KSE-100 Index remains flat over economic concerns

Bol News  |  Jan 20, 2022

KARACHI: The Pakistan Stock Exchange (PSX) closed flat on Thursday due to the weak earnings outlook coupled with increased tariff on industries.

The market started with a selling pressure where it lost 558 points in the initial trading hours.

“Surging industrial power tariff, uncertainty ahead of the International Monetary Fund (IMF) policy board review on January 28, and the State Bank of Pakistan (SBP) policy announcement scheduled on January 24, amid surging inflation, and investors’ concerns over the falling rupee played a catalytic role in the negative close,” Ahsan Mehanti at Arif Habib Corp said.

The Pakistan Stock Exchange KSE-100 shares Index shed 0.02 per cent, or 7.46 points, to close at 44,825.97 points. The KSE-30 shares Index gained 0.08 per cent, or 14.02 points, to close at 17665.79 points.

The rising international crude oil prices were the primary concerns for the investors along with a rising Covid-19 positive ratio of over 11 per cent, an analyst at Pearl Securities said.

However, a late recovery was seen in the market amid rumors of inflow from the government organisation through mutual funds, he added.

As many as 348 scrips were active, of which 169 advanced, 158 declined and 21 remained unchanged.

The ready market volumes stood at 254.20 million shares, compared with the turnover of 236.93 million shares in the last trading session.

“Going forward, we expect the market to take direction next week once the IMF review and MPC meeting take place. Hence, we recommend our investors to adopt the “Sell on Strength” strategy for upcoming sessions.”

The companies which reflected the highest gains, included Sapphire Fiber up Rs63 to close at Rs913/share, and Siemens Pak (XD) up Rs17.16 to close at Rs638.16/share.

The companies which reflected the most losses, included Nestle Pakistan down Rs100 to close at Rs5,400/share, and Sapphire Textile down Rs84 to close at Rs1,040/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 27.94 million shares. The scrip gained 2 paisas to close at Rs2.18 /share, followed by Cnergyico Pk with a turnover of 18.84 million shares, shedding 11 paisas to close at Rs6.40/share. Ghani Global remained the third with a turnover of 17.50 million shares, as it shed 12 paisas to finish at Rs20.48/share.

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