KARACHI: A bullish trend continued at Pakistan Stock Exchange on Wednesday owing to the positive dynamics generated by a potential staff level agreement between the government and the IMF for the 9th tranche of the Extended Fund Facility, experts said.
The market opened in the green and continued to trade in that territory throughout the session, they said, adding that volumes increased dramatically after extraordinary financial earnings were announced by the Banking and Cements sector, boosting investor confidence.
The benchmark KSE-100 Index increased by 217.76 points or 0.53 percent and crossed 41,000 psychological level to close at 41,167.60 points.
Trading activity also improved as total daily volumes increased to 196.543 million shares as compared to 96.490 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 6.413 billion against previous session’s Rs 4.605 billion.
BRIndex100 gained 32.05 points or 0.78 percent to close at 4,120.98 points with total daily turnover of 183.064 million shares.
BRIndex30 added 103.65 points or 0.71 percent to close at 14,616.82 points with total daily trading volumes of 143.108 million shares.
Foreign investors however remained net sellers of shares worth $103,760. Total market capitalization increased by Rs 22 billion to Rs 6.389 trillion. Out of total 331 active scrips, 185 closed in positive and 122 in negative while the value of 24 stocks remained unchanged.
WorldCall Telecom was the volume leader with 44.210 million shares and gained Rs 0.09 to close at Rs 1.26 Maple Leaf that increased by Rs 1.67 to close at its upper circuit of Rs 24.03 with 22.383 million shares. OGDC lost Rs 0.45 to close at Rs 90.78 with 10.388 million shares.
Sapphire Fiber and Reliance Cotton were the top gainers increasing by Rs 71.77 and Rs 45.00 respectively to close at Rs 1063.99 and Rs 645.00 while Sapphire Textile and Nestle Pakistan were the top losers declining by Rs 88.49 and Rs 85.00 respectively to close at Rs 1091.41 and Rs 5314.00.
An analyst at Arif Habib Limited said the bullish trend at the PSX resumed. The benchmark KSE-100 Index opened in the green and continued to trade in that territory throughout the session, owing to the positive dynamics generated by a potential staff level agreement between the government and the IMF for the 9th tranche of the Extended Fund Facility. Volumes increased dramatically after extraordinary financial earnings were announced by the Banking and Cements sector, boosting investor confidence.
Sectors contributing to the performance include Commercial Banks (up 123.5 points), Cement (up 66.0 points), Power Generation & Distribution (up 53.4 points), Tobacco (up 12.9 points), and Inv Banks/Inv. Cos/Securities Cos (up 11.8 points).
BR Automobile Assembler Index lost 1.35 points or 0.02 percent to close at 7,306.45 points with total turnover of 3.044 million shares.
BR Cement Index surged by 86.9 points or 2.35 percent to close at 3,788.47 points with 39.747 million shares.
BR Commercial Banks Index increased by 113.38 points or 1.4 percent to close at 8,184.03 points with 19.683 million shares.
BR Power Generation and Distribution Index added 108.95 points or 1.64 percent to close at 6,752.11 points with 12.430 million shares.
BR Oil and Gas Index inched down by 17.48 points or 0.43 percent to close at 4,062.61 points with 23.616 million shares.
BR Tech. & Comm. Index closed at 4,355.41 points, up 16.41 points or 0.38 percent with 52.868 million shares.
An analyst at Topline Securities said that Pakistan equities closed positive where benchmark KSE-100 Index settled at 41,167 level, up 0.53 percent.
Expectation to receive $700 million loan from Chinese bank and Pakistan expecting Staff Level Agreement with IMF this week led the market to open positive. Further, Investors cheered the results announcement where MLCF and UBL achieved good results which led the both stocks to close at their upper circuits, cumulatively added 121 points in KSE-100 Index.
Copyright Business Recorder, 2023
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