KARACHI: Pakistan Stock Exchange on Wednesday witnessed bullish trend and closed on strong positive note with healthy gains on the back of fresh buying after agreement between major political parties to form coalition governments at federal and provincial levels.
The benchmark KSE-100 index surged by 1,094.91 points or 1.81 percent and closed at 61,559.16 points. During the session, the index hit 61,620.86 points intra-day high, however closed at slightly lower level due to profit taking in some stocks.
Total daily trading volumes on ready counter stood at 362.771 million shares as compared to 364.443 million shares traded on Tuesday while total daily traded value on the ready counter increased to Rs 12.492 billion against previous session’s Rs 10.928 billion.
BRIndex100 added 122.97 points or 2.0 percent to close at 6,286.10 points with total daily turnover of 330.189 million shares.
BRIndex30 increased by 604.2 points or 2.88 percent to close at 21,586.41 points with total daily trading volumes of 245.583 million shares.
The foreign investors however remained net sellers of shares worth $140,484. Total market capitalization increased by Rs 141 billion to Rs 8.933 trillion. Out of total 347 active scrips, 242 closed in positive and only 84 in negative while the value of 21 stocks remained unchanged.
Bank of Punjab was the volume leader with 35.437 million shares however lost Re 0.03 to close at Rs 6.24 followed by K-Electric that gained Re 0.04 to close at Rs 4.30 with 28.619 million shares. WorldCall Telecom inched up by Re 0.08 to close at Rs 1.29 with 21.425 million shares.
Indus Motor Company and Mari Petroleum Company were the top gainers increasing by Rs 53.66 and Rs 45.11 respectively to close at Rs 1,548.08 and Rs 2,202.46 while Pakistan Services Limited and Thal Limited were the top losers declining by Rs 50.00 and Rs 9.46 respectively to close at Rs 820.00 and Rs 260.54.
An analyst at Topline Securities said that the Pakistan stock market maintained a positive trend throughout the day, reaching an intraday high of 61,621 and a low of 60,907 points.
The market optimism stemmed from the recent consensus among major political parties to form a coalition government.
This upward movement was driven by OGDC, LUCK, PPL, UBL, and TRG, collectively contributing to an additional 322 points on the index.
BR Automobile Assembler Index surged by 371.42 points or 2.65 percent to close at 14,396.80 points with total turnover of 8.692 million shares.
BR Cement Index increased by 196.03 points or 3.2 percent to close at 6,326.76 points with 12.807 million shares.
BR Commercial Banks Index gained 185.97 points or 1.2 percent to close at 15,623.56 points with 67.184 million shares.
BR Power Generation and Distribution Index inched up by 134.62 points or 0.99 percent to close at 13,708.75 points with 34.638 million shares.
BR Oil and Gas Index added 148.08 points or 2.66 percent to close at 5,722.05 points with 27.012 million shares.
BR Tech. & Comm. Index closed at 3,562.44 points, up 125.68 points or 3.66 percent with 54.051 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that the market welcomed clarity on the political front regarding government formation both at the federal and provincial levels.
Traded volume stood at 363 million shares where BOP (down 0.5 percent), KEL (up 0.9 percent), WTL (up 6.6 percent), CNERGY (up 2.0 percent) and SEARL (up 7.5 percent) were the volume leaders.
Copyright Business Recorder, 2024
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