Stocks extend gains in range-bound trading
KARACHI: The Pakistan Stock Exchange observed a range-bound activity on Wednesday with the benchmark making an intraday high and low of 196 points and 81 points, respectively.
Topline Securities Ltd said investors remained uncertain because of the ongoing political and economic conditions.
Higher inflation was one key factor for the bearish sentiment, according to JS Global. Headline inflation for October surpassed street estimates of 23 per cent and clocked in at 26.6pc on an annual basis.
Arif Habib Ltd said the benchmark stayed in the green for the most part of the trading session with investors expecting positive outcomes from Prime Minister Shehbaz Sharif’s two-day visit to China.
As a result, the KSE-100 index settled at 41,944.59 points, up 135.90 points or 0.33pc from the preceding session.
The trading volume increased 20pc to 230.6 million shares while the traded value went down 1.3pc to $28.2m on a day-on-day basis.
Stocks contributing significantly to the traded volume included Hascol Petroleum Ltd (55.7m shares), WorldCall Telecom Ltd (23.5m shares), Cnergyico PK Ltd (16m shares), G3 Technologies Ltd (10.6m shares) and TPL Properties Ltd (10.6m shares).
Sectors that contributed to the index performance were exploration and production (60.3 points), power generation and distribution (48.2 points), oil and gas marketing (39.6 points), fertiliser (19.5 points) and automobile assembling (9.5 points).
Companies registering the biggest increase in their share prices in absolute terms were Siemens Pakistan Engineering Ltd (Rs63.09), Good Luck Industries Ltd (Rs48.15), Bata Pakistan Ltd (Rs34.50), Khyber Tobacco Company Ltd (Rs27.75) and JDW Sugar Mills Ltd (Rs26.90).
Shares that declined the most in rupee terms were Allawasaya Textile and Finishing Mills Ltd (Rs269.36), Sanofi-Aventis Pakistan Ltd (Rs43.45), Premium Textile Mills Ltd (Rs34.90), Blessed Textiles Ltd (Rs30) and Nestle Pakistan Ltd (Rs30).
Foreign investors remained net buyers as they purchased shares worth $0.06m.
Published in Dawn, November 3rd, 2022
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