KARACHI: Pakistan Stock Exchange on Monday witnessed a bullish trend and closed on strong positive note with healthy gains.
The market opened on a positive note and remained bullish throughout the day on the back of fresh buying in almost all sectors on available attractive low levels. The benchmark KSE-100 Index surged by 826.78 points or 2.01 percent and closed at 41,878.57 points. The index hit 41,952.43 points intraday high.
Trading activity however remained low as daily volumes on the ready counter decreased to 247.901 million shares as compared to 424.229 million shares traded Friday while total daily traded value on the ready counter declined to Rs 7.378 billion against Friday’s Rs 12.806 billion.
BRIndex100 gained 86.23 points or 2.12 percent to close at 4,155.35 points with daily turnover of 217.287 million shares.
BRIndex30 increased by 424.21 points or 2.84 percent to close at 15,350.43 points with total daily trading volumes of 163.851 million shares.
The foreign investors also remained net buyers of shares worth $460,853. Total market capitalization increased by Rs 110 billion to Rs 6.972 trillion. Out of total 333 active scrips, 228 closed in positive and only 90 in negative while the value of 15 stocks remained unchanged.
K-Electric was the volume leader with 32.041 million shares and gained Rs 0.23 to close at Rs 3.09 followed by Treet Corp that increased by Rs 1.56 to close at Rs 30.12 with 19.925 million shares. Unity Foods closed at Rs 20.49, up Rs 0.24 with 14.428 million shares.
Bata Pak and Mari Petroleum were the top gainers increasing by Rs 128.24 and Rs 97.51, respectively to close at Rs 2132.90 and Rs 1790.97 while Unilever Foods and Bhanero Textile were the top losers declining by Rs 250.00 and Rs 25.00, respectively to close at Rs 25,400.00 and Rs 1465.00.
An analyst at Arif Habib Limited said that the PSX witnessed a positive session due to clarity on budgetary measures taken by the government imposing supertax also dubbed as “Poverty Alleviation Tax” on large corporates profitability pertaining to Tax Year 2022. Moreover, expectation of the IMF will send a draft of the Memorandum of Economic and Financial Policies to Pakistan driving optimism among investor triggering value buying across-the-board. The KSE-100 Index stayed in the green zone throughout the day.
Sectors contributing to the performance include Banks (up 182.2 points), Fertilizer (up 96.9 points), Cement (up 93.3 points), Technology (up 85.0 points) and E&P (up 80.7 points).
BR Automobile Assembler Index increased by 248.8 points or 2.56 percent to close at 9,976.55 points with total turnover of 2.779 million shares.
BR Cement Index surged by 118.26 points or 3.0 percent to close at 4,055.72 points with 23.802 million shares.
BR Commercial Banks Index added 179.23 points or 2.1 percent to close at 8,717.09 points with 10.542 million shares.
BR Power Generation and Distribution Index gained 135.29 points or 2.49 percent to close at 5,567.55 points with 35.667 million shares.
BR Oil and Gas Index inched up by 72.28 points or 1.94 percent to close at 3,789.99 points with 12.443 million shares.
BR Tech. & Comm. Index closed at 3,383.60 points, up 105.62 points or 3.22 percent with 36.513 million shares.
Mubashir Anis Naviwala at JS Global Capital said that bulls made a comeback as the KSE-100 Index made an intraday high of 41,950, plus 898 points, eventually closing at 41,878, with an increase of 827 points compared to Friday’s close.
Traded volumes stood at 248 million shares where KEL (up 8.0 percent), TREET (up 5.5 percent), PRL (up 2.0 percent), TPLP (up 3.7 percent) and CNERGY (up 2.6 percent) were the major contributors. Going forward, the IMF agreement will remain the key driver for the market.
Copyright Business Recorder, 2022
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