KARACHI: Pakistan Stock Exchange on Friday witnessed a positive trend on expectations of ‘favorable’ federal budget.
The benchmark KSE-100 Index increased by 217.75 points or 0.52 percent and closed at 41,904.21 points. The index hit 41,931.83 points intraday high and 41,677.14 points intraday low.
Trading activity however remained low as total daily volumes on ready counter decreased to 164.835 million shares as compared to 203.789 million shares traded on Thursday while total daily traded value on ready counter declined to Rs 5.195 billion against previous session’s Rs 5.848 billion.
BRIndex100 gained 27.48 points or 0.66 percent to close at 4,189.94 points with total daily turnover of 144.873 million shares.
BRIndex30 surged by 154.61 points or 1.07 percent to close at 14,580.07 points with total daily trading volumes of 92.863 million shares.
Foreign investors however remained net sellers of shares worth $223,419. Total market capitalization increased by Rs 29 billion to Rs 6.401 trillion. Out of total 340 active scrips, 187 closed in positive and 126 in negative while the value of 27 stocks remained unchanged.
TPL Properties was the volume leader with 19.508 million shares and gained Rs 0.49 to close at Rs 13.32 followed by Unity Foods that inched up by Rs 0.34 to close at Rs 15.50 with 13.968 million shares. WorldCall Telecom closed at Rs 1.19, up Rs 0.01 with 13.368 million shares.
Colgate Palmolive and Khyber Textile were the top gainers increasing by Rs 135.12 and Rs 42.25 respectively to close at Rs 1936.67 and Rs 625.00 while Unilever Foods and Allawasaya Textile were the top losers declining by Rs 1266.32 and Rs 224.00 respectively to close at Rs 21932.68 and Rs 2764.00.
“The week concluded with a positive session at the PSX,” an analyst at Arif Habib Limited said. The market opened in the green and maintained the sentiment throughout both sessions. In expectations of favorable outcomes from the upcoming budget, investors choose to add value to their portfolios by cherry picking stocks. Investors remained active throughout the day as the bourse finished in the green. Substantial volumes were observed across the board, with third-tier equities being in the spotlight.
Sectors contributing to the performance include Synthetic & Rayon (up 7.2 points), Cement (up 3.6 points), Chemical (up 0.8 points), Inv. Banks/Inv. Cos/Securities Cos. (up 0.6 points) and Commercial Banks (up 0.5 points).
BR Automobile Assembler Index increased by 16.21 points or 0.22 percent to close at 7,454.00 points with total turnover of 1.791 million shares.
BR Cement Index gained 11.18 points or 0.24 percent to close at 4,576.27 points with 4.767 million shares.
BR Commercial Banks Index closed at 8,413.94 points, up 1.75 points or 0.02 percent with 18.762 million shares.
BR Power Generation and Distribution Index inched up by 4.92 points or 0.07 percent to close at 7,377.55 points with 3.310 million shares.
BR Oil and Gas Index added 17.99 points or 0.46 percent to close at 3,893.44 points with 28.109 million shares.
BR Tech. & Comm. Index surged by 78.61 points or 2.12 percent to close at 3,786.48 points with 27.967 million shares.
An analyst at Topline Securities said that the KSE-100 Index largely traded in positive zone during the trading session, as KSE-100 Index gained to close at 41,904 level, up by 0.52 percent. Investor participation declined as investors preferred to remain on sidelines before the budget announcement for FY24.
Major positive contribution to the index came from COLG, SYS, TRG, OGDC and ILP, as they cumulatively contributed plus 153 points to the index. On the flip side MARI, HBL, UPFL, NESTLE and FFC lost value to weigh down on the index by negative 64 points. ILP gained to close on its upper circuit on the back of payout announcement by the company in which declared interim cash dividend of Rs 3.00/share and bonus issue of 50 percent.
Copyright Business Recorder, 2023
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