KARACHI: A bullish trend continued on Pakistan Stock Exchange Tuesday on the back of healthy buying in almost all sectors due to political stability in the country and appreciation in PKR against US$. The market opened on strong positive note however dropped in negative zone due to profit-taking in some sectors during mid-session. The market once again took positive momentum and closed on strong positive note with healthy gains.
The benchmark KSE-100 Index increased by 262.30 points or 0.57 percent and closed at 46,407.26 points. The index hit 46,459.26 points intraday high and 45,895.26 points intraday low.
The daily trading volumes on ready counter stood at 493.597 million shares as compared to 557.672 million shares traded on Monday while total traded value on ready counter increased to Rs 13.856 billion against previous day’s Rs 13.362 billion.
BRIndex100 gained 44.51 points or 0.96 percent to close at 4,704.74 points with total daily turnover of 456.057 million shares.
BRIndex30 surged by 587.2 points or 3.4 percent to close at 17,845.32 points with total daily trading volumes of 340.479 million shares.
Ahsan Mehanti at Arif Habib Corporation said that the stocks closed higher as investor weigh stronger rupee, PM election and Moody’s forecast stable outlook on Pakistan Banks. He said rupee recovery, falling global crude oil prices easing economic uncertainty and speculations over likely release of next IMF tranche played a catalyst role in bullish close. The foreign investors however remained net sellers of shares worth $888,147. Total market capitalization increased by Rs 27 billion to Rs 7.737 trillion. Out of total 359 active scrips, 172 closed in positive and 172 in negative while the value of 15 stocks remained unchanged.
WorldCall Telecom was the volume leader with 62.038 million shares however lost Rs 0.06 to close at Rs 2.07 followed by Telecard Limited that increased by Rs 0.73 to close at Rs 16.96 with 32.652 million shares. Flying Cement closed at Rs 8.08, down Rs 0.83 with 30.857 million shares.
Nestle Pakistan and Sapphire Fiber were the top gainers increasing by Rs 64.06 and Rs 61.35 respectively to close at Rs 5,555.00 and Rs 883.99 while Bata Pak and Colgate Palmolive were the top losers declining by Rs 84.39 and Rs 23.00 respectively to close at Rs 2,400.00 and Rs 2,320.00.
“Another positive session witnessed due to political stability and appreciation of Pak Rupee against US Dollar”, an analyst at Arif Habib Limited said. Across the board rally was witnessed regardless of foreign selling spree, Main board activity remained healthy, Moreover, market even witnessed hefty volumes in the 3rd tier stocks.
Sectors contributing to the performance include Technology (up 96.7 points), Cement (up 55.7 points), Banks (up 52.2 points), Engineering (up 24.9 points) and Refinery (up 20.0 points).
BR Automobile Assembler Index gained 73 points or 0.76 percent to close at 9,691.35 points with total turnover of 2.961 million shares.
BR Cement Index increased by 65.09 points or 1.2 percent to close at 5,479.78 points with 62.118 million shares.
BR Commercial Banks Index inched up by 46.61 points or 0.45 percent to close at 10,434.06 points with 18.906 million shares.
BR Power Generation and Distribution Index lost 26.85 points or 0.45 percent to close at 5,946.47 points with 11.632 million shares.
BR Oil and Gas Index fell by 25.09 points or 0.65 percent to close at 3,812.29 points with 11.625 million shares.
BR Tech. & Comm. Index surged by 106.88 points or 2.77 percent to close at 3,966.11 points with 138.262 million shares.
Neelam Naz at JS Global Capital said that the bourse witnessed another positive session with KSE-100 finally closing at 46,407, gaining 262 points. Total traded volume stood at 493 million shares where WTL (down 2.8 percent), TELE (up 4.5 percent), FLYNG (down 8.6 percent), CNERGY (up 0.7 percent), UNITY (up 5.3 percent) and GGL (up 7.4 percent) were among the volume leaders. Major contributors to the index were TRG, MEBL, MLCF, AVN, UNITY and CHCC.
Copyright Business Recorder, 2022
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