KARACHI: Pakistan Stock Exchange Wednesday witnessed a bullish trend on the back of aggressive buying in almost all sectors.
After positive opening, the market maintained bullish trend throughout the session and closed on strong positive note with healthy gains. The benchmark KSE-100 Index surged by 386.78 points or 0.92 percent and crossed 42,000 psychological level to close at 42,226.05 points. During the session, the index hit 42,266.30 points intra-day high level.
Trading activity also improved as total daily volumes on ready counter increased to 250.266 million shares as compared to 190.311 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 6.658 billion against previous session’s Rs 5.809 billion.
BRIndex100 gained 37.58 points or 0.9 percent to close at 4,233.10 points with total daily turnover of 203.367 million shares.
BRIndex30 increased by 148.14 points or 0.94 percent to close at 15,914.61 points with total daily trading volumes of 132.472 million shares.
Foreign investors however remained net sellers of shares worth $681,997. Total market capitalization increased by Rs 51 billion to Rs 6.836 trillion. Out of total 342 active scrips, 203 closed in positive and 115 in negative while the value of 24 stocks remained unchanged.
G3 Technologies was the volume leader with 22.370 million shares and increased by Rs 1.00 to close at Rs 10.08 followed by WorldCall Telecom that inched up by Rs 0.02 to close at Rs 1.59 with 21.176 million shares. G3 TechClass B gained Rs 0.56 to close at Rs 1.96 with 14.800 million shares.
Nestle Pakistan and Pak Tobacco were the top gainers increasing by Rs 150.00 and Rs 57.09 respectively to close at Rs 6,000.00 and Rs 818.32 while Rafhan Maize and Sapphire Fiber were the top losers declining by Rs 200.67 and Rs 83.35 respectively to close at Rs 10,799.33 and Rs 1,075.01. “A positive session was witnessed at the PSX and the market traded in the green zone throughout the day as the trade deficit of Pakistan witnessed a sharp decline of 30.16 percent year on year basis”, an analyst at Arif Habib Limited said. Investors’ participation remained active in the main board as 3rd tier stocks continued to remain as volume board leaders. Sectors contributing to the performance include Commercial Banks (up 67.6 points), Cement (up 67.3 points), E&P (up 64.0 points), Fertilizer (up 58.3 points) and Automobile Assembler (up 32.7 points).
BR Automobile Assembler Index surged by 215.14 points or 2.35 percent to close at 9,399.96 points with total turnover of 13.253 million shares.
BR Cement Index increased by 90.34 points or 1.97 percent to close at 4,674.10 points with 20.334 million shares.
BR Commercial Banks Index gained 61.64 points or 0.75 percent to close at 8,243.61 points with 10.739 million shares.
BR Power Generation and Distribution Index added 77.48 points or 1.2 percent to close at 6,518.79 points with 10.607 million shares. BR Oil and Gas Index inched up by 39.82 points or 1.08 percent to close at 3,734.89 points with 12.081 million shares. BR Tech. & Comm. Index closed at 4,433.93 points, up 13.47 points or 0.3 percent with 41.947 million shares.
An analyst at Topline Securities said that bullish trend was witnessed at the bourse where the benchmark KSE-100 Index settled at 42,244 level. The market made an intraday high of 425 points as investors cheered lower international oil prices and statement from the US state department clarified that the US was confident of Pakistan ability to keep its nuclear assets safe and secure, countering President Joe Biden position on Pakistan nuclear programme.
Copyright Business Recorder, 2022
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