KARACHI: Share prices fell on Tuesday even though traded volumes made a recovery in a range-bound session.

Topline Securities reported the KSE-100 index floated within a small range of 245 points during the trading hours before settling on the lower side.

Banks, exploration and production, technology and fertiliser sectors contributed negatively to the index as investors chose to trim their positions in selected stocks, it added.

Arif Habib Ltd said the selling pressure remained muted as the index consolidated above the 46,000-point level. It continues to look for upside expansion in the remaining two sessions of the shortened trading week, the brokerage added.

According to JS Global, investors should avail any downside as an opportunity to buy shares in cement, technology and exploration and production sectors.

As a result, the KSE-100 index settled at 46,277.66 points, down 116.02 points or 0.25 per cent from the preceding session.

The overall trading volume increased 32.4pc to 259 million shares. The traded value increased 20.9pc to Rs6.6bn on a day-on-day basis.

Stocks contributing significantly to the traded volume included Pakistan International Airlines Corporation Ltd (39.5m shares), WorldCall Telecom Ltd (26.1m shares), K-Electric Ltd (11m shares), Fauji Foods Ltd (10.4m shares) and Cnergyico PK Ltd (9.7m shares).

Companies registering the biggest increases in their share prices in absolute terms were Nestle Pakistan Ltd (Rs190), Rafhan Maize Products Company Ltd (Rs123.33), Al-Abbas Sugar Mills Ltd (Rs37.95), Pakistan Tobacco Company Ltd (Rs37.01) and JDW Sugar Mills Ltd (Rs20).

Companies that recorded the biggest declines in their share prices in absolute terms were Allawasaya Textile and Finishing Mills Ltd (Rs100), Sapphire Fibres Ltd (Rs85.40), Blessed Textiles Ltd (Rs29), Colgate-Palmolive Pakistan Ltd (Rs19.85) and Pakistan Services Ltd (Rs19).

Foreign investors were net sellers as they offloaded shares worth $0.16m.

Published in Dawn, September 27th, 2023