Dealers said stocks made an associated opening with strong earnings in early Monday’s session, but institutional gains dampened the market amid strong global trends.
The Pakistan Stock Exchange (PSX) benchmark KSE 100 shares index fell 0.11%
48.92 points closed at 45,605.42 points. The volume decreased to 588.039 million shares,
KSE 30 also lost 0.14% or 27.72 points to close at 19,096.05 points from 696.434 million shares in the previous week’s session.
Topline Securities said in a note that the index continued its uptrend from last week and printed a high of 46,109 (1% increase), but failed to maintain above 46,000 points and eventually took a profit. I died.
The brokerage added that investors were once again interested in replacing IPP (Independent Power Producer) as the government and power companies had reportedly agreed to sign master agreements.
At one point, the market is above 46,000 points (about 2.8 years high), but sales squeezed the runway, said Salman Ahmed, head of institutional sales at Aba Ali Habib Securities. Profit-selling was expected to increase the index by more than 1,200 points as in the previous week. Of course
Ahmed said the results were good for the market as reforms were needed to create a new rally.
“Significant numbers are still favorable, with remittances reaching دو 2 billion for the sixth week in a row, indicating a surplus in the account deficit, which is good for the currency,” he added. “
Mehroz Khan, a research analyst at Pearl Securities, said the KSE-100 index started the day on a ‘positive’ note where the index gained 455 points in early trading. Electricity, pharmaceuticals and the E&P (Exploration and Production) Index were key players. However, later technology, E&P, textile, and commercial banks increased profits.
Khan added that the SBP governor’s statement that Pakistan would soon join the IMF program also boosted sentiments. “Going forward, we expect the market to move in both directions and recommend investors to adopt a ‘sell-on-power’ stance in the future,” Khan added.
Of the 415 active scripts, 173 improved, 227 dropped, and 15 remained unchanged. Arif Mahant Corporation analyst Ahsan Mahanti said that despite the pressure of global equities and the fall in crude oil prices, the PSX saw institutional gains.
He added that there is a lack of banking and energy capacity on banking reserves and speculation before the mid-session financing. Mahindi added that rising government bond yields, high electricity prices, gas shortages for industrialists and ongoing political uncertainty have brought investors closer to the boom.
Colgate-Palmolive, which closed at Rs 3,200 / share, up Rs 145, and Service Industries Ltd, which gained Rs 35.38, closed at Rs 875.89 / share. Sapphire Textile lost Rs 47.61 to close at 912.01 / share, and Nestle Pakistan lost Rs 37.09 to close at 6,770 / share, its main loss.
Silk Bank Limited led the volume with 69.918 million shares. The price of the script increased by Rs 01.13 and ended at Rs 1.22 / share. WorldCall Telecom had the lowest turnover with 11.291 million shares, and closed at Rs 1.19 / share, down Rs 0.05.