KARACHI: Pakistan Stock Exchange Tuesday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of relief package worth 0.54 percent of the GDP announced by the Prime Minister that invited aggressive buying in almost all sectors.
The relief package for the masses was announced by the Prime Minister during his address to the nation on Monday evening to curb the impact of inflation and enhance support to the most vulnerable class of the society for the next four months till budget.
The market opened on strong positive note and remained bullish throughout the day. A large number of companies remained in positive zone while various stocks closed at their upper circuit level. However, cement sector remained under pressure due to increasing coal prices in the international market.
The benchmark KSE-100 Index hit 45,017.68 points intraday high level before closing at 44,803.58 points with a net gain of 342.57 points or 0.77 percent. Trading activities also improved as total daily volumes on ready counter increased to 309.346 million shares as compared to 208.122 million shares traded on Monday while total daily traded value on the ready counter increased to Rs 10.448 billion against previous day’s Rs 6.063 billion.
BRIndex100 increased by 48.78 points or 1.08 percent to close at 4,549.60 points with total daily turnover of 274.097 million shares.
BRIndex30 surged by 483.08 points or 2.96 percent to close at 16,776.62 points with total daily trading volumes of 186.801 million shares.
Foreign investors also remained net buyers of shares worth $160,495. Total market capitalization increased by Rs 69 billion to Rs 7.681 trillion. Out of total 364 active scrips, 226 closed in positive and 117 in negative while the value of 21 stocks remained unchanged.
WorldCall Telecom was the volume leader with 29.897 million shares and gained Rs 0.13 to close at Rs 1.96 followed by TPL Properties that inched up by Rs 0.62 to close at Rs 31.71 with 19.154 million shares. TRG Pak increased by Rs 5.19 to close at its upper circuit level of Rs 74.43 with 18.324 million shares.
Colgate Palmolive and Rafhan Maize were the top gainers increasing by Rs 138.00 and Rs 125.00 respectively to close at Rs 2,310.00 and Rs 11,125.00 while Sapphire Textile and Indus Motor Co were the top losers declining by Rs 85.80 and Rs 44.34 respectively to close at Rs 1,058.20 and Rs 1,429.56.
An analyst at Arif Habib Limited said that the market stayed in the bullish zone throughout the day due to relief package worth 0.54 percent of the GDP announced by the Prime Minister.
The relief package for the masses was announced by the Prime Minister on Monday evening to curb the impact of inflation and enhance support to the most vulnerable class of the society for the next four months till budget. Moreover, headline inflation for month of February 2022 clocked-in at 12.24 percent on year-on-year basis compared to 8.70 percent in February 2021 and 12.96 percent in January 2022, respectively.
The YoY uptick in CPI was led by Food (14.73 percent YoY), Transport (25.04 percent YoY), Housing (8.99 percent YoY), Clothing and Footwear (9.67 percent YoY), Miscellaneous (10.07 percent YoY), Restaurants (14.39 percent YoY), House Hold Equipment (13.44 percent YoY), Health (10.11 percent YoY) and Alcoholic Beverages and Tobacco (2.13 percent YoY). On a MoM basis, CPI reading increased by 1.15 percent. While Food and Transport index kept MoM inflation up, housing index declined by 1.56 percent MoM mainly due to decrease in electricity charges.
Sectors contributing to the performance include E&P (up 145.8 points), Technology (up 100.6 points), Chemicals (up 34.7 points), Power (up 20.6 points) and Banks (up 16.1 points).
BR Automobile Assembler Index gained 13.77 points or 0.15 percent to close at 9,254.43 points with total turnover of 1.882 million shares.
BR Cement Index lost 32.31 points or 0.6 percent to close at 5,389.56 points with 12.328 million shares.
BR Commercial Banks Index inched up by 15.66 points or 0.16 percent to close at 10,070.37 points with 11.555 million shares.
BR Power Generation and Distribution Index added by 40.11 points or 0.69 percent to close at 5,874.18 points with 11.036 million shares.
BR Oil and Gas Index increased by 89.64 points or 2.29 percent to close at 4,008.17 points with 22.837 million shares.
BR Tech. & Comm. Index surged by 117.44 points or 3.56 percent to close at 3,417.21 points with 97.712 million shares.
Waqar Iqbal at JS Global Capital said that the market started on a strong note owing to the relief package announced by the Prime Minister. The KSE-100 index closed at 44,803, gaining 342 points.
Oil and gas sector dominated due to news flow regarding circular debt adjustment through hefty dividend payouts. Total traded volume was 309 million shares where WTL, TRG, TELE, TPLP and TPL were key volume leaders.
Copyright Business Recorder, 2022
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