KARACHI: The shares market closed on a slightly positive note after a volatile session on Tuesday.
The benchmark index showed recovery, which was led by selected stocks on a strong earnings outlook and an affirmation by the International Monetary Fund (IMF) on the loan programme discussion with the new government, according to Ahsan Mehanti of Arif Habib Corporation.
Ongoing political uncertainty coupled with a dismal trade deficit number brought the market under pressure during the day. However, upbeat data on the sales of petroleum products, which rose 23 per cent year-on-year in March, along with the news about $3.92 billion inflows under Roshan Digital Accounts played the role of a catalyst in letting the benchmark close in the green zone, Mr Mehanti added.
As a result, the KSE-100 index settled at 43,928.08 points, up 26 points or 0.06pc from a day ago.
The trading volume decreased 32.2pc to 115.6 million shares while the traded value went down 16.6pc to $24.7m on a day-on-day basis.
Sectors that contributed the highest number of points to the benchmark index included commercial banking (49.88 points), chemical (41.62 points), fertiliser (30.77 points), technology and communication (10.74 points) and investment banking (9.5 points).
Stocks contributing significantly to the traded volume included TeleCard Ltd (12.9m shares), TPL Properties Ltd (6.7m shares), Engro Polymer and Chemicals Ltd (6.5m shares), Ghani Global Holdings Ltd (6m shares) and K-Electric Ltd (5.7m shares).
Stocks that contributed the maximum number of points to the index included Engro Polymer and Chemicals Ltd (39.74 points), Meezan Bank Ltd (25.81 points), Engro Fertilisers Ltd (24.92 points), MCB Bank Ltd (14.23 points) and Millat Tractors Ltd (12 points).
Shares contributing most negatively to the index included Lucky Cement Ltd (33.17 points), Pakistan Oilfields Ltd (17.95 points), Mari Petroleum Company Ltd (13.16 points), D.G. Khan Cement Company Ltd (12.17 points) and Service Industries Ltd (11.03 points).
Foreign investors were net buyers as they purchased shares worth $0.22m.
Published in Dawn, April 6th, 2022
