PSX maintains uptrend

KARACHI: Pakistan Stock Exchange Tuesday witnessed a bullish trend due to decline in commodities’ prices in the international market.

The market opened on a strong positive note and remained in green throughout the day. The investor participation increased significantly and across-the-board aggressive buying was seen mainly by local investors and institutions.

The benchmark KSE-100 Index surged by 505.14 points or 1.15 percent and crossed 44,000 psychological level to close at 44,438.70 points. During the session the index hit 44,477.04 points intra-day high level.

Trading activity also improved significantly as total daily volumes on the ready counter surged to 268.911 million shares as compared to 132.635 million shares traded on Monday while total daily traded value on ready counter increased to Rs 7.174 billion against previous day’s Rs 4.802 billion.

BRIndex100 added 64.36 points or 1.46 percent to close at 4,472.27 points with total daily turnover of 207.603 million shares.

BRIndex30 increased by 340.06 points or 2.17 percent to close at 16,035.95 points with total daily trading volumes of 150.099 million shares.

The foreign investors however remained on the selling side with net outflow of $2.384 million. The market capitalization increased by Rs 65 billion to Rs 7.482 trillion. Out of total 363 active scrips, 247 closed in positive and only 87 in negative while the value of 29 stocks remained unchanged.

Pak Elektron (R) was the volume leader with 37.675 million shares and gained Rs 0.05 to close at Rs 1.97 followed by WorldCall Telecom that closed at Rs 1.70, up Rs 0.13 with 27.126 million shares. Ghani Global Holding increased by Rs 1.04 to close at Rs 15.90 with 15.048 million shares.

Bata Pak and Colgate Palmolive were the top gainers increasing by Rs 149.99 and Rs 80.00 respectively to close at Rs 2,249.99 and Rs 2,300.00 while Rafhan Maize and Premier Sugar were the top losers declining by Rs 490.00 and Rs 27.50 respectively to close at Rs 11,500.00 and Rs 510.00.

“Another positive day was witnessed at PSX as the KSE-100 Index remained in green zone throughout the day,” an analyst at Arif Habib Limited said. Investor participation in the market stayed healthy due to decline in international oil prices. Cement sector remained in the limelight due to decline in international coal prices. Across-the-board buying activity was observed.

Sectors contributing to the performance include Cement (up 88.4 points), Power (up 70.0 points), OMCs (up 44.9 points), E&P (up 39.1 points) and Automobile Assemblers (up 35.9 points).

BR Automobile Assembler Index surged by 193.91 points or 2.12 percent to close at 9,351.68 points with total turnover of 2.810 million shares.

BR Cement Index increased by 118.47 points or 2.22 percent to close at 5,443.00 points with 17.637 million shares.

BR Commercial Banks Index inched up 13.85 points or 0.14 percent to close at 9,851.24 points with 9.810 million shares.

BR Power Generation and Distribution Index added 152.81 points or 2.7 percent to close at 5,816.05 points with 16.357 million shares.

BR Oil and Gas Index gained 50.27 points or 1.34 percent to close at 3,799.68 points with 6.540 million shares.

BR Tech. & Comm. Index closed at 3,448.56 points, up 35.36 points or 1.04 percent with 54.956 million shares.

An analyst at Topline Securities said that Pakistan equities closed on a positive note where benchmark KSE-100 Index settled at 44,438 level, up 1.15 percent. Decline in international commodities prices led the market to continue its previous day’s positive momentum where market made an intraday high of 545 points. Major gainers in the trading session were HUBC, and PSO which cumulatively added 86 points. Furthermore, investors interest were also witnessed in Cements Sector where LUCK, DGKC and MLCF closed on a higher note.

Copyright Business Recorder, 2022