Stocks fell flat at Pakistan Stock Exchange in a range bound session on Thursday as benchmark KSE-100 index clocked at 48,093 level by the closing bell.
The Index traded in a range of 433.09 points or 0.90 percent of the previous close, showing an intraday high of 48,434.82 and a low of 48,001.73. On Thursday, right after the opening bell the stocks climbed higher on rising international crude oil prices and a credit facility of $200 million proposed by the World Bank.
Oil prices surged to hit their highest in more than a year from a decision by OPEC and allies to stick to the plan to gradually restore supply, along with the slow pace of nuclear talks between Iran and the United States. Brent rose $71.48 a barrel, its highest since January 2020 on Wednesday, before paring its gains to trade at $70.72/barrel. U.S. West Texas Intermediate (WTI) crude hit $69.00 during the session on Wednesday, its highest since October 2018- but traded at $68.29/barrel.
Meanwhile the World Bank Country Director Najy Benhassine on Wednesday shared WB’s proposed credit facilities for various interventions in the housing sector totalling $200 million with the Federal Minister for Finance and Revenue Shaukat Fayyaz Ahmed Tarin, in an attempt to support the efforts on the Government to boost the housing sector especially for low cost housing. However, attractive prices and lack of triggers prompted profit-taking which eroded early session gains.
Moreover, delays in payments to Independent Power Producers (IPPs) took to the limelight as the first tranche amounting to Rs89.9 billion is set to expire on June 07, 2021 which was approved by ECC and Cabinet committee, also dented the market excitement. During the session Market Capital increased by Rs.16.17 billion, while total value traded increased by 3.88 billion to Rs.31.66 billion.
The volume at KSE-100 receded from 361.19 million shares recorded in the previous session to 253.5 million shares, while volume at all shares index remained also fell from 1.04 billion shares to 889.9 million shares.
At KSE-100 the volume chart was led by World Call telecom limited followed by First National Equities limited and Invest Capital Investment Bank. The scrips exchanged 134.99 million, 48.15 million and 4269 million shares.
During the session, sectors which dented the index were Cement with 45 points, Commercial Banks with 35 points, Fertilizer with 26 points, Food & Personal Care Products with 15 points and Oil & Gas Exploration Companies with 13 points.
Among the scrips, the most points taken off the index was by Lucky Cement Limited which stripped the index of 48 points followed by Bank Al Habib Limited with 17 points, Millat Tractors Limited with 16 points,Engro Corporation Limited with 16 points and Unity Foods Limited with 15 points.
However, sectors propping up the index were Technology & Communication with 42 points, Oil & Gas Marketing Companies with 19 points, Engineering with 16 points, Pharmaceuticals with 14 points and Paper & Board with 8 points. Among the scrips, the most points added to the index was by TRG Pakistan which contributed 44 points followed by Meezan Bank Limited with 23 points, Pakistan State Oil with 12 points, International Industries Limited with 10 points and The Searl Company Limited with 8 points.