KARACHI: The Pakistan equity market started the week on a dull note, whereas the overall investors’ sentiment remains weak given the three-day Eid holidays and the rising cases of the Covid-19.
Moreover, the interbank rate for the dollar reached the highest level in the last nine months, which also keeps the bulls away from the bourses.
Ahsan Mehanti at Arif Habib Corp said the stocks closed higher with thin trade, amid speculations in the earnings season.
“Mid-session pressure remained due to the falling global crude oil prices and diplomatic row. However, a surge in the local petroleum prices and speculations on the likely resolution of the circular debt crisis on the government’s negotiation of IPP [Independent Power Producers] deals and likely hike in [the] local power tariff played a catalytic role in the bullish close.”
The Pakistan Stock Exchange KSE-100 shares index gained 0.08 per cent, or 38.93 points, to close at 47,873.26 points. The KSE-30 shares index shed 0.09 per cent, or 17.17 points, to close at 19,193.18 points.
As many as 416 scrips were active, of which 226 advanced, 174 declined and 16 remained unchanged. The ready market volumes stood at 320.97 million shares, compared with the turnover of 348.57 million shares in the last trading session.
An analyst at Arif Habib Limited said the market traded in a narrow range, oscillating between -83 points and +172 points. “Being a short trading week, investors were reluctant to go long and preferred to close the intraday positions regardless of the pertinent stock prices.”
As the rupee-dollar parity slipped during the session, with the open market rates falling to Rs162, textiles, chemical, and E&P stocks were favoured against cement, fertiliser and banks. The O&GMCs saw Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) hitting the upper circuit on the back of the high court’s decision in favour of the gas utilities to maintain transmission unaccounted for gas (UFG) benchmark.
The technology stocks saw consistent upward movement in Avanceon Limited, which hit the upper circuit and an uptick in Systems Limited that maintained such levels till the end.
The companies, which reflected the highest gains included Pakistan Services, up Rs67 to close at Rs967/share; and Colgate Palmolive, up Rs32.97 to close at Rs2,650.47/share.
The companies that reflected the most losses included Wyeth Pakistan, down Rs49.37 to close at Rs2,118/share; and Bata Pakistan, down Rs28 to end at Rs1,652/share.
The highest volumes were witnessed in Byco Petroleum with a turnover of 24.34 million shares. The scrip gained 13 paisas to close at Rs10.77/share; followed by Dandot (Rights) with a turnover of 23.19 million shares. It gained 45 paisas to close at 73 paisas/share. Sui Northern Gas Pipelines Limited was the third with a turnover of 18.52 million shares. It gained Rs3.67 to finish at Rs52.72.