Pakistan Stock Exchange (PSX) witnessed a seesaw trading session as the benchmark KSE-100 index registered a 247-point drop on Thursday after the International Monetary Fund deposited $1.2 billion in the State Bank of Pakistan.
According to Arif Habib Limited (AHL), the dip will allow more liquidity to come into the market and the upside should resume in the coming sessions.
During the day, the KSE 100 index oscillated between an intraday high of 45,971.00 (gaining 456.05 points) and an intraday low of 45,255.58 (losing 259.37 points). It settled lower by 247.99 points at 45,266.96.
The KMI 30 index fell by 479.52 points closing at 77,042.06. While the KSE All share index settled at 30,360.75 with a loss of 89.01 points.
Independent analyst A H H Soomro told ProPakistani,
The index drop is insignificant. It’s just a little cool off period. There is no stopping the rally. Not every day is a positive day like fixed income. I would rather expect a few days of exchange of hands than going up so sharp that correction is sharper.
Overall market volumes inched up from 449.50 million shares in the previous session to 488.13 million shares.
The highest contributors to the volume chart were Worldcall Telecom (WTL +0.78 percent), TPL Properties Limited (TPLP +1.35 percent), and K-Electric Limited (KEL +6.84 percent). The scrips had 55.54 million shares, 42.15 million shares, and 30.45 million shares exchanged, respectively.
Top Volumes
SCRIP PRICE HIGH LOW CHANGE VOLUME
WTL 1.3 1.33 1.28 55,536,051
TPLP 14.29 14.85 13.96 0.18 42,173,034
KEL 2.03 2.07 1.88 0.15 30,446,983
UNITY 23.5 23.7 22.51 0.81 21,230,363
PRL 17.25 17.79 17.15 0.06 16,554,956
PIBTL 4.65 4.93 4.6 0.03 14,923,500
CNERGY 3.27 3.35 3.22 0.01 12,184,192
According to Capital Stake, sectors taking points away from the benchmark KSE 100 index included the Banking sector (100.38 points), Technology and Communication sector (66.62 points), and the Fertilizer sector (32.33 points). Company-wise, Systems Limited (SYS 62.57 points), United Bank Limited (UBL 50.15 points), and Engro Corporation Limited (ENGRO 18.75 points) drove the index south.
The Technology & Communication sector went down by 1.38 percent in its cumulative market capitalization. Systems Limited (SYS 2.06 percent), TRG Pakistan Limited (TRG 0.18 percent), Avanceon Limited (AVN 0.39 percent), and Air Link Communication Limited (AIRLINK 1.18 percent), all closed negative.
Meanwhile, equity markets around the globe showed a positive trend. At 16:00 Pakistan Standard Time, crude oil prices moved north with WTI crude oil price rising by 0.12 percent to $75.84. While Brent crude oil price was up by 0.21 percent to $80.28.
Source: Pro Pakistani