KARACHI: A bullish trend continued on Pakistan Stock Exchange Tuesday after the current account deficit declined significantly which helped investors gain confidence.
The market opened in the green zone and traded favorably throughout the trading session. The benchmark KSE-100 Index increased by 138.73 points or 0.34 percent and closed at 41,350.43 points. The index hit 41,587.61 points intraday high, however closed slightly lower due to profit-taking in some stocks at the fag end.
Trading activity also improved significantly as total daily volumes increased to 593.437 million shares as compared to 185.369 million shares traded on Monday however, total daily traded value on ready counter slightly decreased to Rs 9.350 billion against previous day’s Rs 9.382 billion.
BRIndex100 gained 25.92 points or 0.63 percent to close at 4,144.53 points with total daily turnover of 574.738 million shares.
BRIndex30 surged by 207.39 points or 1.33 percent to close at 15,829.59 points with total daily trading volumes of 514.740 million shares. Foreign investors also remained net buyer of shares worth $820,872. Total market capitalization increased by Rs 9 billion to Rs 6.784 trillion. Out of total 352 active scrips, 165 closed in negative and 161 in positive while the value of 26 stocks remained unchanged.
WorldCall Telecom was the volume leader with 346.036 million shares and gained Rs 0.52 to close at Rs 1.63 followed by Flying Cement increased by Rs 1.00 to close at its upper circuit level of Rs 8.19 with 30.372 million shares. K-Electric closed at Rs 2.94, up Rs 0.03 with 19.373 million shares.
Pak Services and Sapphire Fiber were the top gainers increasing by Rs 56.50 and Rs 56.00 respectively to close at Rs 1,080.00 and Rs 1,289.00 while Premium Textile and Blessed Textile were the top losers declining by Rs 59.99 and Rs 34.99 respectively to close at Rs 740.00 and Rs 465.00.
“Another positive session was observed at the PSX after the Current Account Deficit declined significantly which helped the investors to gain confidence,” an analyst at Arif Habib Limited said.
The market opened in the green zone and traded favorably throughout the trading session. After announcing that its parent firm is concluding arrangements for NASDAQ listing, Worldcall Telecom Limited continued to dominate the volume board as trading volumes increased on the main board.
Sectors contributing to the performance include Technology (up 73.9.2 points), Power (up 53.6 points), Cement (up 47.5 points), Misc. (up 28.3 points) and Fertilizer (up 20.2 points).
BR Automobile Assembler Index lost 10.28 points or 0.11 percent to close at 9,081.66 points with total turnover of 1.188 million shares.
BR Cement Index increased by 72.02 points or 1.62 percent to close at 4,520.11 points with 46.213 million shares.
BR Commercial Banks Index fell by 16.64 points or 0.2 percent to close at 8,165.70 points with 12.705 million shares.
BR Power Generation and Distribution Index surged by 122.5 points or 2.0 percent to close at 6,247.94 points with 37.875 million shares.
BR Oil and Gas Index decreased by 29.09 points or 0.79 percent to close at 3,641.59 points with 10.495 million shares.
BR Tech. & Comm. Index closed at 4,249.86 points, up 111.02 points or 2.68 percent with 378.896 million shares.
An analyst at Topline Securities said that Pakistan equities closed positive where benchmark KSE-100 Index settled at 41,350 level, up 0.34 percent. The day kicked off on a positive note where initial gains were led by HUBC as the stocks continued its Monday’s momentum over exceptional dividend announcement of Rs 15.5/share. Furthermore Investors interest witnessed in TRG and LUCK where both stocks cumulatively added 82 points in KSE-100 Index.
WTL notified the exchanged regarding their progress over Fiber to the home program where the company embarked on 2nd phase and to finance the next phase Worldcall Services Limited (WSL) is concluding arrangements that would open access to quality capital markets outside Pakistan for the company. WSL has selected (NASDAQ) for its listing; which led the stock to increase by Rs 0.52 with hefty volumes.
Copyright Business Recorder, 2022
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