Stocks end firmer in range bound trading

Stocks end firmer in range bound trading

KARACHI: The Pakistan stocks experienced a modest uptick on Wednesday, with the benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closing at 47,790 points, registering a gain of 32 points from the previous day’s close of 47,758 points.

Analysts from Arif Habib Limited observed that the trading session at Pakistan stocks remained range-bound, characterized by fluctuations between -49 points and +222 points, ultimately settling at a positive 32 points by the session’s end.

The day’s trading was marked by profit booking, particularly following a significant climb of 600 points over the past few sessions. This pullback was evident in sectors like Technology, Fertilizer, Cement, and Steel, while sectors such as Banks and O&GMCs exhibited upward momentum.

TELE emerged as the most traded scrip, with 58.2 million shares changing hands, followed by HASCOL with 49.7 million shares and WTL with 45.6 million shares.

The stocks performance of various sectors contributed to the index’s movement, with Banks (+56 points), O&GMCs (+17 points), and Chemicals (+13 points) being among the top contributors. Conversely, sectors like Cement (-28 points) and Technology (-21 points) witnessed a decline, along with Refinery (-15 points).

Market activity saw an increase in volumes, with shares traded rising from 443.2 million to 533 million, marking a 20 percent day-on-day increase. However, the average traded value decreased by 7 percent to US$ 92.7 million compared to the previous session’s US$ 99.1 million.

TELE, HASCOL, WTL, TPL, and PACE collectively accounted for 41 percent of the day’s total volumes, indicating significant investor interest in these particular stocks.

Several individual stocks made notable contributions to the index’s performance. Stocks like ANL (+19 points), MEBL (+19 points), and HBL (+19 points) were among the top contributors on the positive side. Conversely, stocks like TRG (-16 points), PPL (-9 points), and GATM (-9 points) exerted downward pressure on the index.

Overall, the marginal gain at the Pakistan stocks amidst range-bound trading reflects a cautious yet active investor sentiment, with market participants closely monitoring sectoral movements and individual stock performances for investment opportunities.