KARACHI: Pakistan Stock Exchange Friday turned bullish and closed on strong positive note as investors took fresh positions on available attractive low levels.
This positivity in the market can be attributed to slight decline in international commodity prices and revised GDP growth rate for FY21 which stood at 5.6 percent.
The benchmark KSE-100 Index registered an increase of 192.31 points or 0.43 percent and once again crossed 45,000 psychological level to close at 45,018.28 points. Trading activity however remained low as daily volumes on ready counter decreased to 176.131 million shares as compared to 254.207 million shares traded on Thursday while daily traded value on ready counter also declined to Rs 7.071 billion from previous day’s Rs 7.738 billion.
BRIndex100 gained 12.75 points or 0.28 percent to close at 4,598.50 points with total daily turnover of 153.625 million shares.
BRIndex30 surged by 200.01 points or 1.14 percent to close at 17,744.68 points with total daily trading volumes of 107.329 million shares.
Foreign investors however remained net sellers of shares worth $13,387. Total market capitalization increased by Rs 32 billion to Rs 7.732 trillion. Out of total 342 active scrips, 203 closed in positive and 118 in negative while the value of 21 stocks remained unchanged.
TRG Pak was the volume leader with 19.179 million shares and increased by Rs 3.16 to close at Rs 84.90 followed by Jahangir Siddiqui Co that closed at Rs 14.24, down Rs 0.08 with 13.765 million shares.
Nestle Pakistan and Mehmood Textile were the top gainers increasing by Rs 50.00 and Rs 43.51 respectively to close at Rs 5450.00 and Rs 677.80 while Shield Corp and ICI Pakistan were the top losers declining by Rs 22.50 and Rs 12.91 respectively to close at Rs 282.50 and Rs 748.09.
An analyst at Topline Securities said positive session was observed as the index gained to close at 45,018 level, up by 0.43 percent. This positivity in market can be attributed to slight decline in international commodity prices and revised GDP growth rate for FY21 which stood at 5.6 percent as National Accounts Committee (NAC) issued revised GDP numbers for FY21 post change in base year to 2015-16.
Major contribution to the index came from TRG, MARI, BAHL, SYS and ABL, as they cumulatively contributed 125 points to the index. On the flip side MEBL, OGDC, EFERT, INIL and ICI lost value to weigh down on the index by 37 points.
BR Automobile Assembler Index gained 40.24 points or 0.47 percent to close at 8,570.28 points with total turnover of 826,858 shares.
BR Cement Index lost 0.16 points to close at 5,613.97 points with 3.325 million shares.
BR Commercial Banks Index inched up by 47.0 points or 0.47 percent to close at 10,098.34 points with 10.751 million shares.
BR Power Generation and Distribution Index added 29.17 points or 0.49 percent to close at 6,017.00 points with 11.466 million shares.
BR Oil and Gas Index closed at 3,900.13 points, up 13.11 points or 0.34 percent with 7.115 million shares.
BR Tech. & Comm. Index increased by 71.21 points or 1.88 percent to close at 3,868.37 points with 58.238 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed bullish amid thin trade after government revised FY 21 growth rate to 5.4 percent rebasing NAC earlier estimates.
He said higher global crude oil prices and expectation for firm SBP policy note next week ahead of the IMF board review over EFF played a catalyst role in bullish close.
Copyright Business Recorder, 2022
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