KARACHI: The Pakistan Stock Exchange (PSX) witnessed range-bound trading on Wednesday as the benchmark index failed to sustain its initial momentum.
Major activity took place in the stocks belonging to the exploration and production sector because investors expected the resolution of the gas sector’s circular debt, according to Arif Habib Ltd. In addition, stocks in the technology sector also attracted higher volumes.
As a result, the KSE-100 index lost 6.62 points or 0.02 per cent to close at 43,846.87points.
Market participation increased 1.7pc to 233.2 million shares while the value of traded shares went down 16.3pc to $39.5m.
Sectors contributing the highest number of points to the benchmark index included technology and communication (102.56 points), oil and gas exploration (43.24 points), commercial banking (16.06 points), power generation and distribution (7.98 points) and automobile (3.16 points).
Stocks that contributed significantly to the traded volume included Hascol Petroleum Ltd (57.47m shares), TeleCard Ltd (21.82m shares), Treet Corporation Ltd (11.11m shares), Unity Foods Ltd (9.75m shares) and Byco Petroleum Ltd (8.99m shares).
Stocks that contributed positively to the index were TRG Pakistan Ltd (73.25 points), Mari Petroleum Company Ltd (30.44 points), Systems Ltd (27.22 points), United Bank Ltd (23.10 points) and Oil and Gas Development Company Ltd (12.64 points).
Shares that contributed negatively included Lucky Cement Ltd (36.37 points), Engro Corporation Ltd (24.46 points), Meezan Bank Ltd (17.91 points), Habib Metropolitan Bank Ltd (16.32 points) and Pioneer Cement Ltd (11.38 points).
Stocks recording the biggest declines in percentage terms included Pioneer Cement Ltd, which went down 5.28pc, followed by Shakarganj Ltd (4.07pc), Kohinoor Textile Mills Ltd (3.48pc), Habib Metropolitan Bank Ltd (3.21pc) and International Steels Ltd (3.07pc).
Foreign investors remained net sellers as they offloaded shares worth $0.5m on a net basis.
JS Global said it expects the index to remain range-bound going forward mainly because of the likely interest rate hike in the next monetary policy announcement. It advised investors should take advantage of buying opportunities in the banking as well as exploration and production sectors.
Published in Dawn, December 9th, 2021