Stock ended the week on a subdued note in a range-bound session on Friday as investors locked in profits following a record-setting rally in the previous session, dealers said.
The Pakistan Stock Exchange's (PSX) benchmark KSE 100-share Index fell by 137.02 points or 0.20 percent to close at 67,005.11 points. The highest index of the day remained at 67,307.63 points while the lowest level was recorded at 66,822.43 points. The KSE-30 index also decreased by 68.53 points or 0.31 percent to 22,021.47 points.
“Stocks retreated amid institutional profit-taking after disappointing second-quarter GDP growth of 1 percent and the National Electric Power Regulatory Authority’s (NEPRA) approval to raise industrial power tariffs,” said Ahsan Mehanti, an analyst at Arif Habib Corp.
The finance minister’s indication of potential cuts in the Public Sector Development Programme (PSDP) and upcoming economic measures for energy sector reforms, ahead of talks with the International Monetary Fund (IMF) scheduled for April 14-15, also contributed to the bearish sentiment, alongside rising government treasury bond yields, he added.
Traded shares decreased by 108 million shares to 313.035 million shares from 421.118 million shares. The trading value dropped to Rs9.899 billion from Rs16.159 billion. Market capital, however, expanded to Rs9.447 trillion against Rs9.430 trillion. Of 343 companies active in the session, 136 closed in green, 188 in red and 19 remained unchanged.
Nabeel Haroon, an analyst at Topline Securities, noted a range-bound session with the index fluctuating between an intraday high of 166 points and a low of -320 points before settling at the closing level.
Major positive contributions to the index came from MEBL, ENGRO, MCB, PAKT and COLG, which cumulatively contributed 515 points. On the flip side, FFC, BAFL, OGDC, TRG and HUBC lost value to weigh down on the index by -451 points.
The highest increase was recorded in Hoechst Pakistan Limited shares, which rose by Rs70 to Rs1,300 per share, followed by Pakistan Tobacco Company Limited, which increased by Rs42.95 to Rs1,122.95 per share. A significant decline was noted in JDW Sugar Mills Limited, which fell by Rs15.50 to Rs452 per share, followed by Mehmood Textile Mills Limited, which closed lower by Rs10.97 to Rs383.03 per share.
Arif Habib Ltd, a brokerage firm, reported robust growth in the stock market last week, with significant week-on-week gains of 2.8 percent, leading to new all-time highs for the country’s indices.
The book-building process for Secure Logistics attracted strong investor interest, with participation reaching Rs611 million, exceeding the initial offering of Rs600 million. The strike price was set at 12 rupees per share.
In a notable development, BAFL announced its intention to conduct due diligence for the acquisition of Saudi National Bank’s entire stake following its takeover of Samba Bank, highlighting the ongoing consolidation within the banking sector.
“With the market’s upward trajectory, support levels have now risen to the 66,000 points level, indicating positive momentum and the potential for further gains,” the brokerage stated. “Market participants are optimistic about reaching the 70,000 points mark in the near term.”
PIAC(A) remained the volume leader with 39.192 million shares which closed higher by Rs2.20 to Rs31.54 per share. PTCL followed it with 32.214 million shares, which closed lower by 15 paisas to Rs18.27 per share.
Other significant turnover stocks included Cnergyico PK, K-Electric Ltd., Agritech Limited, Pak Reinsurance, WorldCall Telecom, TPL Properties, Lotte Chemical and Hascol Petrol. In Future Market, 321 companies recorded trading, of which 80 increased, 240 decreased and 1 remained unchanged.