KARACHI: A bullish trend continued on Pakistan Stock Exchange on Friday on the back of aggressive buying in almost all sectors.
The benchmark KSE-100 Index surged by 522.42 points or 1.15 percent and closed at 45,920.73 points. The index crossed 46,000 psychological level to hit 46,122.16 points intraday high, however profit-taking in some stocks forced the index to hit 45,391.55 points intraday low.
Trading activity also improved as daily volumes increased to 504.550 million shares as compared to 464.226 million shares traded on Thursday. The daily traded value on ready counter increased to Rs 12.012 billion against previous session’s Rs 10.104 billion.
BRIndex100 added 53.57 points or 1.17 percent to close at 4,643.28 points with total daily turnover of 456.558 million shares.
BRIndex30 increased by 166.8 points or 1.05 percent to close at 16,109.33 points with total daily trading volumes of 361.222 million shares.
Foreign investors also remained net buyers of shares worth $801,528. The market capitalization increased by Rs 71 billion to Rs 6.963 trillion. Out of total 339 active scrips, 197 closed in positive and 121 in negative while the value of 21 stocks remained unchanged.
WorldCall Telecom was the volume leader with 106.503 million shares and gained Rs 0.03 to close at Rs 1.46 followed by Fauji Foods that inched up by Rs 0.08 to close at Rs 6.88 with 44.280 million shares. Cnergyico PK closed at Rs 3.32, up Rs 0.23 with 35.911 million shares.
Colgate Palmolive and Mehmood Textile were the top gainers increasing by Rs 89.45 and Rs 29.00 respectively to close at Rs 1475.50 and Rs 729.00 while Bhanero Textile and Philip Morris Pak were the top losers declining by Rs 30.00 and Rs 14.99 respectively to close at Rs 920.00 and Rs 410.01.
Muhammad Shuja Qureshi at JS Global Capital said the KSE-100 Index roared past the 46,000 level touching a high at 46,122 before profit-taking set in. The day ended with a gain of 522 points at 45,921.
Investors continued to build positions in banking and cement stocks, where AKBL and BAFL closed limit up. HCAR, PSMC, and UNITY also closed at their respective upper locks.
The market turnover increased to 505 million shares, where WTL (up 2.1 percent), FFL (up 1.2 percent), CNERGY (up 7.4 percent), TPLP (up 1.8 percent) and KEL (up 1.0 percent) were the volume leaders.
BR Automobile Assembler Index increased by 71.13 points or 0.84 percent to close at 8,558.80 points with total turnover of 9.988 million shares.
BR Cement Index added 33.7 points or 0.68 percent to close at 4,985.69 points with 22.205 million shares.
BR Commercial Banks Index surged by 329.52 points or 3.3 percent to close at 10,325.92 points with 61.227 million shares.
BR Power Generation and Distribution Index gained 47.49 points or 0.56 percent to close at 8,586.04 points with 39.342 million shares.
BR Oil and Gas Index lost 8.48 points or 0.2 percent to close at 4,151.55 points with 33.309 million shares.
BR Tech. & Comm. Index closed at 4,003.26 points, up 37.3 points or 0.94 percent with 132.305 million shares.
“Another positive session was observed at the local bourse as the banking sector continue to garner investor interest following UBL second quarter 2023 result announcement in which it announced a hefty dividend of Rs 11/share (1HCY2023 dividend payout Rs.23/shares), as the index gained to close at 45,921 level (up by 1.15 percent)”, an analyst at Topline Securities said.
Major contribution to the index came from UBL, COLG, MEBL, MCB and BAFL, as they cumulatively contributed 303 points to the index.
Copyright Business Recorder, 2023
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