KARACHI: Pakistan Stock Exchange on Friday witnessed selling pressure during the first half of the trading session, however healthy buying in second half supported the market to close on new highest-ever level.
The benchmark KSE-100 Index surged by 619.79 points or 0.88 percent and closed at its highest-ever level of 70,909.90 points. The index hit 70,968.98 points intraday high and 70,186.93 points intraday low.
Trading activity also improved as daily volumes on ready counter increased to 475.833 million shares as compared to 440.314 million shares traded on Thursday however total daily traded value on the ready counter declined to Rs 23.220 billion against previous session’s Rs 24.362 billion.
BRIndex100 soared by 99.24 points or 1.36 percent to close at 7,394.18 points with total daily turnover of 428.642 million shares.
BRIndex30 increased by 266.7 points or 1.12 percent to close at 24,120.94 points with total daily trading volumes of 287.460 million shares.
Foreign investors also remained net buyers of shares worth $5.698 million. Total market capitalization increased by Rs 47 billion to Rs 9.833 trillion. Out of total 370 active scrips, 200 closed in positive and 149 in negative while the value of 21 stocks remained unchanged.
Pak Refinery was the volume leader with 49.622 million shares and gained Rs 0.82 to close at Rs 30.09 followed by Cnergyico PK that lost Rs 0.08 to close at Rs 4.47 with 26.777 million shares. Kohinoor Spining inched up by Rs 0.10 to close at Rs 4.96 with 22.834 million shares.
Unilever Pakistan Foods and Hoechst Pakistan were the top gainers increasing by Rs 200.00 and Rs 97.49 respectively to close at Rs 20,900.00 and Rs 1,397.49 while Rafhan Maize Products Company and Service Industries were the top losers declining by Rs 30.10 and Rs 9.50 respectively to close at Rs 8,350.00 and Rs 602.50.
An analyst at Topline Securities said that bulls dominated the day as KSE-100 Index gained 620 points to close at 70,910 level (up by 0.88 percent).
This positivity can be attributed to news that Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold Corp reiterating recent news flow suggesting Saudi interest for investment in Pakistan.
Increase in SBP`s reserve by $14.4 million to $8.055 billion as of April 12, 2024, despite repayment of one billion dollar Eurobond, which also gave boast to investor sentiment.
Major positive contribution to the index came from HUBC, EFERT, MEBL, BAHL and OGDC, as they cumulatively contributed plus 329 points to the index.
BR Automobile Assembler Index soared by 261.33 points or 1.6 percent to close at 16,612.00 points with total turnover of 22.012 million shares.
BR Cement Index lost 28.36 points or 0.41 percent to close at 6,814.78 points with 18.932 million shares.
BR Commercial Banks Index increased by 232.81 points or 1.26 percent to close at 18,767.59 points with 57.959 million shares.
BR Power Generation and Distribution Index surged by 293.24 points or 1.89 percent to close at 15,785.64 points with 19.887 million shares.
BR Oil and Gas Index added 69.72 points or 1.09 percent to close at 6,483.10 points with 21.973 million shares.
BR Tech. & Comm. Index closed at 3,765.54 points, down 10.97 points or 0.29 percent with 67.099 million shares.
After a weak start, bulls took control of the market taking the KSE-100 index to close at 70,910, up 620 points, Muhammad Shuja Qureshi at JS Global Capital said.
Once again, the Auto and Refinery sectors led the rally. SAZEW announced stellar earnings leading the stock to close at its upper circuit. HCAR and DFML also ended the day at their respective upper locks. Other notable gainers were AIRLINK, ATRL, EFERT, HUBC, and POL.
The market turnover increased to 476 million shares, where PRL (up 2.8 percent), CNERGY (down 1.8 percent), KOSM (up 2.1 percent), BOP (down 2.3 percent), and AIRLINK (up 7.5 percent) were the volume leaders.
Copyright Business Recorder, 2024
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