KARACHI: The Pakistan stock market moved both ways during the day backed by the continuous rupee appreciation for the sixth consecutive day along with the absence of any political uncertainty, while profit-taking was observed, as the government unveiled plan for raising power tariffs, dealers said on Wednesday.
Ahsan Mehanti at Arif Habib Corporation said that the stocks closed lower, amid pressure on the economic front, amid surging trade deficit to $3.8 billion in October, slump in global crude oil prices and concerns over the surging circular debt.
“Foreign outflows and uncertainty over the outcome of Pakistan-IMF talks played a catalytic role in the bearish close.”
The Pakistan Stock Exchange KSE-100 shares index shed 0.17 per cent, or 80.48 points, to close at 47,032.44 points. The KSE-30 shares index shed 0.38 per cent, or 68.81 points, to close at 18,274.34 points.
As many as 366 scrips were active, of which 182 advanced, 163 declined and 21 remained unchanged. The ready market volumes stood at 380.5 million shares, compared with the turnover of 306.24 million shares in the last trading session.
An analyst at Arif Habib Limited said the market remained range-bound due to the concerns over monetary tightening and resuming of foreign selling spree.
“[The] technology sector remained in the limelight throughout the day, as traders placed the bet on high-beta stocks to mark quick trading gains.”
On the flip-side, institutional investors fetched value hunting, as buying was observed in E&P and banking stocks.
In the last trading hour, investors opted for profit-booking, especially in cement and steel stocks on the expectation of interest rate hike by the central bank in the upcoming monetary policy.
The companies that reflected the highest gains included Colgate Palmolive, up Rs129.99 to close at Rs2,749.99/share; and Sapphire Fiber, up Rs54.84 to close at Rs787.5/share.
The companies, which reflected the most losses included Rafhan Maize, down Rs200 to close at Rs9,500/share; and Nestle Pakistan, down Rs144.98 to close at Rs5,855.02/share.
The highest volumes were witnessed in PTCL with a turnover of 22.7 million shares. The scrip gained 94 paisas to close at Rs10.18/share; followed by Hascol Petroleum with a turnover of 17.3 million shares. It gained 21 paisas to close at Rs6.02/share. WorldCall Telecom remained the third with a turnover of 16.29 million shares. It gained two paisas to finish at Rs2.42.