Market watch: Stocks edge up in range-bound session
Shares of 344 companies were traded. At the end of the day, 147 stocks closed higher, 173 declined and 24 remained unchanged. PHOTO: REUTERS
The Pakistan Stock Exchange witnessed another range-bound session on Friday, as sceptical investors continued to stay on the sidelines owing to prevailing volatility on the international and domestic fronts.
The benchmark KSE-100 index, after oscillating in a narrow range throughout the day, managed to close the week on a positive note.
Anticipation of maintaining the status quo in the upcoming monetary policy amid a lack of major positive triggers kept market players from taking fresh positions, as they opted to play safe ahead of the announcement.
Earlier, the trading session kicked off on a positive note as the benchmark index, with minor fluctuations, stayed in the green zone in the first half. It touched an intra-day high of 44,723 points just before midday.
In the second half, however, the index fell and touched an intra-day low of 44,461 points. A buying activity in the final hour helped the bourse recoup losses to close in the green.
At close, the benchmark KSE-100 index recorded an increase of 25.63 points, or 0.06%, to settle at 44,551.35 points.
A report of Arif Habib Limited stated that the market opened on a positive note and remained range bound throughout the day due to expectation of unchanged policy rate in the upcoming monetary policy.
Main board activity remained dull. In the last trading hour, value buying was observed, it said.
Sectors contributing to the performance included fertiliser (+62 points), cement (+22 points), technology (+20 points), banks (+10 points) and chemical (+8 points).
Topline Securities, in its report, said that a range-bound session was observed at the local bourse, as the benchmark KSE-100 index traded between an intra-day high of 198 points and intra-day low of -65 points. It finally closed at 44,551 points.
Major contribution to the index came from Systems Limited, Habib Bank Limited, Engro Corporation, Engro Fertilisers and Fatima Fertiliser, as they cumulatively contributed 104 points to the index.
On the flip side, Hub Power Company, Pakistan Oilfields, Indus Motor Company, MCB Bank and Pakistan State Oil lost ground, erasing 82 points from the index.
Overall trading volumes declined to 134.8 million shares compared with Thursday’s tally of 188.7 million. The value of shares traded during the day was Rs4.7 billion.
Shares of 335 companies were traded. At the end of the day, 122 stocks closed higher, 177 declined and 36 remained unchanged.
Flying Cement (R) was the volume leader with 11.4 million shares, closing unchanged at Rs0.67. It was followed by TRG Pakistan with 8 million shares, losing Rs0.32 to close at Rs78.81 and Yousuf Weaving with 6.6 million shares, losing Rs0.17 to close at Rs6.33.
Foreign institutional investors were net sellers of Rs306.3 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.