KARACHI: Pakistan stocks ended flat on Tuesday as investors are waiting for federal budget announcement, which is scheduled on June 10, 2022.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 41,568 points from previous day’s closing of 41,577 points, showing decline of nine points.
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Analysts at Topline Securities said that Pakistan equities witnessed a mix trend today as all eyes are now on the upcoming budget.
Investors opted to stay sidelines which compelled benchmark index to slide. During the day, the KSE 100 index made an intraday low at 41,524 (-53 points; down 0.12 per cent) and an intraday high at 41,854 (+277 points; up 0.66 per cent) before eventually settled at 41,568 (-9 points; down 0.02 per cent) for the day.
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Banks, Tech, Food and Power sector’s stocks contributed negatively today to the benchmark index where HBL, TRG, UNITY & HUBC lost 57 points, cumulatively. On the flip side, NML, SNGP & MARI have seen some buying interest as they added 44 points collectively today.
Around 157 million shares traded today at the bourse while total value clocked in at Rs4.2 billion. TPLP was the volume leader of the day with trading of 17 million shares in it, today.
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Analysts at Arif Habib Limited said that a range-bound session was observed at PSX today given further devaluation of PKR against USD tagged with concerns of new taxes in the upcoming budget, keeping the investors at bay. The volumes remained dry in the main board although 3rd tier stocks continued positive momentum.
Sectors contributing to the performance include Banks (-21.0 points), Technology (20.5 points), Power (-13.1 points), Vanaspati & Allied (-11.9 points) and Investment Banks (-8.7 points).
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Volumes decreased from 189.2 million shares to 157.4 million shares (-16.8 per cent DoD). Average traded value also decreased by 13.8 per cent to reach US$ 20.8 million as against US$ 24.2 million.
Stocks that contributed significantly to the volume are TPLP, UNITY, PRL, OBOYR1 and SNGP.
