KARACHI: Pakistan Stock Exchange on Thursday opened on a dull note, however it turned bullish after the Election Commission of Pakistan (ECP) news about the date for the upcoming general elections.
The benchmark KSE-100 Index increased by 312.55 points or 0.68 percent and crossed 46,000 psychological level to close at 46,202.13 points. The index hit 46,309.80 points intraday high and 45,733.44 points intraday low.
Trading activity also improved as daily volumes on ready counter increased to 172.158 million shares as compared to 129.372 million shares traded on Wednesday while total daily traded value on ready counter increased to Rs 5.345 billion against previous session’s Rs 3.639 billion.
BRIndex100 gained 45.44 points or 0.99 percent to close at 4,628.32 points with daily turnover of 129.446 million shares.
BRIndex30 added 160.31 points or 0.98 percent to close at 16,441.15 points with total daily trading volumes of 79.297 million shares.
Foreign investors also remained net buyers of shares worth $768,754. Total market capitalization increased by Rs 39 billion to Rs 6.840 trillion. Out of total 327 active scrips, 195 closed in positive and 102 in negative while the value of 30 stocks remained unchanged.
SEARLR2 was the volume leader with 25.210 million shares however lost Rs 0.10 to close at Rs 0.15 followed by Maple Leaf Cement that increased by Rs 1.27 to close at Rs 29.78 with 15.320 million shares. WorldCall Telecom closed at Rs 1.15, up Rs 0.01 with 7.596 million shares.
Rafhan Maize and Premium Textile were the top gainers increasing by Rs 200.00 and Rs 28.36 respectively to close at Rs 8050.00 and Rs 406.46 while Unilever Foods and Colgate Palmolive were the top losers declining by Rs 1155.00 and Rs 17.94 respectively to close at Rs 20100.00 and Rs 1387.72.
An analyst at Topline Securities said the Pakistan equities experienced a surge in bullish sentiment after the Election Commission of Pakistan announced the date for the upcoming general elections. This development significantly boosted investor confidence, leading to a remarkable 312 point or 0.68 percent rise in the benchmark KSE-100 index, which closed at 46,202 points.
The ECP’s announcement specified that the general elections are scheduled to take place in the last week of January 2024. This announcement has effectively dispelled the prolonged political uncertainty that had been casting a shadow over investor sentiment for several months.
Major positive contribution to the index came from, LUCK, UBL, MCB, FFC and MLCF as they cumulatively contributed plus 154 points to the index, whereas MTL, COLG and UPFL lost value to weigh down on the index by minus 44 points.
BR Automobile Assembler Index declined by 87.35 points or 0.96 percent to close at 9,011.27 points with total turnover of 4.902 million shares.
BR Cement Index surged by 114.96 points or 2.49 percent to close at 4,732.02 points with 24.395 million shares.
BR Commercial Banks Index increased by 112.43 points or 1.05 percent to close at 10,817.03 points with 22.224 million shares.
BR Power Generation and Distribution Index gained 35.54 points or 0.39 percent to close at 9,094.88 points with 7.601 million shares.
BR Oil and Gas Index added 25.15 points or 0.59 percent to close at 4,313.70 points with 9.325 million shares.
BR Tech. & Comm. Index inched up by 10.36 points or 0.28 percent to close at 3,730.38 points with 15.112 million shares.
Mubashir Anis Naviwala at JS Global Capital said that the KSE-100 Index closed the day at 46,202, gaining 312 points.
Traded volume stood at 172 million shares where MLCF (up 4.5 percent), WTL (up 0.9 percent), BIPL (up 5.3 percent), UNITY (up 4.2 percent) and SYM (up 7.5 percent) were among the volume leaders.
Copyright Business Recorder, 2023
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