Minor gains as PSX seeks recovery

KARACHI: Trading at the Pakistan Stock Exchange (PSX ) closed on a Positive note on Tuesday, with 43690.36 points and volume of 61,846,660 shares. High and Low were 43878.33 and 43515.08 respectively.

Total volume traded in the PSX market was 244,578,793 shares with 340 total traded shares of companies out of which 152 Companies shares were up and 174 Companies shares were down and 14 were unchanged.

Chemical was the top traded sectors with total traded volume of 41,717,180 shares. It was followed by technology & communication with a total traded volume of 22,087,000 shares.

The three top companies were Azgard Nine with a volume of 13,902,000 and price per share of 18.88 (1.00), Engro Polymer with a volume of 13,469,500 and price per share of 28.43 (0.82), and TRG Pak Ltd with a volume of 11,497,500 and price per share of 38.75 (-0.83).

The top three advancers were Hinopak Motor with price per share 1211.75 (58.75), Sanofi-Aventis with price per share of 1552.44 (38.89) and Pak Tobacco with price per share of 2023.31 (33.32).

The top three decliners were United Brands with price per share of 571.33 (-30.06), Service Ind.Ltd with price per share of 893.00 (-21.99) and Jubile Life InsXD with price per share of 725.00 (-20.00).

According to a market analyst, equities closed negative in lacklustre trading with the benchmark KSE-100 Index seeing an exchange of only 66 million shares.

“Market opened sideways and traded in positive territory for a brief period, however, lack of immediate triggers prompted most institutional investors to stay on the sidelines,” remarked the analyst.

Mainboards stocks in particular witnessed dreary activity and skidded lower on dull volumes with index heavy financials taking the lead in declines. Oil & Gas Development Company (OGDC PA -0.5%) was an exception as it fetched good institutional interest leading to over 3.6 million shares exchanging hands.

Moreover, volumes chart remained dominated by small cap retail plays to the likes of ANL (-5.3%), TRG (PA +2.1%), (KEL -0.5%) and DFML (PA +5%).

“MSCI was due to announce quarterly-annual review, which, in Elixir’s view, will likely be a non-event for market on Tuesday as we do not expect any additions or deletions from Pakistan constituents due to 50% buffer rule applied on quarterly rebalancing. As such, flows will remain crucial and continue to guide broader market direction,” the analyst added.

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