KARACHI: The trading week began on the Pakistan Stock Exchange (PSX) on a positive note, but the momentum fizzled out amid a lack of positive news drivers.

Topline Securities said investors displayed limited enthusiasm on Monday as they kept waiting for positive triggers.

According to Arif Habib Ltd, sustaining the benchmark index above the 46,000-point level is going to be important for additional gains this week.

Blue-chip stocks stayed subdued during trading hours as big movements were recorded in Pakistan International Airlines Ltd. It rose 22.83 per cent as the government is looking to hire an adviser for its restructuring. Moreover, the share of Javedan Corporation Ltd increased 7.5pc after it announced its annual profit of Rs8 billion for 2022-23 along with a dividend of Rs6 per share.

Investors should continue to look for moves towards 46,900 points this week as the market looks forward to the general election in January next year, it added.

As a result, the KSE-100 index settled at 46,393.68 points, down 27.47 points or 0.06pc from the preceding session.

The overall trading volume increased 13.2pc to 195.6 million shares. The traded value decreased 11.8pc to Rs5.5bn on a day-on-day basis.

Stocks contributing significantly to the traded volume included Pakistan International Airlines Ltd (29.6m shares), Pak Elektron Ltd (20.6m shares), WorldCall Telecom Ltd (8.9m shares), Unity Foods Ltd (5.8m shares) and Nishat Chunian Power Ltd (5.5m shares).

Companies registering the biggest increases in their share prices in absolute terms were Pakistan Services Ltd (Rs25), Mehmood Textile Mills Ltd (Rs24.23), Al-Abbas Sugar Mills Ltd (Rs16), Pakistan Hotels Developers Ltd (Rs15.35) and Pakistan Tobacco Company Ltd (Rs13.52).

Companies that recorded the biggest declines in their share prices in absolute terms were Rafhan Maize Products Company Ltd (Rs177.33), JDW Sugar Mills Ltd (Rs20), Blessed Textiles Ltd (Rs18.50), Millat Tractors Ltd (Rs18.09) and Gadoon Textile Mills Ltd (Rs16.50).

Foreign investors were net buyers as they purchased shares worth $0.46m.

Published in Dawn, September 26th, 2023