Stocks partially recover overnight losses
KARACHI: The uncertain political situation kept investors away from active market participation on Monday.
JS Global said the range-bound activity is likely to continue going forward. The main opposition party led by former premier Imran Khan is holding a long march to the capital to demand early general elections.
“We recommend investors should wait for political clarity before availing this downside as an opportunity to build fresh positions,” said the brokerage.
Still the stock market witnessed a positive session despite the lack of investors’ participation, according to Arif Habib Ltd. The political tension kept trading volumes dry in main-board stocks while third-tier shares continued to be volume leaders.
As a result, the KSE-100 index settled at 41,264.66 points, up 124.32 points or 0.3 per cent from the preceding session.
The trading volume decreased 45.2pc to 97.5 million shares while the traded value went down 45.9pc to $11.3m on a day-on-day basis.
Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (9.5m shares), G3 Technologies Ltd (5.9m shares), Silkbank Ltd (5.8m shares), K-Electric Ltd (4.3m shares) and Cnergyico PK Ltd (4.1m shares).
Sectors that contributed to the index performance were technology and communication (46.7 points), power generation and distribution (32.5 points), cement (21.5 points), exploration and production (16.2 points) and automobile assembling (12.1 points).
Companies registering the biggest increase in their share prices in absolute terms were Bata Pakistan Ltd (Rs146.88), Good Luck Industries Ltd (Rs41.66, Philip Morris Pakistan Ltd (Rs20), Reliance Cotton Spinning Mills Ltd (Rs17) and JDW Sugar Mills Ltd (Rs15).
Shares that declined the most in rupee terms were Allawasaya Textile and Finishing Mills Ltd (Rs291.20), Nestle Pakistan Ltd (Rs195), Sanofi-Aventis Pakistan Ltd (Rs84.36), Sapphire Fibres Ltd (Rs56.71) and Sapphire Textile Mills Ltd (Rs19.98).
Foreign investors remained net sellers as they offloaded shares worth $0.19m.
Published in Dawn, November 1st, 2022