Stocks recover 84 points in range-bound trading

KARACHI: The Pakistan Stock Exchange (PSX) remained range bound on Friday with the KSE-100 index closing marginally in the positive amid selling pressure.

Equity markets around the world continued to display a mixed performance, whereas crude oil prices headed south from the previous close; WTI crude price declining 2.38pc to $59.08 while Brent crude oil price falling 1.83pc to $62.75 (as at 4:57pm PST).

“The market opened on a positive note today, but saw continuation of selling pressure in line with the last two sessions. Selling pressure was observed in banks, cement and steel sectors, whereas technology sector maintained an uptrend, with TRG hitting upper circuit upon announcement of its board meeting,” a report issued by Arif Habib Ltd read.

MARKET SUMMARY

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The benchmark KSE-100 Index moved in a narrow range on Friday, posting its intraday high at 46,378.35 after gaining 235.61 points. It settled higher by 84.91 points at 46,378.35.

Among other indices, the KMI-30 Index lost 69.88 points to close at 76,623.00, whereas the KSE All Share Index added 91.36 points, ending at 31,851.18.

The overall market volumes improved from 577.84 million shares in the previous session to 694.80 million shares (+20pc). Average traded value also increased by 7pc, from $145.8 million to $156 million. Byco Petroleum Pakistan Ltd (BYCO +9.57pc), Worldcall Telecom Ltd (WTL +6.00pc) and Hum Network Ltd (HUMNL +8.56pc). The scrips had exchanged 89.84 million, 62.28 million and 60.25 million shares, respectively.

Sectors that kept the benchmark index afloat included technology & communication (+113.41 points), automobile assembling (+38.44 pts) and refinery (+12.31 points). Among the companies, TRG Pakistan Ltd (TRG 102.27 pts), Millat Tractors Ltd (MTL +46.81 points) and Byco Petroleum Pakistan Limited (BYCO 12.29) were top points contributors.

Adding 4.07pc) to its cumulative market cap, the refinery sector ended as the session’s top performer, with Byco Petroleum Pakistan Ltd (BYCO +9.57pc) and National Refinery Ltd (NRL +2.02pc) posting decent gains.

As per a PSX notice, trading in the shares of Panther Tyres Limited would commence from Monday, February 22nd. NCCPL has assigned the company “PTL” as the company code/security symbol. The opening price will be Rs65.80 per share.

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