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Stocks again cross 46,000 level in range-bound trade
KARACHI: Trading on the stock market remained range-bound on Friday as the benchmark index struggled to stay above the 46,000-point level, said Arif Habib Ltd.
The oil and gas marketing sector took a beating as Pakistan State Oil Company Ltd (PSO) announced no payout along with its financial result. Coal prices, which have been unusually high, kept cement stocks under pressure. Profit-taking took place towards the end of the trading session amid gloomy activity on the main board.
As a result, the KSE-100 index gained 139.33 points or 0.3 per cent to close at 46,079.37 points.
The trading volume decreased 40.3pc to 170.6 million shares while the traded value went down 16.7pc to $44.2m on a day-on-day basis.
Sectors that contributed the highest number of points to the benchmark index included commercial banking (121.61 points), miscellaneous (26.78 points), automobile assembling (21.25 points), cement (18.02 points) and technology and communication (17.65 points).
Stocks contributing significantly to the traded volume included K-Electric Ltd (11.98m shares), WorldCall Telecom Ltd (11.42m shares), TRG Pakistan Ltd (11.12m shares), TeleCard Ltd (6.81m shares) and TPL Properties Ltd (6.77m shares).
Shares contributing positively to the index included Meezan Bank Ltd (51.74 points), United Bank Ltd (30.85 points), Mari Petroleum Company Ltd (27.47 points), Pakistan Services Ltd (25.16 points) and Lucky Cement Ltd (23.56 points).
Stocks that took away the maximum number of points from the index included PSO (46.86 points), Engro Corporation Ltd (15.72 points), Engro Fertilisers Ltd (15.49 points), Oil and Gas Development Company Ltd (14.44 points) and Pakistan Oilfields Ltd (7.67 points).
Stocks recording the biggest increase in percentage terms on a day-on-day basis were Shakarganj Ltd (5.34pc), Honda Atlas Cars Pakistan Ltd (5.21pc), K-Electric Ltd (4.91pc), Atlas Honda Ltd (4.06pc) and Thal Ltd (3.24pc).
Foreign investors were net sellers as they offloaded shares worth $1.67m.
Published in Dawn, February 12th, 2022
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