KSE-100 recovers 258 points in range-bound session

KARACHI: The Pakistani stock market witnessed a range-bound session on Friday, whereas the benchmark KSE-100 index recovered by 258 points, as investors weigh Pakistan-China ties amid CPEC talks.

The KSE-100 increased by 257.8 points, or 0.17 per cent, to 149,493.06 points from 149,235.26 points recorded in the last session. The highest index of the day remained at 150,465.17 points, while the lowest level was recorded at 149,448.93 points.

Analyst Ahsan Mehanti at Arif Habib Corp said, “Stocks showed recovery as investors weigh strong Pakistan-China trade and economic ties amid CPEC talks.”He said that surging FX reserves, government deliberations over resolving the circular debt issue and rupee stability played a catalytic role in the positive close at the PSX.

The KSE-30 index rose by 11.6 points, or 0.03 per cent, to 45,518.4 points from 45,506.8 points.Traded shares dropped by 260 million shares to 802.006 million shares from 1,062.993 million shares. The trading value decreased to Rs40.450 billion from Rs55.824 billion. Market capital expanded to Rs17.735 trillion against Rs17.721 trillion. Of the 479 companies active in the session, 251 closed in green, 199 in red and 29 remained unchanged.

Nabeel Haroon, an analyst at Topline Securities, said the range-bound session was observed as the index traded between its intraday high of +1,230 points and intraday low of -214 points to finally close at 149,493 level (up by +0.17 per cent).

Top positive contribution to the index came from FFC, NBP, AKBL, OGDC and PSO, as they cumulatively contributed +289 points to the index; on the other hand, SEARL, MEBL, ENGROH, LUCK and EFERT lost value to weigh down on the index by -289 points.

Traded value wise SEARL (Rs4.28 billion), OGDC (Rs3.3 billion), FFC (Rs2.24 billion), UNITY (Rs1.88 billion) and PSO (Rs1.64 billion) dominated the trading activity.The highest increase was recorded in PIA Holding Company Limited B, which rose by Rs264.40 to Rs27,765.4 per share, followed by Hoechst Pakistan Limited, which increased by Rs56.04 to Rs3,831.59 per share. A significant decline was noted in Unilever Pakistan Foods Limited, which fell by Rs229.86 to Rs31,281.25 per share. Nestle Pakistan Limited followed it, which closed lower by Rs124.71 to Rs8,232.08 per share.

Unity Foods Ltd remained the volume leader with 64.076 million shares, which closed higher by 68 paisas to Rs29.36 per share. Pak Int Bulk with 63.813 million shares, followed it, which closed higher by 68 paisas to Rs11.53 per share.

Other significant turnover stocks included Fauji Foods Ltd, Kohinoor Spining, The Searle Company, Sucure Logistics Gro, Arif Habib Corp, BO Punjab, TPL Properties and Al-Shaheer Corp.In the futures market, 320 companies recorded trading, 146 of which increased, 169 decreased, and 5 remained unchanged.