KARACHI, (TLTP): Pakistan Stock Exchange (PSX) managed to retain the 57,000 points level on Friday after a sell-off spree started due to massive inflation figures, with the benchmark KSE-100 Index losing 333.87 points (-0.58 percent) to close at 57,397.02 points.
The correction also brought the six-day winning streak to an end. The market opened on a positive note and gained over 350 points during the first hour’s trading. However, profit-taking checked in and brought the indices lower. The sell-off spree fastened in the second half of the session when the Sensitive Price Indicator (SPI) based data showed that inflation surged by 9.95 percent for the week ended on November 16. Similarly, inflation on a year-on-year basis increased to 41.90 percent during the week as compared to the corresponding period of the last year.
On the other hand, the Pakistani rupee gained 88 paisas (+0.31 percent) against the US dollar in the interbank market. However, this second consecutive improvement in the rupee’s value against the US dollar failed to give a boost to the investors’ confidence.
The benchmark index traded in a range of 773.9 points, showing an intraday high of 57,750.92 points and an intraday low of 56,977.02 points. Among other indices, the KSE All Share Index shed 64.29 points (-0.17 percent) to close at 38,318.54 points. Similarly, the KMI All Share Islamic Index shed 115.31 points (-0.41 percent) to close at 28,440.51 points.
Total volumes traded for the KSE-100 Index increased by 3.6 million to 363.42 million shares against 359.82 million shares a session earlier. The overall market volumes decreased by 155.11 million shares to 901.60 million shares against 1,056.71 million shares traded a session earlier.
Among scrips, WTL topped the volumes with 176.71 million shares, followed by KEL (76.30 million) and FFL (46.46 million). Stocks that contributed significantly to the volumes included WTL, KEL, FFL, HUMNL, and CNERGY, which formed around 41 percent of total volumes.
A total of 377 companies traded shares in the stock exchange against 371 companies a session earlier, out of which shares of 189 closed up, shares of 170 companies closed down while shares of 18 companies remained unchanged. A total of 98 companies traded shares in the KSE-100 Index against 97 a session earlier, out of which share prices of 40 companies closed up, 56 closed down and two remained unchanged.
The number of total trades decreased to 258,203 from 291,717 a session earlier, while the value traded decreased by Rs5.43 billion to Rs23.43 billion against Rs28.86 billion in the previous session.
In terms of rupee, UPFL remained the top gainer with an increase of Rs1,000 (+4.55 percent) per share, closing at Rs23,000. The runner-up remained RMPL, the share price of which climbed up by Rs671.25 (+7.5 percent) to Rs9,621.25. NESTLE remained the top loser with a decrease of Rs200 (-2.27 percent) per share, closing at Rs8,600, followed by SAPT, the share price of which fell by Rs81.22 (-7.39 percent) to close at Rs1,017.77 per share.
The sectors taking the index towards south were power generation & distribution (112 points), fertilizer (93 points), cement (79 points), oil & gas exploration companies (70 points), and investment banks/ investment companies/ securities companies (35 points). The major companies depriving the index of points remained HUBC (98 points), EFERT (63 points), LUCK (54 points), OGDC (49 points), and DAWH (32 points).
The major sectors taking the index towards north remained oil & gas marketing companies (36 points), pharmaceuticals (35 points), miscellaneous (21 points), glass & ceramics (13 points), and technology & communication (11 poi
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