Stocks snap four-day losing streak
KARACHI: Easing tensions with Iran helped the stock market snap a four-session losing streak on Friday as bulls staged a 710 points rally intraday, but late profit-taking wiped out early gains as a result the benchmark KSE 100-share index closed the session on a flat note.
Topline Securities Ltd attributed the bullish start to the cooling down of border tensions between Pakistan and Iran after tit-for-tat strikes on terrorist hideouts on each other’s territory. However, investors preferred to book their intraday gain amid uncertainty given the upcoming general elections as the index lost early gains to a greater extent.
Major positive contributions to the index came from Engro Corporation, Mari Petroleum, Fauji Fertiliser, Millat Tractors Ltd and Dawood Hercules, as they collectively added 119 points.
Bank Alhabib Ltd, Sui Northern Gas Pipelines, Service Industry, Pakistan Telecommunication Company Ltd and National Refinery Ltd made a cumulatively negative contribution of 60 points to the index.
As a result, the KSE-100 index closed at 63,282.23 points after gaining 79.83 points or 0.13 per cent from the preceding session.
The overall trading volume, however, plunged 35.55pc to 287.31 million shares. The traded value also dipped 34.53pc to Rs9.32bn on a day-on-day basis.
Stocks contributing significantly to the traded volume included K-Electric Ltd (49.81m shares), Pakistan International Airlines Corporation Ltd (43.35m shares), Pakistan Telecommunication Company Ltd (14.16m shares), WorldCall Telecom Ltd (10.54m shares) and Hascol Petroleum Ltd (10.50m shares).
Shares registering the biggest increases in their share prices in absolute terms were Mari Petroleum Ltd (Rs26.19), Honda Atlas Cars (Rs15.35), Ghandhara Industries Ltd (Rs11.74), Khyber Tobacco Company Ltd (Rs10.49) and Mitchells Fruit Farms Ltd (Rs9.14).
Companies registering the biggest decreases in their share prices in absolute terms were Sapphire Fibres Ltd (Rs63.14), Bata Pakistan Ltd (Rs35.06), Philip Morris (Rs24.59), Archroma Pakistan Ltd (Rs18.09) and Service Industries Ltd (Rs16.50).
Foreign investors remained net buyers as they picked shares worth $0.82m.
Published in Dawn, January 20th, 2024