KARACHI: A bullish trend continued on Pakistan Stock Exchange on Thursday and despite mid-session pressure, the market closed on strong positive note with healthy gains on the back of fresh buying, mainly by local investors.
The benchmark KSE-100 Index surged by 314.12 points or 0.60 percent and closed at 52,656.76 points. During the session, the index hit 52,706.01 points intraday high and 52,239.59 points intraday low.
Trading activity however remained low as total daily volumes on ready counter decreased to 475.085 million shares as compared to 526.463 million shares traded on Wednesday while total daily traded value on ready counter declined to Rs 14.578 billion against previous session’s Rs 16.512 billion.
BRIndex100 gained 37.72 points or 0.71 percent to close at 5,369.33 points with total daily turnover of 420.264 million shares.
BRIndex30 increased by 186.68 points or 1.01 percent to close at 18,668.29 points with total daily trading volumes of 264.113 million shares.
Foreign investors also remained net buyers of shares worth $75,785. Total market capitalization increased by Rs 30 billion to Rs 7.639 trillion. Out of total 354 active scrips, 194 closed in positive and 135 in negative while the value of 25 stocks remained unchanged.
WorldCall Telecom was the volume leader with 39.170 million shares and gained Rs 0.03 to close at Rs 1.31 followed by TPL Properties that increased by Rs 1.00 to close at Rs 13.10 with 30.394 million shares. Pak Refinery closed at the previous session’s closing level of Rs 21.57 without any change with 25.930 million shares.
Pak Tobacco and Packages Limited were the top gainers increasing by Rs 60.38 and Rs 31.72 respectively to close at Rs 865.38 and Rs 461.57 while Faisal Spinning and Philip Morris Pak were the top losers declining by Rs 25.00 and Rs 13.99 respectively to close at Rs 325.00 and Rs 535.00.
“Record breaking bull-run continued at Pakistan Equities as the KSE-100 Index further gained 314 points; up 0.6 percent and closed the day at 52,657 level,” an analyst at Topline Securities said.
The day started on a positive note as Wednesday’s bullish momentum carried forward by market participants initially. However, some profit taking kicked off subsequently but investors continued their shopping which help market to sustain its current rally.
This aforesaid trend can be attributed to decline in bonds yields in Wednesday auction where yields got slashed by 25, 41 and 40 bps in 3, 6 and 12 months papers, respectively. In addition, cooling off in international oil prices (post Federal Reserve decision to maintain interest rates) lured investors towards cyclical sector stocks.
During the day, Cement, Power, Textile, Fertilizer and Banking sector’s stocks contributed positively as LUCK, HUBC, ILP, FFC and HBL added 198 points. On the other hand, some stocks like MEBL, MCB and DAWH experienced profit-taking, resulting in a combined loss of 59 points.
BR Automobile Assembler Index increased by 202.43 points or 1.86 percent to close at 11,103.05 points with total turnover of 9.812 million shares.
BR Cement Index surged by 134.98 points or 2.42 percent to close at 5,711.04 points with 62.740 million shares.
BR Commercial Banks Index lost 22.05 points or 0.18 percent to close at 12,504.96 points with 19.791 million shares.
BR Power Generation and Distribution Index added 135.01 points or 1.16 percent to close at 11,744.87 points with 20.640 million shares.
BR Oil and Gas Index inched up by 6.2 points or 0.13 percent to close at 4,791.16 points with 29.575 million shares.
BR Tech. & Comm. Index closed at 3,576.31 points, up 7.68 points or 0.22 percent with 84.303 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that bulls pulled the KSE-100 Index to an intraday high of 52,706 points, eventually leading the market to close at 52,657, up 314 points. Healthy participation was witnessed across the board after decline in T-Bills yield on Wednesday.
Traded volume stood at 475 million shares where WTL (up 2.3 percent), TPLP (up 8.3 percent), PRL (zero percent), CNERGY (down 2.3 percent) and GGL (up 2.8 percent) were the volume leaders.
Copyright Business Recorder, 2023
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