Stocks on Thursday ended flat as investors did not hesitate in extracting whatever juice was available in terms of capital gains by selling their holdings on the last trading session of the year 2020, dealers said.
Benchmark KSE-100 shares index gained 0.14 percent or 60.62 points to close at 43,755.38 points at Pakistan Stock Exchange (PSX). Volumes increased to 578.250 million shares from 455.994 million on Wednesday. KSE-30 shares index followed suit with a high of 0.22 percent or 40.27 points to end at 18,180.00 points.
Topline Securities in its daily market review said, continuing its momentum, the index made an intraday high of 195 points.Some pressure was observed from banks and exploration and production sector as the day progressed, it added.
Investor interest was observed in cement sector on account on chatter during trading hours that Prime Minister was to announce extension in construction sector amnesty scheme, the brokerage said.
Muhammad Saeed Khalid, head of research at Shajar Capital, said the stock market remained sluggish on the last trading session of CY20, despite the higher volumetric activity.
The technology and construction stocks remained in the limelight betting on an expansion in the construction sector incentive package, Khalid added.
Trading activity was recorded in 417 active scrips, of which 207 advanced, 193 retreated, and 17 ended neutral.
Salman Ahmad, head of institutional sales at Aba Ali Habib said, the market was mixed most of the session, where financial institutions realised available gains.
“A general consensus is that economic indicators are positive and closing above 43,000 points hints that buying is likely to surface and the index may soon cross 44,000 points mark,” Ahmad added.
Ansreen Malik from BMA Capital Management’s Equity Sales desk said the stocks were likely to remain bullish for the coming year as all macroeconomic factors were in their favour. “We recommend buying banks and other blue chip items on any dips in the market,” Malik added.
Ahsan Mehanti from Arif Habib Corporation said stocks ended higher at the year-end close led by selected scrips across the board as investor weighed government’s decision for one year extension of construction sector package.
Mid-session pressure remained on concerns over foreign outflows and National Electric Power Regulatory Authority decision on an increase in energy tariff for industrials.
Higher global equities and global crude oil prices, record receipts in Roshan Digital Accounts and easing political noise kept stocks in the green, Mehanti added.
Brokerage Next Capital in their daily market wrap-up said the participation increased to 321 million from 227 million in the previous session (41 percent up day-on-day).
Furthermore, major contribution to total market volume came from PRL, SILK, and FFBL churning 117 million shares out of the total market volume of 578 million shares, the brokerage added.
The top gainers were Unilever Foods, up Rs500 to close at Rs14,000/share, and Murree Brewery, strengthening by Rs25.64 to finish at Rs627.42/share.
Nestle Pakistan, down Rs179.99 to close at Rs6,665.01/share, and Premier Sugar, losing Rs33 to close at Rs446/share, suffered highest losses in the day.
Pakistan Refinery led volumes chart with 41.456 million shares, gaining Rs0.51 to end at Rs23.79/share, while Hascol Petrol was at the bottom with 13.451 million shares and it lost Rs0.05 to end at Rs14.69/share.