KARACHI: Pakistan Stock Exchange on Thursday achieved another historic milestone and hit highest-ever level with extremely high trading activities on the back of aggressive buying, mainly by local investors coupled with institutional support.
The benchmark KSE-100 Index surged by 836.47 points or 0.90 percent and crossed 94,000 psychological level to close at its highest-ever level of 94,191.89 points. The index hit 94,289.97 points highest=ever intraday level, however closed at slightly lower level due to profit taking in some stocks.
Trading activity also improved significantly as daily volumes on ready counter surged to 1,084.344 million shares as compared to 807.067 million shares traded on Wednesday. The daily traded value on the ready counter increased to Rs 32.680 billion against previous session’s Rs 31.688 billion.
BRIndex100 soared by 116.42 points or 1.18 percent to close at 10,000.12 points with total daily turnover of 885.296 million shares.
BRIndex30 increased by 402.14 points or 1.31 percent to close at 31,002.14 points with total daily trading volumes of 535.810 million shares.
Foreign investors however remained on the selling side and withdrew $2.653 million from the local equity market. Total market capitalization increased by Rs 101 billion to Rs 12.152 trillion. Out of total 465 active scrips, 262 closed in positive and 147 in negative while the value of 56 stocks remained unchanged.
WorldCall Telecom was the volume leader with 177.393 million shares and gained Rs 0.12 to close at Rs 1.38 followed by Hascol Petroleum that increased by Rs 1.00 to close at Rs 8.21 with 59.224 million shares. Treet Battery surged by Rs 1.34 to close at Rs 15.81 with 47.940 million shares.
Rafhan Maize Products Company and PIA Holding Company LimitedB were the top gainers increasing by Rs 299.00 and Rs 68.74, respectively to close at Rs 7,900.00 and Rs 899.98 while Pakistan Engineering Company and Philip Morris Pakistan were the top losers declining by Rs 67.74 and Rs 37.45 respectively to close at Rs 707.26 and Rs 790.22.
An analyst at Topline Securities said that the KSE-100 Index witnessed positive trend where the index made an intraday high of plus 934 points to close at 94,191 level (up by 836 points or 0.90 percent).
This positive trend can be attributed to growing economic optimism, fueled by reports that the IMF expressed no concerns over Pakistan’s progress in meeting revenue collection targets. As a result, fears of an imminent mini-budget and new taxation measures have eased.
As per report OGDC (up 2.51 percent) from the E&P sector, cash collection ratio rose to 121 percent in the first quarter of FY25, with management expecting this trend to continue as the IMF program may prompt timely gas price adjustments to meet Sui companies’ revenue needs.
Investor interest surged in the banking sector following news that Pakistani banks secured temporary relief from the Islamabad High Court against a government tax linked to shortfalls in private sector lending. This relief will remain in effect until a final decision is reached, with hearings scheduled to commence on December 03, 2024.
The index was boosted by positive contributions from UBL, OGDC, HBL, MVB, and TRG, which collectively added 455 points to the index.
BR Automobile Assembler Index gained 103.1 points or 0.54 percent to close at 19,328.12 points with total turnover of 7.834 million shares.
BR Cement Index inched up by 74.3 points or 0.73 percent to close at 10,195.05 points with 43.915 million shares.
BR Commercial Banks Index surged by 432.97 points or 1.76 percent to close at 24,970.10 points with 43.608 million shares.
BR Power Generation and Distribution Index added 150.57 points or 0.94 percent to close at 16,230.45 points with 33.808 million shares.
BR Oil and Gas Index increased by 127.67 points or 1.35 percent to close at 9,564.60 points with 132.707 million shares.
BR Tech. & Comm. Index soared by 53.87 points or 1.18 percent to close at 4,618.63 points with 270.956 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks at new all-time high led by blue chip scrips on strong earnings outlook.
He said Pak-rupee stability, receding fears over mini budget and Government assurance to IMF on $5.0 billion external funding gap support from Saudi oil deferred payments and rollovers from China Exim Bank for project debts played a catalyst role in bullish close at PSX.
Copyright Business Recorder, 2024
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