Investors remained shy at Pakistan Stock Exchange (PSX) on Tuesday as volumes continued to dwindle, with benchmark KSE-100 index recording a mere 14-point gain to close at 47,687.
Investors struggled to find a catalyst to set its direction owing to resurgence of Covid-19 and lack of triggers. The Index traded in a range of 278.56 points or 0.58 percent of the previous close, showing an intraday high of 47,910.12 and a low of 47,631.56.
Trading kicked off on an optimistic note but witnessed volatility, as intra-day correction and discounted share prices attracted selective buying. However, it observed profit-taking during the session amid rising COVID cases.
Fresh rounds of lockdown fears kept the index in check as resurgence of Covid-19 has taken 24-hours positivity ratio above 4.95pc. Moreover, announcement of strict lockdown in some parts of the country also dented investors’ confidence.
The Sindh government announced tighter coronavirus restrictions during a meeting of the provincial Coronavirus Task Force, chaired by Sindh Chief Minister Murad Ali Shah.
Investors also remained cautious ahead of the monetary policy announcement after the close of trading. At a press conference later, State Bank of Pakistan Governor Reza Baqir announced that the benchmark interest rate had been left unchanged at 7pc.
During the session the Index heavyweight automobile, cement and oil and gas marketing companies witnessed modest selling amid uncertainty. On the contrary, banks, fertiliser, exploration and production sectors outshined the overall market.
The volume at KSE-100 slightly improved from 122.86 million shares recorded in the previous session to 162 million shares, while the all-share index recorded a volume of 432 million shares, down from 314 million shares from the previous session.
At kse-100 the volume chart was led by Worldcall Telecom Limited followed by Byco petroleum Limited and KASB Modaraba . The scrips exchanged 36.63 million, 34.55 million and 17.83 million shares.
As per the National Clearing Company of Pakistan limited (NCCPL) foreign investors were net sellers of worth $1.63 million worth of shares.
Among local investors, Companies and NBFC were net sellers of worth $1.86 and $0.19 million shares respectively. Whereas Individuals and Mutual Funds led the buying chart and mopped up $1.29 million and $0.95 million worth of equities.
During the session, sectors which lifted the index were Commercial Banks with 119 points, Textile Composite with 40 points, Fertiliser with 29 points, Oil and Gas Exploration Companies with 16 points and Technology and Communication with 8 points.
Among the scrips, the most points added to the index was by Habib Bank Limited which contributed 44 points followed by KTML with 30 points, Systems Limited with 30 points, United Bank Limited with 27 points and Muslim Commercial Bank with 25 points.
However, sectors which dented the index were Oil and Gas Marketing Companies with 43 points, Investment Banks with 35 points, Cement with 32 points, Refinery with 26 points and Chemical with 12 points. Among the scrips the most points taken off the index was by DAWH which stripped the index of 37 points followed by Pakistan State Oil with 27 points, TRG Pakistan with 22 points, National Refinery Limited with 14 points and Colgate Pakistan with 12 points.