Market gains 137 points in low-volume session

KARACHI: Pakistan Stock Exchange (PSX) snapped a four-day losing streak in a low-volume session on Wednesday, with the benchmark KSE-100 Index gaining 137.44 points (+0.22 percent) to close at 61,979.18 points.
The market opened on a positive note and remained in the green throughout the session. The benchmark index shed 2,980.75 points during the preceding four sessions.
Topline Securities, a brokerage, cited “ease in foreign selling” as the primary reason for market rebound. Echoing the same views, Arif Habib Limited, another brokerage, said that the market remained bullish as the foreign-selling witnessed in the last three to four days eased. It added that the recent correction and spectacular results announcement by companies have made the valuations more attractive.
However, foreign portfolio investors sold $35 million worth of shares in January 2024. “This is the highest net selling by foreigners at PSX after 12 months,” said Topline Securities in a note on Wednesday. The brokerage house added that the recent above-average selling of $35 million in January has raised some concern amongst investors especially when the market was waiting for a pre-election rally.
The benchmark index traded in a range of 704.12 points, showing an intraday high of 63,074.50 points and an intraday low of 61,637.62 points. Among other indices, the KSE All Share Index shed 16.44 points (-0.04 percent) to close at 41,892.67 points. Similarly, the KMI All Share Islamic Index shed 48.50 points (-0.16 percent) to close at 30,289.77 points.
Total volumes traded for the KSE-100 Index decreased by 80.19 million to 153.56 million shares against 233.75 million shares in the previous session. Similarly, the overall market volumes decreased by 159.66 million shares to 276.46 million shares against 436.12 million shares traded a session earlier.
Among scrips, KEL topped the volumes with 36.27 million shares, followed by BOP (20.85 million) and HASCOL (14.17 million). Stocks that contributed significantly to the volumes included KEL, BOP, HASCOL, WTL, and SNBL, which formed over 34 percent of total volumes.
A total of 347 companies traded shares in the stock exchange against 346 in the previous session, out of which shares of 165 closed up, shares of 149 companies closed down while shares of 33 companies remained unchanged. A total of 93 companies traded shares in the KSE-100 Index against 96 companies in the previous session, out of which share prices of 53 companies closed up, 36 companies closed down and four remained unchanged.
The number of total trades decreased to 130,829 from 178,186 a session earlier, while the value traded decreased by Rs5.98 billion to Rs9.27 billion from Rs15.29 billion a session earlier.
In terms of rupee, UPFL remained the top gainer with an increase of Rs1,551.83 (+7.46 percent) per share, closing at Rs22,364.33. The runner-up remained SAZEW, the share price of which climbed up by Rs13.48 (+6.82 percent) to Rs211.19. NESTLE remained the top loser with a decrease of Rs100 (-1.2 percent) per share, closing at Rs8,200, followed by COLG, the share price of which fell by Rs40.33 (-2.79 percent) to close at Rs1,404 per share.
The major sectors taking the index towards north remained commercial banks (111 points), fertilizer (61 points), automobile assemblers (15 points), technology and communication (12 points), cable and electric goods (11 points), oil & gas exploration companies (8 points), and pharmaceutical (7 points).
Ten major companies adding points to the index remained ENGRO (20 points), BAFL (19 points), UBL (17 points), OGDC (11 points), BOP (10 points), UPFL and MTL (9 points each), FFC (8 points), AKBL (7 points), and PAEL (6 points).
The major sectors depriving the index of points remained chemicals (37 points), engineering (19 points), leather and tanneries (14 points), cement (11 points), synthetic and rayons (8 points), and insurance (4 points).
Ten major companies depriving the index of points remained COLG (16 points), MARI (15 points), BAHL and SRVI (8 points each), KOHC (6 points), ISL, IBFL and CHCC (5 points each), and KEL and MUGHAL (4 points each). – TLTP