- Pakistan stocks opened on a positive note.
- Profit booking, politics cut rally short.
- Caution is advised as uncertainty prevails.
Karachi: Stocks Wednesday barely turned into a cautious session, marked by wild swings as market players remained cautious. Political events in Rawalpindi Among the common trigger droughts.
The main gauge of the Pakistan Stock Exchange (PSX), the KSE-100 Shares Index, closed down 48 points, or 0.11 percent, at 42,880 points after hitting an intraday high of 111 points.
Stocks opened on a positive note, but closed slightly lower due to rising political temperatures and profit-taking, JS Research said in its market wrap.
“Going forward we recommend investors to remain cautious at current levels and wait for fresh buying,” the brokerage said.
Topline Research said in a note that the profit-taking was observed shortly after Hub Power Co informed Boris that the company as a joint venture. [partner] And sponsor China Power Hub Generation Company (CPHGC) provided a standby letter of credit (SBLC) – a form of guarantee – of $150 million in security to cover any funding shortfall in favor of CPHGC. of
“This SBLC was scheduled to expire on November 23, 2022. If the SBLC is not renewed 15 days prior to its expiry, which is now, the borrower of CPHGC SBLC will have the right to approach,” the brokerage added.
HUBC closed down 3.63% due to this development.
The day’s trading volume and value were down 25 percent to 138.2 million shares, 29 percent and Rs 5.09 billion. WorldCall Telecom was the volume leader with 16.46 million shares.
Other major volume generators were TPL Properties (-1.3%), Hub Power Company Limited (-3.6%), Bank Islami Pakistan Limited (5.6%) and TRG Pakistan (1.0%).
The rupee also failed to maintain yesterday’s momentum And restarted, adding to investors’ worries.
The local unit closed at 223.81 against the greenback, down 0.39, or 0.17%, compared with Tuesday’s close of 223.42 in the interbank market.
After starting on a positive note, the local equity market hit the road and trading came to a crawl, Darson Research said.
Darson analysts said the benchmark index fluctuated between positive and negative territory throughout the day in a range-bound session.
The Technology & Communications, and Oil & Gas Exploration sectors closed in the green, while Power, Generation & Distribution and Commercial Banks saw selling trends.