PSX: bulls rule the roost

KARACHI: A bullish trend continued on Pakistan Stock Exchange Tuesday. As further clarity on political grounds pushed the market in the green and maintained its upward trend from the previous close.

The market opened on positive note and remained in green zone throughout the session with increasing trading activities as Pak Rupee continued to strengthen against the US dollar giving the investor’ confidence boost.

The benchmark KSE-100 Index increased by 366.69 points or 0.89 percent and closed at 41,518.23 points.

Trading activity also improved as total daily volumes on ready counter increased to 230.658 million shares as compared to 213.024 million shares traded on Monday while total daily traded value on ready counter increased to Rs 9.623 billion against previous day’s Rs 9.516 billion.

BRIndex100 gained 44.01 points or 1.07 percent to close at 4,164.46 points with total daily turnover of 215.060 million shares.

BRIndex30 surged by 315.26 points or 2.04 percent to close at 15,786.77 points with total daily trading volumes of 165.827 million shares.

Foreign investors also remained net buyers of shares worth $237,722. Total market capitalization increased by Rs 63 billion to Rs 6.824 trillion. Out of total 338 active scrips, 197 closed in positive and 111 in negative while the value of 30 stocks remained unchanged.

TPL Properties was the volume leader with 26.875 million shares and increased by Rs 1.44 to close at its upper circuit level of Rs 21.16 followed by TRG Pak that closed at Rs 127.61, up Rs 0.96 with 20.818 million shares. K-Electric gained Rs 0.09 to close at Rs 3.04 with 12.823 million shares.

Nestle Pakistan and Rafhan Maize were the top gainers increasing by Rs 100.00 and Rs 66.00 respectively to close at Rs 5,700.00 and Rs 9,800.00 while Sapphire Fiber and Colgate Palmolive were the top losers declining by Rs 59.50 and Rs 31.99, respectively to close at Rs 1,260.50 and Rs 2,103.01.

Sara Saeed at JS Global Capital said that the KSE-100 index maintained the positive momentum and managed to close at 41,518, gaining 367 points.

A total of 231 million shares were traded throughout the day where TPLP (up 7.3 percent), TRG (up 0.8 percent), KEL (up 3.1 percent), CNERGY (up 1.8 percent) and WTL (zero percent) were the major contributors.

BR Automobile Assembler Index gained 54.13 points or 0.59 percent to close at 9,209.82 points with total turnover of 2.819 million shares.

BR Cement Index increased by 52.68 points or 1.19 percent to close at 4,492.06 points with 26.684 million shares.

BR Commercial Banks Index added 54.59 points or 0.65 percent to close at 8,507.40 points with 6.273 million shares.

BR Power Generation and Distribution Index inched up by 47.11 points or 0.82 percent to close at 5,800.45 points with 19.841 million shares.

BR Oil and Gas Index surged by 62.6 points or 1.73 percent to close at 3,687.92 points with 16.056 million shares.

BR Tech. & Comm. Index closed at 4,137.08 points, up 7.02 points or 0.17 percent with 47.566 million shares.

An analyst at Arif Habib Limited said that the PSX witnessed a positive session as further clarity on political ground pushed the market in the green and maintained its upward trend from the previous close.

Pak rupee continued to strengthen against US Dollar giving the investor’ confidence boost. In contrast to solid main board volumes, third tier companies continued to remain in the limelight. Sectors contributing to the performance include E&Ps (up 93.1 points), Banks (up 55.0 points), Cement (up 42.5 points), Fertilizer (up 39.2 points) and Pharmaceuticals (up 20.7 points).

Copyright Business Recorder, 2022