KARACHI: Positive trend continued on Pakistan Stock Exchange on Thursday on the back of news flow regarding likely announcement of mini budget and hike in electricity and gas tariff to resume IMF 9th review.
The benchmark KSE-100 index hit 39,065.81 points intra-day high and 38,731.15 points intra-day low level before closing at 38,831.58 points, up 40.49 points or 0.10 percent.
Total daily trading volumes on ready counter slightly increased to 157.822 million shares as compared to 153.090 million shares traded on Wednesday while total daily traded value on ready counter increased to Rs 6.406 billion against previous session’s Rs 5.010 billion.
BRIndex100 gained 15.97 points or 0.42 percent to close at 3,840.32 points with total daily turnover of 138.594 million shares.
BRIndex30 increased by 303.19 points or 2.28 percent to close at 13,593.55 points with total daily trading volumes of 104.071 million shares.
The foreign investors also remained net buyers of shares worth $1.379. Total market capitalization increased to Rs 10 billion to Rs 6.179 trillion. Out of total 335 active scrips, 157 closed in negative and 153 in positive while the value of 25 stocks remained unchanged.
PPL was the volume leader with 13.642 million shares and increased by Rs 4.22 to close at Rs 74.08 followed by TRG Pak that surged by Rs 5.82 to close at Rs 102.40 with 11.048 million shares. OGDC closed at Rs 79.44, up Rs 3.35 with 10.995 million shares.
Bhanero Textile and Colgate Palmolive were the top gainers increasing by Rs 75.69 and Rs 64.00 respectively to close at Rs 1095.00 and Rs 1865.00 while Rafhan Maize and Nestle Pakistan were the top losers declining by Rs 504.16 and Rs 48.00 respectively to close at Rs 7895.84 and Rs 5260.00.
An analyst at Arif Habib Limited said that the PSX witnessed a positive session. The benchmark KSE-100 index opened in green and remained positive throughout the trading session, as investors adopted the strategy of value hunting on dips in anticipation of positive outcomes from the ongoing negotiations of the government’s finance team with the International Monetary Fund (IMF).
The E&P sector remained in limelight strengthening the bulls to secure their position and making an intraday high of plus 273 points as the market closed in the green zone. Healthy volumes were recorded across the board.
Sectors contributing to the performance include E&P (up 116.9 points), Technology & Communication (up 60.1 points), OMCs (up 26.1 points), Chemical (up 11.8 points) and Refinery (up 6.2 points).
BR Automobile Assembler Index declined by 83.13 points or 1.15 percent to close at 7,167.39 points with total turnover of 2.277 million shares.
BR Cement Index decreased by 45.28 points or 1.3 percent to close at 3,449.13 points with 5.014 million shares.
BR Commercial Banks Index lost 53.8 points or 0.71 percent to close at 7,507.41 points with 8.449 million shares.
BR Power Generation and Distribution Index gained 6.42 points or 0.1 percent to close at 6,166.48 points with 11.675 million shares.
BR Oil and Gas Index surged by 86.08 points or 2.27 percent to close at 3,871.54 points with 46.809 million shares.
BR Tech & Comm Index increased by 69.42 points or 1.71 percent to close at 4,119.18 points with 26.354 million shares.
An analyst at Topline Securities said that Pakistan equities witnessed Wednesday’s buying momentum on the back of news flow regarding likely announcement of mini budget and hike in electricity and gas tariff to resume IMF 9th review.
The KSE100 index opened in a green zone and made an intraday high at 39,065 (up 274 points; up 0.71 percent). However, profit taking kicked-in in the last trading hours which compelled benchmark index to settle at 38,832 (up 40 points; or 0.10 percent) for the day.
During the day, E&P, Tech, Chemical and OMC sector stocks contributed positively to the index where PPL, TRG, OGDC, COLG and SNGP added 217 points, cumulatively. On the flip side, LUCK, UBL and ENGRO saw some profit taking as they lost 62 points collectively.
Copyright Business Recorder, 2023
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