KARACHI: Pakistan Stock Exchange Thursday witnessed a bullish trend and closed on strong positive note with healthy gains as investors celebrated Saudi Arabia’s announcement of a $2 billion additional deposit, removing a major stumbling block in unlocking the long-awaited tranche of the IMF programme.
The benchmark KSE-100 Index surged by 633.74 points or 1.60 and crossed 40,000 psychological level to close at 40,350.89 points.
Trading activity also improved as daily volumes on ready counter increased to 171.360 million shares as compared to 86.723 million shares traded Wednesday. The daily traded value on ready counter increased to Rs 5.130 billion against previous session’s Rs 2.435 billion.
BRIndex100 added 82.34 points or 2.04 percent to close at 4,113.37 points with total daily turnover of 156.425 million shares.
BRIndex30 increased by 517.91 points or 3.62 percent to close at 14,816.84 with total daily trading volumes of 127.330 million shares.
The foreign investors also remained net buyers of shares worth $1.238 million. Total market capitalization increased by Rs 87 billion to Rs 6.144 trillion. Out of total 320 active scrips, 230 closed in positive and only 70 in negative while the value of 20 stocks remained unchanged.
Silk Bank was the volume leader with 21.288 million shares and gained Rs 0.08 to close at Rs 1.11 followed by PPL that increased by Rs 4.72 to close at Rs 67.88 with 13.574 million shares. Telecard Limited inched up by Rs 0.22 to close at Rs 8.13 with 10.980 million shares. Nestle Pakistan and Sapphire Fiber were the top gainers increasing by Rs 168.20 and Rs 47.90 respectively to close at Rs 5198.20 and Rs 990.00 while Reliance Cotton and Philip Morris Pak were the top losers declining by Rs 40.00 and Rs 15.65 respectively to close at Rs 600.00 and Rs 328.37.
“The bulls triumphed at the PSX,” an analyst at Arif Habib Limited said. The benchmark KSE-100 Index opened in the green and remained so throughout the trading session, as investors celebrated Saudi Arabia’s announcement of a $2 billion additional deposit, removing a major stumbling block in unlocking the long-overdue tranche of the IMF’s Extended Facility Fund. Investor participation grew significantly as the index made an intraday high of plus 657.18 points, as investors opted to add value to their portfolios with the E&P and Cement sectors staying in the spotlight.
Sectors contributing to the performance include E&P (up 202.2 points), Fertilizer (up 85.4 points), Cement (up 75.7 points), Technology & Communication (up 60.2 points) and Commercial Banks (up 49.8 points).
BR Automobile Assembler Index gained 65.11 points or 0.87 percent to close at 7,581.42 points with total turnover of 1.486 million shares.
BR Cement Index increased by 94.75 points or 2.47 percent to close at 3,925.70 points with 11.140 million shares.
BR Commercial Banks Index inched up by 49.63 points or 0.61 percent to close at 8,199.92 points with 29.928 million shares.
BR Power Generation and Distribution Index added 114.94 points or 1.63 percent to close at 7,169.81 points with 7.057 million shares.
BR Oil and Gas Index surged by 143.56 points or 3.74 percent to close at 3,978.46 points with 34.220 million shares.
BR Tech. & Comm. Index closed at 4,165.73 points, up 69.58 points or 1.7 percent with 26.975 million shares.
Muhammad Waqar Iqbal at JS Global Capital said that the market opened on a positive note on back of news of probable inflows from KSA and UAE. The benchmark KSE-100 Index closed the day at 40,351, gaining 634 points.
Traded volume stood at 171 million shares where SILK (up 7.8 percent), PPL (up 7.5 percent), TELE (up 2.8 percent), OGDC (up 6.9 percent) and WTL (up 4.3 percent) were the highest contributors.
Copyright Business Recorder, 2023
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