KARACHI: Pakistan Stock Exchange on Tuesday turned bullish and partially recovered its overnight losses due to fresh buying on available attractive low levels.
The benchmark KSE-100 index surged by 447.90 points or 0.57 percent and closed at 78,987.09 points. During the session, the index crossed 79,000 psychological level to hit 79,585.34 points intra-day high, however closed at lower level due to profit taking in some stocks.
Trading activities remained low as total daily volumes on ready counter declined to 316.245 million shares as compared to 375.599 million shares traded on Monday while total daily traded value on the ready counter declined to Rs 17.074 billion against previous session’s Rs 19.350 billion.
BRIndex100 added 54.15 points or 0.65 percent to close at 8,344.43 points with total daily turnover of 253.927 million shares.
BRIndex30 increased by 335.48 points or 1.29 percent to close at 26,347.41 points with total daily trading volumes of 157.000 million shares.
The foreign investors also remained net buyers of shares worth $463,565. Total market capitalization increased by Rs 44 billion to Rs 10.500 trillion. Out of total 433 active scrips, 225 closed in positive and 164 in negative while the value of 44 stocks remained unchanged.
PIA Holding Company was the volume leader with 22.079 million shares however declined by Rs 1.39 to close at Rs 15.63 followed by Pak Elektron that lost Rs 0.33 to close at Rs 26.26 with 19.793 million shares. WorldCall Telecom closed at Rs 1.17, down Rs 0.01 with 19.515 million shares.
Unilever Pakistan Foods and Lucky Core Industries were the top gainers increasing by Rs 74.08 and Rs 61.25 respectively to close at Rs 18,200.00 and Rs 966.36 while PIA Holding Company LimitedB and Pakistan Engineering Company were the top losers declining by Rs 95.42 and Rs 51.00 respectively to close at Rs 858.78 and Rs 670.00.
An analyst at Topline Securities said that the Pakistan stock market demonstrated positive momentum as the KSE-100 index peaked at 79,585 points earlier in the day before settling at 78,987 points, marking a gain of 448 points or 0.57 percent.
The market’s upward trend was propelled by sectors such as Exploration & Production (E&P), Banking, and Auto, buoyed by companies including HUBC, OGDC, MARI, UBL, and MTL, collectively contributing plus 228 points.
BR Automobile Assembler Index surged by 353.19 points or 1.96 percent to close at 18,412.24 points with total turnover of 15.140 million shares.
BR Cement Index inched up by 6.01 points or 0.08 percent to close at 7,775.59 points with 19.700 million shares.
BR Commercial Banks Index gained 19.41 points or 0.09 percent to close at 22,560.77 points with 32.107 million shares.
BR Power Generation and Distribution Index increased by 240.58 points or 1.31 percent to close at 18,637.30 points with 20.612 million shares.
BR Oil and Gas Index added 60.31 points or 0.91 percent to close at 6,686.66 points with 15.929 million shares.
BR Tech. & Comm. Index soared by 51.91 points or 1.27 percent to close at 4,125.52 points with 60.473 million shares.
“After a couple of bearish sessions, PSX took a breather on Tuesday as investors took benefit of attractive levels and the KSE-100 index managed to gain 1,046 points in initial hours”, Mubashir Anis Naviwala at JS Global Capital said. Most buying was seen in Fertilizer, Technology, and Automobile stocks.
Though some profit-taking was witnessed at higher levels, however, index managed to stay in the green-zone throughout the day eventually closing at 78,987, up 448 points.
Copyright Business Recorder, 2024
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