KSE-100 inches up in range-bound session


KARACHI: The Pakistan Stock Exchange (PSX) exhibited a turnaround on Thursday as the KSE-100 index rose nearly 190 points despite economic headwinds. 

The relief package announced by Prime Minister Imran Khan failed to entice market participants. Moreover, uncertainty in international markets and slight depreciation in the rupee forced investors to trade cautiously.

At close, the benchmark KSE-100 index recorded an increase of 186.74 points, or 0.40%, to settle at 47,219.18 points.

A report from Arif Habib Limited noted that the market continued to remain range-bound today due to concerns over the uptick in Richard bay coal price, food inflation and resumption of foreign selling spree.

“Activity remained side-ways as the market witnessed hefty volumes in the third tier stocks — ones that trade below their fair value,” it said.

The brokerage house reported that the technology sector continued to remain in the limelight throughout the day as traders again placed a bet on high-beta stocks to mark quick gains.

“On the flip-side, institutional activity stayed lacklustre. In the last trading hour, buying was observed in the banking sector and index managed to close above the 47,000-point mark.”

Sectors contributing to the performance included technology (+92 points), fertiliser (+44 points), refinery (+36 points), exploration and production (+26 points) and textile (+21 points).

During the session, shares of 379 listed companies were traded. At the end of the session, 235 stocks closed in the green, 125 in the red, and 19 remained unchanged.

Overall trading volumes surged to 561.9 million shares compared with Wednesday’s tally of 380.6 million. The value of shares traded during the day was Rs16 billion.

WorldCall Telecom was the volume leader with 81 million shares, gaining Rs0.22 to close at Rs2.66. It was followed by Byco Petroleum with 30.35 million shares, gaining Rs0.33 to close at Rs7.98, and Telecard Limited with 26.6 million shares, gaining Rs0.98 to close at Rs18.20.