KSE 100-share Index ended at 43,950.76 points, down 0.01 percent or 5.58 points from the previous close
Stocks closed almost unchanged on Thursday, as investors stayed on the sidelines ahead of the general elections due later this year and and amid worries over higher power tariffs for industrial users, dealers said.
The Pakistan Stock Exchange's (PSX) benchmark KSE 100-share Index ended at 43,950.76 points, down 0.01 percent or 5.58 points from the previous close. The index fluctuated between a high of 44,139.18 and a low of 43,776.38 during the session. The KSE-30 index also ended flat at 21,637.43 points, up 0.01 percent or 3.02 points. "Stocks closed flat amid concerns for NEPRA approval over hike in industrial power tariff and high inflation reported in December," said analyst Ahsan Mehanti at Arif Habib Corp.
"The economic risks over reforms post-elections, circular debt crises and pre-poll uncertainty played a catalytic role in the bearish close."
Traded shares decreased by 91 million shares to 548.989 million shares from 639.616 million shares. The trading value decreased to Rs15.395 billion from Rs20.282 billion. Market capital expanded to Rs9.361 trillion against Rs9.359 trillion. Out of 360 companies active in the session, 155 closed in green, 184 in red and 21 remained unchanged.
Analyst Naveed Nadeem at Topline Securities said a range-bound session was observed at the market as the benchmark index closed 0.01 percent down. "The index fluctuated within an 838-point range throughout the day, reaching an intraday high of 64,936 and a low of 64,098."
Negative movements were observed in several stocks, including OGDC, SYS, PPL, LUCK, and HBL, resulting in a combined loss of 136 points. Conversely, HUBC, ENGRO, and EFERT contributed to a collective gain of 94 points.
The highest increase was recorded in Unilever Pakistan Foods Limited, which rose by Rs50 to Rs22,250 per share, followed by Pak Suzuki Motor Company Limited, which increased by Rs43.67 to Rs625.91 per share. A significant decline was noted in Mehmood Textile Mills Limited, which fell by Rs20.95 to Rs500 per share, followed by Thal Limited, which closed lower by Rs9.50 to Rs299.39 per share.
Brokerage Arif Habib Ltd said a persistent resistance at 65,000 points level kept the indices closing marginally down for the day. "The upcoming break of the narrow range between 64,200-65,200 points is poised to determine whether a revisit to 63,000 is in the cards before an upward move, or if support has strengthened at 64,000 points."
The market exhibited a balanced advance-decline ratio of 48:43. "This statement maintains a watchful eye on the critical range and suggests that a sustained move above 65,000 points could propel the market swiftly toward the 67,000 points mark. It provides a concise snapshot of the current market dynamics and outlines potential scenarios based on the evolving price action.
K-Electric Ltd. remained the volume leader with 154.661 million shares which closed higher by 18 paisas to Rs5.65 per share. WorldCall Telecom followed it with 37.141 million shares, which closed lower by 4 paisas to Rs1.48 per share.
Other significant turnover stocks included Fauji Foods Ltd, Pak Refinery, BoP, Kohinoor Spining, Cnergyico PK, PIAC(A), PTCL and Housuf Weaving. A total of 312 companies recorded future shares, of which 127 increased and 185 decreased.