Daily Times

Stocks failed to figure out a direction on Tuesday, as absence of triggers and Covid-19 fears continue to weigh on market sentiments.

On Tuesday, the benchmark KSE-100 opened on a positive note and touched intra-day high at 45,133.41 level after gaining 155.36 points. However, paring earlier gains, the index reversed its trajectory and touched intra-day low at 44,780.06 level after losing 197.99 level.

By the closing bell the benchmark index gained, merely 70.52 points to clock at 45,048.57 level.

During the session the market cheered strong inflows from overseas Pakistani in the form of remittances which exceeded $2 billion for the10th consecutive month in March and clocked at $2.7 billion – up 43 per cent from a year earlier, the State Bank of Pakistan (SBP).

However, the early push was short lived, as investors resorted to profit-booking as bears took control owing to rising Covid fears.

Senior Vice President, BMA Capital Management Limited, Irfan Saeed said that the market speculated over the possibility of imposition of new round of lockdown measures, by the National Command and Operation Center (NCOC), owing to continuous rise in Covid-19 positivity rate, which weighed down the market sentiments. However, Mr Saeed added that the market is exhibiting strength, and noted that cement and steel sectors are set to perform well, ahead of quarterly financial results seasons owing to higher dispatches and sales figures.

Although upcoming quarterly earnings optimism has surged daily traded volumes compared to last week, slow pace vaccination drive may keep index range bound, a closing note by Aba Ali Habib cited. Market Capital increased by Rs.16.98 billion, while total value traded decreased by 1.51 billion to Rs.18.46 billion.

The volume chart was led by First National Equities Limited followed by Unity Foods and Byco petroleum Pakistan Limited. The scrips exchanged 106.56 million, 29.89 million and 28.55 million shares, respectively.

According to the National Clearing Company of Pakistan Limited (NCCPL) foreign investors were net sellers of $1.51 million worth of equities. Among Local investors, Mutual Funds and Companies led the selling chart, which offloaded $3.02 million, $2.7 million worth of equities.

During the session, sectors which lifted the index were Commercial Banks with 89 points, Oil & Gas Marketing Companies with 15 points, Textile Composite with 9 points, Automobile Assembler with 9 points and Food & Personal Care Products with 8 points. Among the scrips, the most points added to the index was by United Bank Limited which contributed 28 points followed by Habib Bank Limited with 18 points, Bank Al Habib Limited with 17 points, Sui North Gas Pipeline with 13 points and Fauji Fertilizer Bin Qasim Limited with 12 points.

However, the sectors which dented the index were Technology & Communication with 59 points, Power Generation & Distribution with 19 points, Cement with 5 points, Leather & Tanneries with 4 points and Oil & Gas Exploration Companies with 3 points. Among the scrips, the most points taken off the index was by TRG Pakistan which stripped the index of 67 points followed by ENGRO with 28 points, Hub Power Company with 19 points, Maple Leaf Cement Factory with 4 points and Kohat Company Limited with 4 points.