KARACHI: A bullish trend continued on Pakistan Stock Exchange Monday on the back of investor expectations over resumption of the IMF programme and appreciating PKR against US$.
The market opened on a positive note and remained in the green zone throughout the day, however profit-taking in certain sectors minimized intra-day gains.
The benchmark KSE-100 index crossed 43,000 psychological level to close at 43,040.14 points with net gain of 178.69 points or 0.42 percent. During the session, the KSE-100 Index hit 43,259.14 points intra-day high however closed at lower level due to profit taking in some sectors.
Trading activity however remained thin as total daily volumes on ready counter decreased to 187.471 million shares as compared to 527.672 million shares traded on previous session while total daily traded value on ready counter declined Rs 6.118 billion from previous session’s Rs 13.974 billion.
BRIndex100 gained 20.25 points or 0.47 percent to close at 4,292.94 points with total daily turnover of 173.392 million shares.
BRIndex30 inched up by 43.9 points or 0.28 percent to close at 15,613.23 points with total daily trading volumes of 109.555 million shares.
Foreign investors however remained net sellers of shares worth $706,770. Total market capitalization increased by Rs 20 billion to Rs 7.143 trillion. Out of total 335 active scrips, 179 closed in negative and 138 in positive while the value of 18 stocks remained unchanged.
TLP Properties was the volume leader with 18.538 million shares and gained Rs 0.66 to close at Rs 19.28 followed by Pak Refinery that inched up by Rs 0.03 to close at Rs 17.82 with 17.238 million shares. Cnergyico PK lost Rs 0.08 to close at Rs 5.65 with 9.972 million shares.
Colgate Palmolive and Sapphire Fiber were the top gainers increasing by Rs 42.00 and Rs 35.14 respectively to close at Rs 2152.00 and Rs 1115.00 while Rafhan Maize and Mehmood Textile were the top losers declining by Rs 190.00 and Rs 70.00 respectively to close at Rs 9800.00 and Rs 875.00.
An analyst at Arif Habib Limited said that the market opened in the positive zone and remained green throughout the day in expectations of resumption of (IMF) program in June 2022 which also help the rupee getting stronger against US Dollar. Main board activity remained healthy in E&P and OGDC remained in limelight as expectation of nod from ECC to convert OGDC receivable from PHLP into PIBs. Good volumes were witnessed in 3rd tier stocks.
Sectors contributing to the performance include E&P’s (up 79.4 points), OMCs (up 24.8 points), Technology (up 23.2 points), Autos (up 20.1 points) and Banks (up 13.5 points).
BR Automobile Assembler Index increased by 100.37 points or 1.02 percent to close at 9,988.47 points with total turnover of 640,890 shares.
BR Cement Index inched up by 9.3 points or 0.21 percent to close at 4,365.83 points with 18.001 million shares.
BR Commercial Banks Index gained 9.74 points or 0.1 percent to close at 9,519.89 points with 7.818 million shares.
BR Power Generation and Distribution Index added 20.18 points or 0.38 percent to close at 5,296.02 points with 3.460 million shares.
BR Oil and Gas Index surged by 63.17 points or 1.75 percent to close at 3,678.84 points with 25.486 million shares.
BR Tech. & Comm. Index closed at 3,422.22 points, up 20.29 points or 0.6 percent with 25.391 million shares.
An analyst at Topline Securities said that Pakistan equities closed positive where benchmark KSE-100 Index settled at 43,040 level, up 0.42 percent. The market opened on a positive note as Finance Minister stated that IMF staff level agreement is expected in June 2022 which led the market to make an intraday high of 396 points.
Initial gains were led by OGDC as ECC will decide conversion of Rs 202.8 billion TFC of OGDC into PIBs. Furthermore, investor interest was also witnessed in SNGP which led the stock to close at its upper limit.
Copyright Business Recorder, 2022
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