Dealers said the stock ended the day with a slight embarrassment due to unprofitable gains in over-buying stocks on Friday, while crude oil also rose amid the noise of rising electricity prices.
The benchmark KSE-100 shares index of Pakistan Stock Exchange (PSX) lost 0.13% or 58.35 points to close at 45,931.00 points. The volume fell to 531.065 million shares, up from 620.746 million on Thursday. KSE 30 was no exception as it also lost 0.35% or 68.04 points to close at 19,109.64 points.
Brokerage Topline Securities said in a note that the market is tied to the range, with trading between the intra-day high of +188 points and the intra-day low of -114 points eventually reaching 45,931 (-0.13% decline). ) Closed, causing resistance at 46,000 points. Level
Significant contributions to the index came from HUBC, NATF, GHGL, INIL, and APL, as they added a total of 77 points to the index, while MCB, HBL, PAKT, LUCK and EFERT lost a total of 81 points. Caused by .
Salman Ahmed, head of financial institutions at Aba Ali Habib Securities, said the fall in crude oil prices had adversely affected some refineries and oil and gas exploration scripts, which had declined significantly.
Ahmed added, “However, there was a slight decline in the index, indicating that the trend of investors towards the market has been positive and the adjustment, which is necessary for the market, will help drive sustainable gains.” ۔ “
Despite the rise in prices of petroleum products from Rs 2 to Rs 4 per liter for 15 days, oil marketers have seen a strong reaction, a leading analyst said.
“The effects of this development will be felt next week, as the announcement came just before the closing bell. Rising oil prices will help boost the revenue of oil marketing companies.
Of the 412 active scripts, 169 went forward, 225 went down, and 18 ended when they were at the opening. Ahsan Mahanti, an analyst at Arif Habib Corporation, said stocks closed lower due to falling global shares and crude oil prices.
Mahindi added that additional purchases on Moody’s forecast of 1.5 per cent slowdown in economic growth in FY21 have reduced institutional profits and the possibility of new IMF programs to reduce circular debt. Further increase in electricity rates before the weight of the index.
A leading trader said the downtrend could end with the week’s conditions and higher buying conditions, which boosted the chances of improving auto and cement sales.
He said that although the index performed on a weekly basis, it was mostly traded in electoral stocks due to fears of possible hike in electricity rates, which led to rising interest rates in the industrial sector and inflationary pressures. There is a risk of increase.
“The players are waiting for the announcement of the stagnation policy. However, a reduction in the surprise rate could help the index cross 47,000 points.
Neelam Textile closed at Rs 1,049.99 / share, up Rs 49.99, and AKD Capital closed at Rs 410.53 / share, up Rs 28.64.
Rafen Maize, down Rs 281, closed at 9501 / share, and Pakistan Tobacco, down Rs 62.22, closed at 1587.78 / share, the biggest loss in the session.
We Network published the highest trading volume with 66.328 million shares, which ended with an increase of 0.05 at Rs 6.95 / share. Fuji Foods Ltd saw the smallest trade with 10.957 million shares, down Rs 16.12 to close at Rs 17.92 / share.