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Stocks gain 130 points despite investor concerns
KARACHI: The stock market stayed volatile on Tuesday owing to the investors’ concerns about the rollover week as well as the upcoming mini-budget, which will end tax exemptions to the tune of Rs350 billion, according to Arif Habib Ltd.
Investors showed increased interest in energy exploration and production companies following an upswing in international oil prices, said Topline Securities. JS Global attributed the stock market’s lacklustre performance to the growing concerns about the political situation and the resumption of the loan programme by the International Monetary Fund.
As a result, the KSE-100 index gained 130.3 points or 0.3 per cent to close at 44,043.74 points.
Market participation increased 25.1pc to 143.4 million shares while the value of traded shares also went up 12.9pc to $28m.
Sectors contributing the highest number of points to the benchmark index included technology and communication (58.66 points), oil and gas exploration (43.76 points), cement (9.18 points), auto (8.96 points) and oil and gas marketing (7.23 points).
Stocks that contributed significantly to the traded volume included Unity Foods (R) Ltd (18.87m shares), TRG Pakistan Ltd (12.41m shares), Hum Network Ltd (11.74m shares), K-Electric Ltd (8.59m shares) and Unity Foods Ltd (7.22m shares).
Shares contributing positively to the index were TRG Pakistan Ltd (58.80 points), Mari Petroleum Company Ltd (23.03 points), Pakistan Oilfields Ltd (11.03 points), Allied Bank Ltd (8.11 points) and D.G. Khan Cement Company Ltd (7.95 points).
Stocks that took away the maximum number of points from the index included Engro Corporation Ltd (18.26 points), Fauji Fertiliser Company Ltd (10.67 points), The Hub Power Company Ltd (7.06 points), Kohat Cement Company Ltd (6.67 points) and Maple Leaf Cement Factory Ltd (5.14 points).
Stocks recording the biggest increases in percentage terms included TRG Pakistan Ltd, which went up 4.64pc, followed by Shakarganj Ltd (4.34pc), Allied Bank Ltd (2.49pc), HBL Growth Fund Ltd (2.31pc) and Mari Petroleum Company Ltd (2.22pc).
Foreign investors were net buyers as they purchased shares worth $1.35m on a net basis.
Published in Dawn, December 29th, 2021
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