Pakistan stock exchange

KARACHI: The Pakistan stocks market ended the day in a positive zone on Tuesday backed by improved investors’ sentiments over the energy sector’s exceptional performance, analysts said.

An analyst at Topline Securities said the trading session kicked-off on a positive note where initial gains were led by Hub Power Company as the stock continued yesterday’s momentum over an exceptional dividend announcement.

“Pakistan equity market closed in a positive zone where TRG Pakistan and Lucky Cement cumulatively added 82 points to the index,” he added.

The Pakistan Stock Exchange KSE-100 shares Index gained 138.73 points, or 0.34 per cent to close at 41,350.43 points. The KSE-30 shares Index gained 67.50 points, or 0.44 per cent, to close at 15,477.51 points.

Ahsan Mehanti at Arif Habib Corp said the stocks traded higher led by scrips across the board as investors weighed surging global crude oil prices, strong rupee recovery and higher payouts in the energy sector.

“Speculations over exit from the Financial Action Task Force (FATF) grey list in October, 17 meeting and upbeat data on trade deficit to reach $2.88 billion for September, down 31 per cent, played a catalyst role in the bullish close,” he added.

As many as 352 scrips were active of which 161 advanced, 165 declined and 26 remained unchanged.

The ready market volumes stood at 593.43 million shares, compared with the turnover of 185.36 million shares in the last trading session.

The companies which reflected the highest gains included Pak Services up Rs56.50 to close at Rs1,080/share, and Sapphire Fiber up Rs56 to close at Rs1,289/share.

The companies which reflected the most losses included Premium Textile down Rs59.99 to close at Rs740/share, and Blessed Textile down Rs34.99 to close at Rs465/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 306.03 million shares. The scrip gained 52 paisas to close at Rs1.63/share, followed by Flying Cement with a turnover of 30.37 million shares. It gained Re1 to close at Rs8.19/share. K-Electric remained the third with a turnover of 19.37 million shares. It gained 3 paisas to close at Rs2.94/share.

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KARACHI: The Pakistan equity market closed on a negative note on Tuesday after remaining under pressure throughout the day where it moved both ways.

An analyst at Pearl Securities said that the US Fed is expected to raise interest rates to curtail rising inflation in the US which will further strengthen the dollar and the rupee will likely come under further strain.

“The oil and gas sector remained low on account of a decline in the international oil prices. Pakistan’s food import bill is expected to increase on account of lost crops in the floods which will further the pressure on the economy,” he added.

“Going forward, we expect the market to remain under pressure. Hence, we recommend our investors adopt the “Sell on Strength” strategy in the upcoming sessions.

The Pakistan Stock Exchange KSE-100 shares Index shed 299.62 points, or 0.72 per cent to close at 41220.91 points. The KSE-30 shares Index shed 155.58 points, or one per cent, to close at 15447.48 points.

An analyst at JS Global said that the market remained range-bound mainly due to lack of positive triggers. “The KSE-100 Index closed at 41,221, losing 300 points on a daily basis. Going forward, we expect range-bound activity to continue and recommend investors to stay cautious.”

Ahsan Mehanti at Arif Habib Corp said the stocks witnessed bearish activity on investors’ concerns over the economic uncertainty and aggressive rate hikes on the Roshan Digital Accounts.

“Estimates over subdued growth in the fiscal year 2023, flash flood losses and weakening rupee on agriculture imports played a catalyst role in the bearish close,” he added.

As many as 322 scrips were active of which 95 advanced, 204 declined and 23 remained unchanged.
The ready market volumes stood at 156.57 million shares, compared with the turnover of 148.21 million shares in the last trading session.

The companies which reflected the highest gains included Sapphire Fiber up Rs75.06 to close at Rs1,075.88/share, and Premium Textile up Rs15 to close at Rs799/share.

The companies which reflected the most losses included Sapphire Textile Rs70.51 to close at Rs1,020.50/share, and Faisal Spinning down Rs30.60 to close at Rs408.40/share.

The highest volumes were witnessed in K-Electric with a turnover of 18.41 million shares. The scrip shed 8 paisas to close at Rs3/share, followed by TPL Properties with a turnover of 14.43 million shares. It gained 29 paisas to close at Rs19.90/share. TRG Pakistan remained the third with a turnover of 14.35 million shares. It shed Rs3.70 to finish at Rs114.64/share.

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