KARACHI: Pakistani shares showed a mixed performance on Thursday as mid-session profit-taking by institutions on economic uncertainty trimmed early gains, but the benchmark index managed modest gains.

Ahsan Mehanti of Arif Habib Corporation said investor concerns about weak data for fertiliser and oil sales in August, uncertainty over IMF terms to secure a $7bn Extended Fund Facility, and talk of mini-budget invited late session selling pressure.

However, the finance minister’s affirmation of external financing assurances, speculations over the SBP policy rate decision next week, and 21pc contraction in the trade deficit for August helped the index close session in the green with a meagre gain.

Topline Securities Ltd said the paltry rise was largely fuelled by cherry-picking in United Bank Ltd, Kohat Cement, MCB Bank, Habib Metropolitan Bank Ltd, and Fauji Fertiliser, contributing 254 points to the index.

As a result, the KSE-100 index surged to an intraday high of 79,154.30 and a low of 78,578.02. However, it recorded a flattish closing at 78,863.34 after eking out a meagre gain of 15.33 points or 0.02pc day-on-day.

The trading volume fell 20.54pc to 770.50 million shares, while the traded value dipped 18.40pc to Rs14.28bn day-on-day.

Stocks contributing significantly to the traded volume included WorldCall Telecom (87.10m shares), Pace (Pakistan) Ltd (66.58m shares), Kohinoor Spinning Ltd (42.13m shares), Dewan Cement (39.82m shares) and Symmetry Group (37.71m shares).

The shares registering the most significant increases in their prices in absolute terms were Hallmark Company Ltd (Rs87.19), Sazgar Engineering Works Ltd (Rs51.72), Ismail Industries Ltd (Rs19.94) and Pakistan Engineering Company Ltd(Rs12.68).

The companies registering significant losses in their share prices in absolute terms were Sapphire Fibres Limited (Rs77.38), Mari Petroleum (Rs50.70), Unilever Pakistan Food Ltd (Rs50.00), Service Industries Ltd (Rs44.34) and Hoechst Pakistan Ltd (Rs37.44).

Foreign investors turned net buyers as they purchased shares worth $0.14m.

Published in Dawn, September 6th, 2024