KARACHI: Pakistan Stock Exchange Monday witnessed a bullish trend on the back of clarity on the IMF programme where the Fund has reportedly agreed to extend the bailout package with an increase in loan size to $8.0 billion.
The market opened on positive note and remained in green throughout the day with healthy trading volumes.
The benchmark KSE-100 Index surged by 520.23 points or 1.14 percent and crossed 46,000 psychological level to close at 46,073.25 points. During the session, the index hit 46,199.79 points intra-day high level.
Trading activity also improved significantly as total daily volumes on ready counter increased to 368.830 million shares as compared to 217.565 million shares traded on previous session while total daily traded value on ready counter increased to Rs 9.663 billion against previous session’s Rs 5.296 billion.
BRIndex100 gained 46.18 points or 1.0 percent to close at 4,668.93 points with total daily turnover of 348.025 million shares.
BRIndex30 closed at 17,161.00 points, down 138.24 points or 0.8 percent with total daily trading volumes of 267.182 million shares.
Foreign investors also remained net buyers of shares worth $2.234 million. Total market capitalization increased by Rs 67 billion to Rs 7.675 trillion. Out of total 325 active scrips, 163 closed in positive and 148 in negative while the value of 14 stocks remained unchanged.
Hum Network was the volume leader with 46.871 million shares and gained Rs 0.30 to close at Rs 8.51 followed by Telecard Limited that declined by Rs 1.08 to close at Rs 14.21 with 35.492 million shares. WorldCall Telecom lost Rs 0.10 to close at Rs 1.71 with 31.986 million shares.
Bata Pak and Nestle Pakistan were the top gainers increasing by Rs 99.99 and Rs 81.87 respectively to close at Rs 2299.99 and Rs 5700.00 while Sanofi-Aventis and Thal Ind. Corp were the top losers declining by Rs 21.00 and Rs 9.00 respectively to close at Rs 903.00 and Rs 260.00.
An analyst at Arif Habib Limited said that the PSX celebrated the resumption of successful the IMF talks which helped the benchmark KSE-100 Index to open in the green zone. Investor participation remained intact across the board which helped the index to remain in the green zone throughout the day. Hefty volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Fertilizer (up 156.9 points), Banks (up 72.0 points), Technology (up 58.4 points), Chemicals (up 53.1 points) and Power (up 44.0 points).
BR Automobile Assembler Index gained 73.69 points or 0.76 percent to close at 9,727.83 points with total turnover of 978,570 shares.
BR Cement Index inched up by 2.02 points or 0.04 percent to close at 5,139.45 points with 21.286 million shares.
BR Commercial Banks Index added 67.49 points or 0.67 percent to close at 10,113.43 points with 9.495 million shares.
BR Power Generation and Distribution Index increased by 91.27 points or 1.58 percent to close at 5,856.77 points with 7.036 million shares.
BR Oil and Gas Index closed at 3,893.04 points, up 37.22 points or 0.97 percent with 7.051 million shares.
BR Tech. & Comm. Index surged by 52.33 points or 1.37 percent to close at 3,859.08 points with 132.016 million shares.
Neelam Naz at JS Global Capital said that after previous week’s corrective sessions, bulls made a comeback on the back of clarity on IMF’s program where IMF has reportedly agreed to extend the bailout package with an increase in loan size to $8 billion.
Traded volumes stood at 369 million shares where HUMNL (up 3.7 percent), TELE (down 7.1 percent), WTL (down 5.5 percent), GTECH (down 2.4 percent) and GGL (down 3.1 percent) cumulatively contributed 44 percent to the total volumes.
Interest was witnessed in PSO on the back of expected increase in petrol prices as per the IMF demand.
Copyright Business Recorder, 2022
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