KARACHI: In the midst of recharged worries about the financial viewpoint after the pre-mature end of agreements with the Free Power Makers (IPPs), the securities exchange saw wild changes on Friday. However, with only modest gains, the benchmark index ended the weekend session in the green.
According to Topline Securities Ltd., the market had changed as a result of the ongoing negotiations with the IPPs, in which five of them agreed to early termination of Power Purchase Agreements (PPAs).
During the session, the KSE 100 index primarily traded in the negative zone, reaching an intraday low of 679 points at 84,774.46. In any case, the list scarcely added 30.18 focuses or 0.04pc to settle at 85,483.40 on some purchasing towards the end hours.
According to Ahsan Mehanti of Arif Habib Corporation, stocks recovered during the late session thanks to strong earnings outlook buying, led by banking and auto stocks.
He went on to say that positive data on car sales increased by a quarter year-over-year in September, and that robust remittances helped the index, which in turn lifted investor sentiment and put it in a positive zone.
PSO, Fauji Fertiliser, Engro Fertiliser, Pioneer Cement, and United Bank all contributed 276 points to the index in significant positive ways. On the other hand, Service Industries, Hub Power, Lucky Cement, Habib Bank, and TRG Pakistan gained 327 points.
The number of shares traded increased by 11.31 percent to 560.74 million. However, the traded value decreased by 6.41 percent to Rs26.12 billion per day.
Hub Power Company had 58.15 million shares traded, Pakistan Telecom had 51.35 million shares traded, WorldCall Telecom had 45.69 million shares traded, Hum Network had 32.95 million shares traded, and Kohinoor Spinning Mills Ltd. had 25.95 million shares traded.
Nestle Pakistan (Rs153.70), Rafhan Maize (Rs116.35), Atlas Honda (Rs68.36), Atlas Battery (Rs32.22), and Colgate Pakistan (Rs29.49) were the shares whose prices increased the most in absolute terms.
Hallmark Company Ltd. (Rs120.64), Unilever Foods (Rs88.50), Lucky Core Industries (Rs30.41), Lucky Cement (Rs28.67), and Bhanero Textile (Rs26.73) were the absolute loss leaders in share prices.
As they sold shares worth $0.44 million, the foreign investors remained net sellers.
