Stocks close lower by 85 points amid profit-taking

KARACHI: Stocks slightly fell on Tuesday as investors opted for profit-taking while the market could not bounce back amid the absence of any positive trigger.

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 share index decreased by 84.82 points or 0.11 per cent to 77,745.52 points against 77,830.34 points recorded in the last session. The highest index of the day remained at 77,930.04 points while the lowest level was recorded at 77,460.40 points.

Ali Najib, an analyst at Topline Securities, said equities kicked off the day with the KSE-100 index moving around the 78k psychological level by and large throughout trading hours. However, in the latter half of the session, an inexplicable selling spree threw the benchmark index below 77,500 points zone where value hunters rescued the market by doing some cherry-picking to concede the day at 77,746 levels (-85 points; down 0.11 points).

“Today’s confounded market behaviour can be ascribed to the absence of any positive trigger, which can assist the market to have strong sentiments,” he said. The KSE-30 index decreased by 93.56 points or 0.38 per cent to 24,783.43 points against 24,876.99 points.

Traded shares decreased by 91 million shares to 380.717 million shares from 471.749 million shares. The trading value dropped to Rs11.24 billion from Rs16.92 billion. Market capital expanded to Rs10.34 trillion against Rs10.34 trillion. Of 446 companies active in the session, 196 closed in green, 183 in red and 67 remained unchanged.

The banking, fertilizer and power & technology sectors contributed negatively where BAHL, FFC, HUBC, MCB and SYS lost 186 points. On the contrary, UBL, NBP & MTL cumulatively added 166 points due to some buying interest observed in them.

The highest increase was recorded in PIA Holding Company Limited B, which rose by Rs81.1 to Rs892.1 per share, followed by Unilever Pakistan Foods Limited, which increased by Rs76.4 to Rs17,600 per share.

A significant decline was noted in Mari Petroleum Company Limited, which fell by Rs25.64 to Rs3,262.64 per share, Atlas Honda Limited followed it, which closed lower by Rs19.82 to Rs606.21 per share.

Brokerage Arif Habib Ltd stated that the KSE-100 index remained choppy, continuing to trade below the 78k level.AIRLINK (+6.88 per cent) emerged as the value leader following news of a partnership with Acer’s Shanghai-based partner Sixunited to assemble Acer Gadget e10 laptops, tablets, and all-in-one devices in Lahore.

The cement sector remains under close watch for follow-through momentum from last week, which is seen as crucial for lifting the index higher. Continued participation from cement stocks is essential for any potential rally.

Kohinoor Spinning remained the volume leader with 101.86 million shares which closed higher by 94 paisas to Rs10.21 per share. Yousuf Weaving followed it with 35.81 million shares, which closed higher by 57 paisas to Rs6.46 per share.

Other significant turnover stocks included Flying Cement, WorldCall Telecom, Air Link Commun, Pak Elektron, PIA Holding Company, Image Pakistan, PTCL and Cnergyico PK. In the futures market, 325 companies recorded trading, of which 139 increased, 179 decreased and 7 remained unchanged.