KARACHI: Pakistan Stock Exchange Tuesday witnessed a bullish trend on the back of healthy buying in almost all sectors on investor expectations on early resumption of the IMF programme.
The market remained in green zone in most part of the day and closed on strong positive note with healthy gains.
The benchmark KSE-100 Index surged by 748.97 points or 1.79 percent and crossed 42,000 psychological level to close at 42,525.95 points. During the session, the KSE-100 Index hit 42,569.33 points intraday high and 41,745.27 points intraday low level.
Trading activity also improved significantly as total daily volumes on ready counter increased to 300.592 million shares as compared to 162.112 million shares traded on Monday while total daily traded value on ready counter increased to Rs 9.471 billion against previous day’s Rs 4.910 billion.
BRIndex100 closed at 4,234.59 points, up 94.31 points or 2.28 percent with total daily turnover 275.420 million shares.
BRIndex30 increased by 721.72 points or 4.86 percent to close at 15,566.42 points with total daily trading volumes of 200.472 million shares.
Foreign investors however remained on selling side and withdrew $1.484 million from Pakistan equity market. Total market capitalization increased by Rs 99 billion to Rs 7.059 trillion. Out of total 341 active scrips, 268 closed in positive and only 49 in negative while the value of 24 stocks remained unchanged.
TPL Properties was the volume leader with 23.685 million shares and surged by Rs 1.48 to close at Rs 21.23 followed by Pak Refinery that increased by Rs 1.16 to close at Rs 18.85 with 20.652 million shares. Cnergyico PK closed at Rs 5.66, up Rs 0.35 with 17.865 million shares.
Mari Petroleum and Premium Textile were the top gainers increasing by Rs 48.38 and Rs 34.99 respectively to close at Rs 1729.95 and Rs 764.99 while Rafhan Maize and Sapphire Textile were the top losers declining by Rs 409.67 and Rs 39.99 respectively to close at Rs 9950.00 and Rs 1100.00.
An analyst at Arif Habib Limited said that bulls triumphed the trading session at PSX. The KSE-100 index remained in the green zone throughout the day as value buying was witnessed across the board. The investors gained confidence in expectation of resumption of the IMF Program. Volumes remained healthy in the main board.
Sectors contributing to the performance include Technology (up 136.6 points), E&P (up 95.2 points), Cement (up 85.9 points), Banks (up 76.3 points) and Fertilizer (up 72.2 points).
BR Automobile Assembler Index gained 82.09 points or 0.83 percent to close at 10,009.21 points with total turnover of 1.055 million shares.
BR Cement Index increased by 109.97 points or 2.67 percent to close at 4,222.65 points with 19.662 million shares.
BR Commercial Banks Index inched up by 77.13 points or 0.88 percent to close at 8,863.13 points with 19.543 million shares.
BR Power Generation and Distribution Index added 92.09 points or 1.72 percent to close at 5,456.18 points with 12.729 million shares.
BR Oil and Gas Index closed at 3,896.32 points, up 68.52 points or 1.79 percent with 13.032 million shares.
BR Tech. & Comm. Index surged by 178.28 points or 5.55 percent to close at 3,389.91 points with 60.134 million shares.
Mubashir Anis Naviwala at JS Global Capital said that the PSX finally saw some daylight on the expectation of resumption in the IMF negotiations. Bulls pulled the KSE-100 Index to an intraday high of 42,569 level, eventually leading the market to close at 42,526, up 749 points.
Traded volume stood at 301 million shares where TPLP (up 7.5 percent), PRL (up 6.6 percent), CNERGY (up 6.6 percent), HUMNL (up 3.1 percent) and UNITY (up 5.2 percent) were the highest contributors.
Copyright Business Recorder, 2022
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