Daily Times

Stocks remained in limbo as the market struggled to find a catalyst to set its direction owing to resurgence of Covid-19 and lack of triggers.

On Friday, the benchmark kse-100 index clocked at 47,793 level after posting an 80-points loss. The Index traded in a range of 256.33 points or 0.54 percent of previous close, showing an intraday high of 47,947.66 and a low of 47,691.33.

Trading kicked off on an optimistic note but witnessed volatility as intra-day correction and discounted share prices attracted selective buying.

Investor sentiment was dampened on rising uncertainty over Pak-Afghan relations coupled with a depreciating rupee. The Taliban claimed on Thursday to have captured key border crossings with Iran, Tajikistan, Turkmenistan and Pakistan in recent weeks and that the militia now occupied over 90pc of the Afghan territory.

Meanwhile, the Pakistani rupee continued its downward slide, losing another 0.52pc to close at 162.32 against the US dollar in the inter-bank market on Friday, said the State Bank of Pakistan (SBP).

Fears of more lockdowns also kept the index in check as resurgence of Covid-19has taken 24-hours positivity ratio above 4.95pc. Moreover, the announcement of strict lockdown in some parts of the country also dented investor confidence. The Sindh government on Friday announced tighter coronavirus restrictions during a meeting of the provincial Coronavirus Task Force, chaired by Sindh Chief Minister Murad Ali Shah.

The volume at KSE-100 slightly improved from 108.55 million shares recorded in the previous session to 122.86 million shares, while the all-share index recorded a volume of 314 million shares, down from 320.97 million shares from the previous session.

The KSE-100 the volume chart was led by Byco petroleum Limited followed by DNCCR and PACE Pakistan Limited. The scrips exchanged 34.05 million, 23.99 million and 22.59 million shares.

According to the National Clearing Company of Pakistan limited (NCCPL) foreign investors were net sellers of worth $12.94 million shares.

Local investors, however, remained net buyers, with the buying chart led by Individuals, brokers and companies which mopped up $7.49 million, $2.16 million and $1.69 million worth of equities respectively.

During the session, sectors which dented the index were cement with 25 points, refinery with 17 points, textile composite with 15 points, commercial banks with eight points and Fertiliser with eight points.

Among the scrips, the most points taken off the index was by ENGRO which stripped the index of 12 points followed by Maple Leaf Cement Factory with 10 points, Pakistan State Oil with 10 points, TRG Pakistan with nine points and PSX also with nine points.

However, sectors which lifted the index were oil and gas marketing companies with 11 points, power generation and distribution with five points, tobacco with five points, Real Estate Investment Trusts (REITs) with four points and synthetic and rayon with three points.

The most points added to the index was by Sui North Gas Pipeline which contributed 24 points followed by Systems limited with 15 points, Hub Power Company with 12 points, Lucky Cement with 10 points and Fauji Fertiliser Company with seven points.