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Bears take over trading floor amid political unrest – Business


KARACHI: The stock market saw a negative session on Friday as continued political unrest kept investors away.

Arif Habib Ltd said the bears took over the trading floor and sent the index down from the previous close. Investors adjusted their positions ahead of the uncertain weekend as they feared political noise would pick up steam.

Volumes in motherboard stocks remained decent, while healthy trading interest was seen in third-tier stocks.

JS Global said the stock market is expected to remain constrained going forward. Therefore, we recommend investors to remain cautious and wait for further declines to create new positions, he added.

As a result, the KSE-100 index came in at 42,150.10 points, down 243.42 points or 0.57% from the previous session.

Trading volume decreased 11.5% to 143.2 million shares while traded value increased 8.7% to $22.8 million on a daily basis.

Stocks contributing significantly to trading volume included Dewan Motors Ltd (12.3 million shares), TRG Pakistan Ltd (10.7 million shares), WorldCall Telecom Ltd (10.4 million shares), Hascol Petroleum Ltd (7.2 million shares) and Pakistan International Bulk Terminal Ltd (5.6 million shares).

The sectors that contributed to the performance of the index were technology and communication (-71.6 points), cement (-68.2 points), oil and gas marketing (-19.1 points), pharmacy (-19 points), food and personal care products (-18.6 points). ).

The companies with the highest share price increase in absolute terms were Allawasaya Textile and Finishing Mills Ltd (Rs 225.33), Bhanero Textile Mills Ltd (Rs 66.75), Pakistan Services Ltd (Rs 60.12) , Premium Textile Mills Ltd (Rs. 47). .79) and Nestle Pakistan Ltd (Rs21).

The stocks that fell the most in rupees were Rafhan Maize Products Company Ltd (Rs 488.25), Sapphire Fibers Ltd (Rs 83.22), Sapphire Textile Mills Ltd (Rs 50.13), Ismail Industries Ltd (Rs 36.28 Rs) and Gatron Industries. Ltd (Rs18.01).

Foreign investors were net buyers as they bought shares worth $1.82 million.

Posted in Dawn, December 3, 2022




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