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Buying at dips helps index close in green
KARACHI: The trading session at the Pakistan Stock Exchange on Tuesday kicked off on a positive note owing to an all-time-high close a day ago.
Topline Securities Ltd said the momentum lost steam as sellers entered the market, leading the KSE-100 index to a rapid 755-point decline.
Subsequently, bulls regained control of the trading floor and took advantage of the downswing in share prices. Power, information technology, food and personal care products, and auto sectors contributed positively to the index’s close on the higher side.
Arif Habib Ltd noted the session saw 47 advancers and 45 decliners following a heavy skew towards advancers within the KSE-100 index.
The breakdown of advancers and decliners should be monitored closely for the remainder of the week, said the brokerage, adding that cement and steel names should remain on the “accumulate list” during corrections.
As a result, the KSE-100 index closed at 56,665.93 points after gaining 142.35 points or 0.25 per cent from the preceding session.
The overall trading volume decreased 20.3pc to 526.3 million shares. The traded value decreased 12.8pc to Rs22.4 billion on a day-on-day basis.
Stocks contributing significantly to the traded volume included Pakistan Refinery Ltd (44.5m shares), Cnergyico PK Ltd (40m shares), WorldCall Telecom Ltd (27.4m shares), Maple Leaf Cement Factory Ltd (17.7m shares) and Unity Foods Ltd (14.8m shares).
Companies registering the biggest increases in their share prices in absolute terms were Nestle Pakistan Ltd (Rs552.50), Rafhan Maize Products Company Ltd (Rs75.25), Millat Tractors Ltd (Rs24.35), Shield Corporation Ltd (Rs18) and Gatron Industries Ltd (Rs16.82).
Companies registering the biggest decreases in their share prices in absolute terms were Faisal Spinning Mills Ltd (Rs30.15), Al-Abbas Sugar Mills Ltd (Rs8.90), Bata Pakistan Ltd (Rs25), Pakistan Tobacco Company Ltd (Rs25) and Colgate-Palmolive Pakistan Ltd (Rs19.97).
Foreign investors were net buyers as they purchased shares worth $1.88m.
Published in Dawn, November 15th, 2023
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