RECORDER REPORT

KARACHI: The Pakistan Stock Exchange ended the week on a subdued note as profit-taking erased early gains with sentiment dampened by concerns over a widening trade deficit, foreign outflows, and provincial tax collection shortfalls. The benchmark KSE 100 Index closed at 145,382.80 points, a decrease of 264 points or 0.18 percent from the previous session’s 145,647.14 points. It initially showed positive momentum, gaining to an intraday high of 146,813.44 points. However, investors opted to book gains before the weekend, causing the index to decline.

Topline Securities reported that investors preferred to book gains before the weekend. Top positive contributors to the index included ENGROH, FFC, OGDC, and MCB, which collectively added 395 points. In contrast, EFERT, LUCK, SYS, MARI, and HUBC lost value, weighing down the index by 399 points.

On Friday, BRIndex100 closed at 14,918.12 points which was 3.94 points or 0.03 percent lower than previous close and the total volume remained 420.611 million shares. BRIndex30 closed at 42,334.27 points which was 245.27 points or 0.58 percent lower than previous close and the total volume was 203.423 million shares.

The broader market reflected this downturn. In the ready market, 296 companies saw a decrease in their rates, while 151 experienced an increase, and 35 remained unchanged in the total 482 active companies.

Turnover and traded value decreased across the board. The ready market’s turnover dropped to 548.05 million from the previous day’s 712.527 million shares. Traded value in the market also decreased to Rs45.48 billion from Rs55.67 billion in the previous session.

The market capitalization for the regular market was Rs17.342 trillion, which is a decrease of Rs33 billion from the previous day’s value of Rs17.375 trillion.

Among the top performers in the ready market, Pak Petroleum had the highest turnover at 21.96 million and closed the day at a rate of Rs188.23. Following closely was Bank of Punjab, with a turnover of 21.25 million shares traded and a closed at of Rs13.92. The third company was Loads Limited, which recorded a turnover of 20.56 million shares and closed at a rate of Rs16.58.

Companies reflecting increase in rates include Ismail Industries Limited whose share price increased by Rs 70.39, and closed at Rs 2,172.38. While Supernet Technologies Limited increased by Rs43.11, closing at Rs802.60. Conversely, PIA Holding Company Limited (B) saw the most significant rate decrease, falling by 478.14 to close at 29,379.66. Moreover, Nestle Pakistan Limited also lost Rs87.02 and closed at Rs8,950.56.

The BR Automobile Assembler Index settled at 23,371.17 points, down 172.54 points or 0.73 percent, with a turnover of 2.90 million shares. The BR Cement Index ended at 11,266.98 points, registering a decline of 120.58 points or 1.06 percent, on a volume of 23.58 million shares.

Closing at 42,538.55 points the BR Commercial Banks Index slipped 9.79 points or 0.02 percent, with 56.59 million shares traded. The BR Power Generation and Distribution Index closed at 22,744.93 points, losing 121.31 points or 0.53 percent, on a turnover of 22.36 million shares.

Finishing at 13,079.63 points, the BR Oil and Gas Index dropped 67.76 points or 0.52 percent, with a total volume of 71.71 million shares. Meanwhile, the BR Technology and Communication Index ended the day at 3,314.74 points, down 31.81 points or 0.95 percent, with 53.74 million shares changing hands.

In his post session commentary, Ahsan Mehanti of Arif Habib Corporation said that stocks closed under pressure amid profit taking in overbought scrips. Concerns remain over the $2.8bn trade deficit for July 25 swelling by 44 percent year on year basis. Foreign outflows, concerns for provincial tax collection shortfalls and missed cash surplus target under IMF conditions and political noise played a catalyst role in bearish close at PSX, he added.