KARACHI: Pakistan Stock Exchange maintained its positive trajectory and hit new highest-ever levels on Tuesday on the back of investors strong interest and healthy buying on robust corporate results and expectations of further cut in interest rate.
The benchmark KSE-100 Index surged by 668.57 points or 0.74 percent and closed at its highest-ever level of 90,864.09 points.
The index crossed 91,000 psychological level to hit 91,358.15 points intraday highest ever 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 602.810 million shares as compared to 567.264 million shares traded on Monday however total daily traded value on the ready counter declined to Rs 28.203 billion against previous session’s Rs 29.210 billion.
BRIndex100 added 60.3 points or 0.63 percent to close at 9,696.02 points with total daily turnover of 520.098 million shares.
BRIndex30 increased by 263.69 points or 0.92 percent to close at 28,883.67 points with total daily trading volumes of 284.106 million shares.
Foreign investors however remained on the selling side and withdrew $5.018 million from the local equity market. Total market capitalization increased by Rs 36 billion to Rs 11.764 trillion. Out of total 440 active scrips, 219 closed in negative and 171 in positive while the value of 50 stocks remained unchanged.
WorldCall Telecom was the volume leader with 41.401 million shares and inched up by Rs 0.03 to close at Rs 1.27 followed by Silk Bank that gained Rs 0.08 to close at Rs 1.08 with 31.281 million shares. Pace (Pak) Limited lost Rs 0.28 to close at Rs 5.73 with 30.208 million shares.
Unilever Pakistan Foods and Siemens (Pakistan) Engineering were the top gainers increasing by Rs 162.00 and Rs 122.62 respectively to close at Rs 19,180.00 and Rs 1,348.81 while Hallmark Company and Sazgar Engineering Works were the top losers declining by Rs 27.38 and Rs 22.00 respectively to close at Rs 816.66 and Rs 992.56.
An analyst at Topline Securities said that the Pakistan Stock Exchange maintained its positive trajectory as the KSE-100 Index surged to an intraday high of 91,358 level, gaining 1,162 points before closing at 90,864 points, up by 668 points or 0.74 percent. This marks a continuation of the market’s bullish momentum.
The positive performance was primarily driven by robust corporate earnings, which exceeded expectations and laid a strong foundation for investor confidence. Institutional buying further supported the rally, reinforcing the overall optimism.
Key contributors to the index included FFC, SYS, CHCC, HUBC, and GLAXO, which collectively added 515 points.
BR Automobile Assembler Index lost 8.03 points or 0.04 percent to close at 17,870.36 points with total turnover of 5.239 million shares.
BR Cement Index increased by 98.98 points or 1.04 percent to close at 9,591.75 points with 84.868 million shares.
BR Commercial Banks Index added 80.72 points or 0.32 percent to close at 25,496.65 points with 62.340 million shares.
BR Power Generation and Distribution Index surged by 293.42 points or 1.96 percent to close at 15,267.75 points with 36.969 million shares.
BR Oil and Gas Index inched down by 9.74 points or 0.11 percent to close at 8,728.48 points with 53.694 million shares.
BR Tech. & Comm. Index soared by 65.94 points or 1.54 percent to close at 4,335.99 points with 88.493 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks reach new all-time high as investor weigh robust financial results and speculate over imminent SBP policy rate cut this week.
He said foreign interest in blue chip banking and fertiliser stocks and institutional interest amid easing lending rates played a catalyst role in record bullish activity in PSX.
Copyright Business Recorder, 2024
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