Stocks marginally up in topsy-turvy session

Benchmark KSE-100 index gains 62.83 points to settle at 41,602.86

KARACHI:

Pakistan Stock Exchange (PSX) on Thursday ended flat after a topsy-turvy ride as intensifying political heat took a toll on investor interest and the KSE-100 index closed with marginal gains of around 60 points.

In the morning, the trading session began with a spike, but it soon came under pressure. The fast changing political scenario kept investors on the sidelines, restricting the advance of KSE-100 index. Jittery investors awaited the emergence of clarity on the political front.

The KSE-100 index oscillated between red and green zones, during which it touched an intra-day low of 41,318.66 points. Some investors opted for value buying, considering the downside as an opportunity. This interest pushed the index back into positive zone and helped it recover losses to end the day on a flat note. At close, the benchmark KSE-100 index recorded a slight increase of 62.83 points, or 0.15%, to settle at 41,602.86.

Topline Securities, in its report, said that Pakistan equities closed slightly positive where the benchmark KSE-100 index settled at 41,603 (up 0.15%).

“Range-bound activity was witnessed where the market touched an intra-day high of 171 points and low of 221 points,” it said.

Major positive contributors were TRG Pakistan, Faysal Bank and Pakistan Oilfields, which added a total of 89 points to the KSE-100 index. On the other hand, Hub Power, Pakistan Petroleum and The Searle Company dented the index by 54 points.

On the results front, Pakistan Petroleum an- nounced 1QFY23 earnings per share (EPS) of Rs9.78 while Pak Elektron announced 3Q2022 EPS of Rs0.1.

Apart from these, Kohat Cement announced 1QFY23 EPS of Rs8.89, Bank AL Habib announced 3Q2022 EPS of Rs4.9 and Nishat Mills announced 1QFY23 EPS of Rs11.8.

Traded volume and value for the day stood at 203.3 million shares (down by 239%) and Rs6.36 billion (down by 17.5%) respectively. WorldCall Telecom was the volume leader with trading in 22.93 million shares, Topline added.

Arif Habib Limited in its report, said that a range-bound session was witnessed at the PSX. The KSE-100 index started off in the green, but continuous political unrest kept investors away, causing the index to hit an intra-day low of 221.37 points.

On the other hand, value-buying was seen in the final hour of trading, which led the index to close in the green, it said. “Volumes remained respectable due to the rollover week, with third-tier stocks continuing to take the lead.”

The index closed at 41,602.86, up by 62.83 points (0.15%). Sectors contributing to the performance included technology and communication (65.5 points), fertiliser (25.9 points), cement (19.4 points), commercial banks (18.5 points) and chemical (12.4 points), Arif Habib report added.

JS Research analyst Sara Saeed said that trading activity stood dull and the mar- ket remained range bound throughout the day.

Traded volume stood at 204 million shares where WorldCall Telecom (-1.4%), Dewan Farooque Motors (2.4%), TRG Pakistan (4.7%), K-Electric (0.4%) and Hum Network (-0.4%) were the volume leaders.

“The market is expected to remain bearish till further clarity about the political situation emerges," the analyst said. “We recommend investors to avail the current downside as an opportunity to buy.”

Overall trading volumes decreased to 203.6 million shares compared with Wednesday’s tally of 265.4 million. The value of shares traded during the day was Rs6.4 billion.

Shares of 337 companies were traded. At the end of the day, 150 stocks closed higher, 168 declined and 19 remained unchanged.

WorldCall Telecom was the volume leader with 22.9 million shares, losing Rs0.02 to close at Rs1.40. It was followed by Dewan Farooque Motors with 16.8 million shares, gaining Rs0.22 to close at Rs9.43 and TRG Pakistan with 12.5 million shares, gaining Rs5.11 to close at Rs114.88.

Foreign investors were net buyers of Rs54.35 million worth of shares dur- ing the trading session, according to data compiled by the National Clearing Company of Pakistan.