volumes stood at 141.74 million shares, compared with the turnover of 194.86 million shares in the last trading session.
The companies which reflected the highest gains included Allawasaya Textile up Rs189.45 to close at Rs2,715.70/share, Rafhan Maize up Rs150 to close at Rs9,950/share.
The companies which reflected the most losses included Colgate Palm down Rs58.98 to close at Rs2,040.01/share, and Premium Textile down Rs56.25 to close at Rs730/share.
The highest volumes were witnessed in TPL Properties with a turnover of 13.37 million shares. The scrip shed 35 paisas at Rs17.56/share, followed by WorldCall Telecom with a turnover of 10.75 million shares. It gained 2 paisas to close at Rs1.27/share. Cnergyico PK remained the third with a turnover of 7.95 million shares. It shed 2 paisas to finish at Rs5/share.