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KARACHI: The stock market fell on Thursday as investors opted to book profits.
Topline Securities said trading started on a positive note as investors welcomed Engro Corporation Limited’s announcement of a share buyback of nearly Rs 20 billion. However, the acceleration did not last long due to interest rate hikes by the US Federal Reserve.
According to Arif Habib Limited, the stock price gauge closed lower as mutual funds started selling their positions instead of political noise. While third-tier stocks continued to dominate trading, the share buyback announcement increased volume across the board.
As a result, the KSE-100 index fell by 41,179.76 points, down by 557.86 points or 1.34 percent from the previous session.
Total trading volume rose 67 percent to 245 million shares. The traded value rose 94.5pc to $33.9m on the day.
The top contributors to the volume were Bank Alfalah Limited (41.2m shares), World Call Telecom Limited (18.5m shares), K-Electric Limited (10m shares), Dewan Farooq Motors Limited (8.7m shares) and Hascol Petroleum Limited (7.9). are included. m shares).
Sectors that contributed negatively to the performance of the index were Commercial Bank (180.4 points), Exploration and Production (106.1 points), Technology and Communication (66.5 points), Power Generation and Distribution (57.3 points) and Cement (37.4 points).
The companies with the highest gain in absolute share price were Bhanero Textile Mills Ltd (Rs79.72), Pakistan Services Ltd (Rs70.83), Sanofi-Aventis Pakistan Ltd (Rs53.90), The Premier Sugar Mills Ltd (Rs20) and Suraj Cotton Mills. Ltd (Rs7.99).
The companies that recorded the highest decline in absolute share price were Unilever Pakistan Foods Ltd (Rs1,000), Rafhan Maize Products Company Ltd (Rs360), Sapphire Textile Mills Ltd (Rs79.80), Ismail Industries Ltd (Rs32.99). ) and Marie Petroleum Company Limited (Rs25.55).
Foreign investors were net sellers as they unloaded $4.14 million worth of stock.
Published on December 16, 2022 at dawn
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