RECORDER REPORT
KARACHI: Pakistan Stock Exchange (PSX) Thursday remained volatile due to complex political situation in the country.
BRIndex100 gained another 8.04 points to close at 4,332.09 points compared to 4,324.05 points.
BRIndex100 touched intraday high of 4,377.28 points and intraday low of 4,311.74 points. Total trading volume stood at 103.051 million shares.
However, BRIndex30 decreased by 0.06 percent or 12.97 points to 21,248.91 points down from 21,261.88 points with a trading volume of 76.455 million shares. BRIndex30 touched intraday high of 21,498.09 points and intraday low of 21,203.10 points.
The benchmark KSE-100 index gained 45.23 points to reach 40,498.87 points compared to 40,453.64 points Wednesday. However, daily trading volumes on the ready counter remained unchanged at 116.556 million shares.
Analysts at Topline said the market exhibited a volatile behavior amid heightened political noise as ex-prime minister Nawaz Sharif is to appear in NAB court tomorrow. The market made an intraday low of 40,353 points. After an anxious start, the market gained 388 points from Wednesday’s close to a high of 40,842 index points but closed at 40,499 index level up 0.11 percent or 45 points as the investors adopted a cautious approach before the court hearing.
BR Commercial Banks Index closed at 7,713.98 with a net negative change of -8.37 points or a percentage change of -0.11 and a total turnover of 12,702,900.
BR Cement Index closed at 5,072.01 with a net negative change of -43.22 points or a percentage change of -0.84 and a total turnover of 5,522,650.
BR Oil and Gas Index closed at 5,127.58 with a net positive change of 108.89 points or a percentage change of 2.17 and a total turnover of 16,168,970.
BR Tech. & Comm. Index closed at 1,123.73 with a net negative change of -19.68 points or a percentage change of -1.72 and a total turnover of 16,417,500.
BR Power Generation and Distribution Index closed at 6,346.67 with a net negative change of -51.67 points or a percentage change of -0.81 and a total turnover of 4,223,500.
Pak Elektron remained volume leader with 9.9 million shares. However, it declined by Rs 2.6 to close at Rs 56.12 followed by TRG Pak Ltd. that lost Rs 1.54 to close at Rs 31.66 with 9.4 million shares.
Atlas Honda Ltd and Mari Petroleum were the top gainers with Rs 26.71 and Rs 24.33 to close at Rs 561.06 and Rs 1,545.43, respectively. Khyber Tobacco and Pak Tobacco were the top losers with Rs 77.16 and Rs 73.68 to Rs 1,466.12 and Rs 1,400.07, respectively.
Ahsan Mehanti of Arif Habib Corp said that stocks closed higher led by select oil, banking and auto stocks amid surging global crude prices, upbeat CPI Inflation data at 3.8pc for Oct’17 and investor interest on renewed foreign inflows.
He said that revision in local POL prices and institutional support in insurance scrips after new SBP rules on dollar denominated insurance policies supporting FX reserves. “Scrips gaining from regulatory duties on imports played a catalyst role in higher close at PSX”, he added.
Danish Ladhani of JS said that the market witnessed yet another day of lackluster activity, with the KSE-100 Index up by 0.1 percent or 45 points to close at 40,499 level. Volumes remained subdued, reflecting little change from yesterday as 117 million shares exchanged hands during the day in the backdrop of political uncertainty.
Political climate became more complex with news of ex-prime minister Nawaz Sharif arriving in the country to face accountability court, he added.
