KARACHI: Investors at Pakistan Stock Exchange on Monday warmly welcomed the new-year on expectations of improvement of political and economic situation in the country.
Despite depressed opening, the market witnessed bullish trend throughout the session and closed on strong positive note with healthy gains.
The benchmark KSE-100 index surged by 395.45 points or 0.98 percent and closed at 40,815.90 points. During the session, the index crossed 41,000 psychological level to hit 41,030.92 points intra-day high and 40,352.02 points intra-day low level.
Total daily trading volumes on ready counter stood at 242.173 million shares as compared to 284.512 million shares traded on last Friday while total daily traded value on ready counter stood at Rs 7.278 billion against previous session’s Rs 7.960 billion.
BRIndex100 gained 53.77 points or 1.35 percent to close at 4,050.62 points with total daily turnover of 199.757 million shares.
BRIndex30 increased by 218.99 points or 1.56 percent to close at 14,256.32 points with total daily trading volumes of 112.674 million shares.
The foreign investors however remained net sellers of shares worth $506,341. Total market capitalization increased by Rs 43 billion to Rs 6.543 trillion. Out of total 334 active scrips, 211 closed in positive and 107 in negative while the value of 16 stocks remained unchanged.
PPL was the volume leader with 14.956 million shares and increased by Rs 3.23 to close at Rs 71.37 followed by Pak Refinery that gained Re 0.59 to close at Rs 13.56 with 12.733 million shares. Hascol Petroleum increased by Re 1.00 to close at Rs 6.61 with 12.226 million shares.
Sanofi-Aventis and Mari Petroleum were the top gainers increasing by Rs 42.00 and Rs 20.12 respectively to close at Rs 1000.00 and Rs 1567.08 while Unilever Foods and Bata Pak were the top losers declining by Rs 1000.00 and Rs 157.29 respectively to close at Rs 24000.00 and Rs 2006.00.
An analyst at Arif Habib Limited said the year started off on a positive note at the PSX. The market opened in the red but the bulls quickly took charge making an intraday high of 607.06 points.
The investors remained affirmative during the trading session due to positive news on the 9th review of the IMF tranche and the E&P sector remained in the limelight on the news of circular debt resolution. Volumes remained healthy across the board with refineries and E&Ps remaining in the limelight.
Sectors contributing to the performance include Commercial Banks (up 149.0 points), Fertilizer (up 147.2 points), E&P (up 108.3 points), OMCs (up 33.8 points), and Refinery (up 21.8 points).
BR Automobile Assembler Index lost 16.1 points or 0.21 percent to close at 7,575.86 point with total turnover of 829,171 shares.
BR Cement Index declined by 59.12 points or 1.5 percent to close at 3,872.14 points with 15.619 million shares.
BR Commercial Banks Index increased by 141.69 points or 1.77 percent to close at 8,125.89 points with 15.900 million shares.
BR Power Generation and Distribution Index decreased by 50.25 points or 0.77 percent to close at 6,434.48 points with 9.021 million shares.
BR Oil and Gas Index surged by 97.16 points or 2.51 percent to close at 3,972.32 points with 50.905 million shares.
BR Tech & Comm Index closed at 4,265.18 points, up 19.38 points or 0.46 percent with 27.737 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that the new-year started on a positive note and the 100 index gained 395 points to close at 40,816. PPL maintained its positive momentum and buying was also witnessed in ENGRO and ATRL.
SNGP and SSGC closed limit up as investors built on hopes of increase in gas prices. However, cement and steel sectors remained lackluster. KSE-100 index volumes stood at 107.6 million shares. PPL (up 4.7 percent), PRL (up 4.5 percent), HASCOL (up 18 percent), CNERGY (up 5.7 percent), and WTL (up 2.6 percent) were the volume leaders.
Copyright Business Recorder, 2023
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