KARACHI: A positive trend continued and Pakistan Stock Exchange on Monday closed on new highest-ever level due to strong interest of local investors coupled with institutional support.
The benchmark KSE-100 Index increased by 281.55 points or 0.29 percent and crossed 98,000 psychological level to close at its highest-ever level of 98,079.78 points. The index hit 99,317.48 points intraday high, however closed at lower level due to profit-taking in some stocks.
Trading activity however remained low as total daily volumes on ready counter decreased to 640.258 million shares as compared to 1,249.092 million shares traded on last Friday. The daily traded value on the ready counter declined to Rs 25.623 billion against previous session’s Rs 45.475 billion.
BRIndex100 soared by 59.31 points or 0.57 percent to close at 10,504.46 points with total daily turnover of 513.429 million shares.
BRIndex30 gained 36.93 points or 0.12 percent to close at 31,226.38 points with total daily trading volumes of 300.047 million shares.
Foreign investors however remained on the selling side and withdrew $5.204 million from the local equity market. Total market capitalization increased by Rs 15 billion to Rs 12.533 trillion. Out of total 460 active scrips, 220 closed in positive and 185 in negative while the value of 55 stocks remained unchanged.
Hascol Petroleum was the volume leader with 64.823 million shares and increased by Rs 1.12 to close at Rs 12.35 followed by Cnergyico PK that inched up by Rs 0.22 to close at Rs 4.71 with 48.065 million shares. Fauji Foods gained Rs 0.52 to close at Rs 12.26 with 40.919 million shares.
Unilever Pakistan Foods and Pakistan Services Limited were the top gainers increasing by Rs 117.14 and Rs 46.11 respectively to close at Rs 19,132.14 and Rs 941.47 while PIA Holding Company LimitedB and Rafhan Maize Products Company were the top losers declining by Rs 95.96 and Rs 59.95 respectively to close at Rs 902.28 and Rs 7,954.55.
An analyst at Topline Securities said that the market maintained a bullish trend, reaching an intraday high of 99,317 level. Investor confidence was buoyed by unconfirmed speculation that the State Bank of Pakistan (SBP) may offer relaxation to banks regarding minimum deposit rates for savers.
Key contributors to the index’s rise included BAHL, UBL, MEBL, SYS, and MCB, which collectively added 555 points to the index.
BR Automobile Assembler Index declined by 124.13 points or 0.65 percent to close at 18,942.87 points with total turnover of 3.799 million shares.
BR Cement Index decreased by 87.43 points or 0.87 percent to close at 9,942.92 points with 26.661 million shares.
BR Commercial Banks Index surged by 662.73 points or 2.46 percent to close at 27,575.15 points with 60.068 million shares.
BR Power Generation and Distribution Index gained 47.13 points or 0.29 percent to close at 16,444.88 points with 51.579 million shares.
BR Oil and Gas Index lost 18.86 points or 0.19 percent to close at 9,663.60 points with 114.068 million shares.
BR Tech. & Comm. Index increased by 75.08 points or 1.63 percent to close at 4,686.42 points with 78.892 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed higher led by banking sector in early session rally on strong earnings outlook and Islamabad High Court ban on protests in the capital easing political noise.
Mid-session pressure remained on PSX future contracts rollover, uncertainty over outcome of PTI protests and geo political tensions.
He said upbeat economic indicators, Pak-rupee stability and surging FX reserves played a catalytic role in bullish activity.
Copyright Business Recorder, 2024
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