KARACHI: Despite the rupee’s decline, the Pakistani stock exchange saw profit-taking, with the KSE-100 Index holding around earlier levels, according to traders.
Investors’ interest has been pulled down, according to an analyst at Pearl Securities, who is keeping a watch on the pressured economic numbers as well as the continued rupee devaluation.
“Moreover, selling pressure held the index momentum in check amid worries over [the] imminent monetary policy statement.”
The KSE-100 shas Index of the Pakistan Stock Exchange fell 0.02 percent, or 6.62 points, to settle at 43,846.87 points. The KSE-30 shares index closed at 17,049.47 points, up 0.26 percent or 43.74 points.
There were 350 scrips active, with 134 advancing, 196 declining, and 20 remaining constant. The ready market volume was 233.17 million shares, compared to 229.3 million shares traded in the previous trading session.
According to an analyst at Arif Habib Limited, the market remained range-bound, with low volumes and lacklustre activity across the board. “During the day, the KSE-100 rose 285 points, but it was unable to maintain strong momentum. The majority of the action was seen in E&P stocks, which were boosted by anticipation of a settlement of the gas circular issue. With high volume, technology stocks had a steep pullback.”
Bulls have made a return, according to Muhammad Mubashir of JS Global Capital, following three straight tumultuous sessions. The Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL), both of which gained 4.2 percent and 3.8 percent, respectively, on reports of a possible windfall inflow, remained in the spotlight throughout the day.
Mari Petroleum, up Rs47.15 to end at Rs1,671.68/share, and Blessed Textile, up Rs30.74 to close at Rs450/share, were the two businesses with the biggest increases.
Nestle Pakistan, which lost Rs140 to finish at Rs5,250 a share, and Sapphire Textile, which lost Rs74.9 to close at Rs925 per share, were among the firms that suffered the highest losses.
With a transaction of 57.47 million shares, Hascol Petroleum had the biggest volume. Telecard Limited, with a transaction of 21.82 million shares, came in second with a gain of 65 paisas to finish at Rs6.7/share. It closed at Rs15.57/share, up 87 paisas. With a volume of 11.11 million shares, Treet Corporation stayed in third place. It dropped 32 paisas to Rs41.45 per share.