KARACHI: Pakistan Stock Exchange Friday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of fresh buying on available attractive low levels, mainly by local investors.
The KSE-100 Index surged by 378.91 points or 0.82 percent to close at 46,489.41 points. The 100 Index hit 46,600.82 points intra-day high and 46,005.03 points intra-day low level.
Trading activity also improved as daily volumes on ready counter increased to 304.213 million shares as compared to 263.550 million shares traded Thursday.
BRIndex100 gained 29.76 points or 0.63 percent to close at 4,787.51 points with total daily turnover of 244.479 million shares.
BRIndex30 however declined by 183.73 points or 0.91 percent to close at 19,995.52 points with total daily trading volumes of 154.124 million shares.
Foreign investors however remained on the selling side and withdrew $12.139 million from local capital market. The market capitalization increased by Rs 69 billion to Rs 7.944 trillion. Out of total 356 active scrips, 215 closed in positive and 123 in negative while the value of 18 stocks remained unchanged.
Ghani Global Holding was the volume leader with 33.898 million shares and gained Rs 0.45 to close at Rs 33.68 followed by Service Fabrics that inched up by Rs 0.06 to close at Rs 12.93 with 17.868 million shares.
Allawasaya Textile and Colgate Palmolive were the top gainers increasing by Rs 189.00 and Rs 94.94 respectively to close at Rs 2714.00 and Rs 2499.99 while Sapphire Textile and Gatron Industries were the top losers declining by Rs 90.47 and Rs 35.00, respectively to close at Rs 1115.92 and Rs 440.00.
An analyst at Arif Habib Limited said that the market mostly stayed in the green zone mainly led by the banking sector.
In the first session, positive momentum was observed as investors became optimistic due to the Large Scale Manufacturing Industries (LSMI) output number that increased by 5.15 percent in the first quarter (July-September) of the current fiscal year 2021-22 compared to the same period of last fiscal year 2021, as almost all major manufacturing sectors posted growth.
In the second session, profit booking was observed across the board after the Current Account Deficit (CAD) number clocked in at $1.7 billion during October’21.
On YoY basis, the primary reason behind the deficit was 66 percent YoY increase in total imports to $6.8 billion. On the institutional front, accumulation was witnessed in the banking stocks. Moving forward, MPC decision to raise the policy rate by 150 basis points to 8.75 percent will create volatility in the upcoming roll-over week.
Sectors contributing to the performance include Banks (up 178.98 points), Fertilizers (up 102.24 points), E&Ps (up 68.03 points) and Cements (up 62.03 points).
BR Automobile Assembler Index inched up by 7.9 points or 0.09 percent to close at 8,681.82 points with total turnover of 2.086 million shares.
BR Cement Index increased by 82.39 points or 1.32 percent to close at 6,301.50 points with 23.466 million shares.
BR Commercial Banks Index surged by 172.23 points or 1.7 percent to close at 10,325.12 points with 33.838 million shares.
BR Power Generation and Distribution Index lost 25.3 points or 0.46 percent to close at 5,512.24 points with 8.741 million shares.
BR Oil and Gas Index closed at 3,847.70 points, up 41.43 points or 1.09 percent with 14.519 million shares.
BR Tech. & Comm. Index declined by 124.38 points or 2.91 percent to close at 4,150.92 points with 34.281 million shares.
Copyright Business Recorder, 2021
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