KARACHI: Pakistan Stock Exchange on Tuesday witnessed a bullish trend and registered healthy gains on the back of institutional buying, mainly in blue chip stocks.
The benchmark KSE-100 Index surged by 671.73 points or 0.85 percent and crossed 79,000 psychological level to close at 79,286.74 points. The index hit 79,335.59 points intraday high level however closed at slightly lower level due to profit-taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 509.490 million shares as compared to 491.124 million shares traded on Monday while total daily traded value on the ready counter increased to Rs 13.763 billion against previous session’s Rs 10.124 billion.
BRIndex100 added 69.66 points or 0.84 percent to close at 8,364.79 points with total daily turnover of 420.716 million shares.
BRIndex30 increased by 115.25 points or 0.43 percent to close at 26,915.12 points with total daily trading volumes of 302.610 million shares.
Foreign investors however remained net sellers of shares worth $1.296 million. The market capitalization increased by Rs 72 billion to Rs 10.525 trillion. Out of total 436 active scrips, 202 closed in positive and 170 in negative while the value of 64 stocks remained unchanged.
WorldCall Telecom was the volume leader with 117.010 million shares and inched up by Rs 0.06 to close at Rs 1.52 followed by Kohinoor Spining that gained Rs 0.43 to close at Rs 10.06 with 57.119 million shares. Agritech Limited increased by Rs 3.21 to close at Rs 35.31 with 18.160 million shares.
Hoechst Pakistan and Unilever Pakistan Foods were the top gainers increasing by Rs 137.38 and Rs 68.99 respectively to close at Rs 2,069.23 and Rs 17,368.99 while Hallmark Company and Khyber Textile Mills were the top losers declining by Rs 104.68 and Rs 60.65 respectively to close at Rs 999.96 and Rs 545.81.
An analyst at Topline Securities said that the upward momentum was driven by institutional buying in blue-chip stocks.
Key heavyweights such as EFERT, UBL, BAFL, LUCK, and HBL posted significant gains, collectively contributing to a remarkable 367-point rise.
Investor interest was notably strong in the Cement Sector, ahead of the upcoming monetary policy meeting on September 12, where a rate cut is widely anticipated. Stocks such as FCCL (up 3.04 percent), PIOC (up 2.81 percent), LUCK (up 2.63 percent), and MLCF (up 2.39 percent) all closed higher than their previous day’s performance.
BR Automobile Assembler Index added 129.18 points or 0.76 percent to close at 17,239.10 points with total turnover of 11.314 million shares.
BR Cement Index increased by 145.05 points or 1.88 percent to close at 7,859.65 points with 39.441 million shares.
BR Commercial Banks Index surged by 319.43 points or 1.47 percent to close at 22,100.52 points with 18.705 million shares.
BR Power Generation and Distribution Index lost 50.14 points or 0.27 percent to close at 18,334.27 points with 11.487 million shares.
BR Oil and Gas Index gained 26.8 points or 0.37 percent to close at 7,229.07 points with 18.096 million shares.
BR Tech. & Comm. Index closed at 4,007.31 points, up 23.32 points or 0.59 percent with 157.306 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed bullish higher amid upbeat data on $2.9 billion remittances surging by 40 percent YoY in August 2024 and FM commitment to institutional reforms for last new IMF program.
He said speculations over the SBP key policy rate announcement on September 12, surging exports and expected resolve over external financing gap played a catalytic role in positive close.
Copyright Business Recorder, 2024
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