Market watch: KSE-100 erases gains to close marginally upward | The Express Tribune


The Pakistan Stock Exchange recorded a tumultuous session on Wednesday as the KSE-100 index erased gains to end the session partially upward.

Clarity on delay in discussion of Pakistan’s case by the International Monetary Fund (IMF) triggered buying activity at the bourse. On the flip side, persistent uptrend in Covid-19 infections sparked panic among the market participants and motivated them to offload their holdings out of fear of imposition of another lockdown.

A recovery in rupee against the US dollar lent further support to the rally.

Trading began with a jump and the KSE-100 index surpassed 46,000 point mark within the first few minutes. Although the market sustained the uptrend for most part of the session, concerns over the economy and renewed threat of lockdown encouraged investors to sell their holdings which pulled the market downward.

At close, the benchmark KSE-100 index recorded an increase of 35.12 points, or 0.08%, to settle at 45,916.25.

A report of Arif Habib Limited stated that market opened on a positive note on Wednesday and managed to remain positive during the day.

“Index went up to 339 points and closed 35.12 points although activity remained range bound,” it said. “Sluggish trading and profit taking was witnessed once again across the board.”

However, the market witnessed good volumes in third tier stocks, the report said.

JS Global analyst Neelam Naz stated that KSE-100 index saw another volatile session on Wednesday and closed at 45,916, gaining 35 points day-on-day.

Major laggards were TRG Pakistan, MCB, Nestle, Systems Limited and Lucky Cement while major volume leaders for the day were WorldCall Telecom (+4.1%), Unity Foods (R) (+5.6%), Hascol (+2.7%), Cnergyico PK (+2.1%) and Telecard Limited (+0.7%).

“We believe that the index can take a short term correction from current levels and recommend a buy on dips strategy in the technology, fertiliser, banking and cyclical sector stocks,” the analyst said.

Overall trading volumes rose to 514.4 million shares compared with Tuesday’s tally of 339.1 million. The value of shares traded during the day was Rs10.6 billion.

Shares of 377 companies were traded. At the end of the day, 176 stocks closed higher, 169 declined and 32 remained unchanged.

WorldCall Telecom was the volume leader with 133.9 million shares, gaining Rs0.1 to close at Rs2.53. It was followed by Unity Foods (R) with 39.1 million shares, gaining Rs0.15 to close at Rs2.85 and Hascol Petroleum with 23.4 million shares, gaining Rs0.18 to close at Rs6.91.

Foreign institutional investors were net buyers of Rs9.8 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.

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