KARACHI: Pakistan Stock Exchange on Thursday witnessed bullish trend and closed on strong positive note with healthy gains on the back of aggressive buying mainly by local investors and institutions. The market opened on positive note and stayed in the green zone throughout the day due to decline in international commodity prices. Investors opted for an accumulation across the board mainly in the cement stocks.
The benchmark KSE-100 surged by 810.66 points or 1.88 percent and closed at 43,853.62 points. Trading activities also improved as total daily volumes on ready counter increased to 271.905 million shares as compared to 183.707 million shares traded on Wednesday while total daily traded value on ready counter increased to Rs 7.495 billion against previous day’s Rs 6.066 billion.
BRIndex100 gained 96.15 points or 2.24 percent to close at 4,394.08 points with total daily turnover of 208.104 million shares.
BRIndex30 increased by 444.54 points or 2.87 percent to close at 15,912.70 points with total daily trading volumes of 136.805 million shares.
The foreign investors however remained on selling side with net outflow of $2.195 million. Total market capitalization increased by Rs 104 billion to Rs 7.486 trillion. Out of total 356 active scrips, 242 closed in positive and only 95 in negative while the value of 19 stocks remained unchanged.
Pak Electron (R) was the volume leader with 35.001 million shares however lost Re 0.66 to close at Rs 2.52 followed by TPL Properties that gained Re 0.24 to close at Rs 23.72 with 23.458 million shares. WorldCall Telecom closed at Rs 1.69, down Re 0.01 with 22.927 million shares.
Nestle Pakistan and Systems Limited were the top gainers increasing by Rs 80.00 and Rs 42.00 respectively to close at Rs 5,450.00 and Rs 674.94 while Bhanero Textile and Sanofi-Aventis were the top losers declining by Rs 81.96 and Rs 30.00 respectively to close at Rs 1,317.04 and Rs 860.00.
An analyst at Arif Habib Limited said that the market opened positive and stayed in the green zone throughout the day due to decline in international commodity prices. Moreover, Investors opted for an accumulation across the board especially in the cement stocks. Value buying was observed in the last trading hour.
Sectors contributing to the performance include Cement (up 217.5 points), Commercial Banks (up 199.4 points), Technology (up 128.1 points), Automobile Assembler (up 41.5 points) and Textile Composite (up 33.6 points).
BR Automobile Assembler Index increased by 231.85 points or 2.69 percent to close at 8,853.11 points with total turnover of 782,555 shares.
BR Cement Index surged by 292.59 points 6.03 percent to close at 5,147.68 points with 25.915 million shares.
BR Commercial Banks Index added 181.03 points or 1.86 percent to close at 9,892.67 points with 10.900 million shares.
BR Power Generation and Distribution Index gained 47.94 points or 0.87 percent to close at 5,546.42 points with 10.397 million shares.
BR Oil and Gas Index inched up by 13.76 points or 0.35 percent to close at 3,959.06 points with 4.960 million shares.
BR Tech & Comm Index closed at 3,413.37 points, up 144.06 points or 4.41 percent with 55.871 million shares.
An analyst at Topline Securities said that Pakistan equities closed on a positive note where benchmark KSE-100 Index settled at 43,854 level, up 1.88 percent.
Following international markets and decline in international commodities prices, KSE-100 Index opened gap up and remained positive throughout the day where market make an intraday high of 878 points. Investors interest mostly witnessed in Cement sector where LUCK, MLCF, DGKC, CHCC, PIOC closed higher.
Copyright Business Recorder, 2022
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