KARACHI: Pakistan Stock Exchange (PSX) on Thursday witnessed bullish trend due to aggressive buying in almost all sectors.
The market opened in green zone and after remaining in positive finally closed on strong positive note with healthy gains. The benchmark KSE-100 index surged by 635.91 points or 1.50 percent and closed at 42,901.27 points. During the session, the index hit 42,959.08 points intra-day high level.
Trading activities also improved as total daily volumes on ready counter increased to 293.900 million shares as compared to 237.359 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 10.212 billion against previous session’s Rs 5.801 billion.
BRIndex100 added 86.24 points or 2.05 percent to close at 4,302.25 points with total daily turnover of 227.132 million shares.
BRIndex30 increased by 426.66 points or 2.74 percent to close at 16,000.28 points with total daily trading volumes of 133.750 million shares.
The foreign investors however remained on the selling side with total net outflow of $4.754 million. Total market capitalization increased by Rs 80 billion to Rs 6.846 trillion. Out of total 362 active scrips, 235 closed in positive and 104 in negative while the value of 23 stocks remained unchanged.
Hascol Petroleum was the volume leader with 41.553 million shares however lost Rs 0.19 to close at Rs 7.68 followed by Bank Alfalah that increased by 2.39 to close at Rs 34.26 with 21.316 million shares. WorldCall Telecom gained Rs 0.02 to close at Rs 1.59 with 16.113 million shares.
Sanofi-Aventis and Ismail Industries were the top gainers increasing by Rs 61.99 and Rs 31.76 respectively to close at Rs 1,089.99 and Rs 455.26 while Rafhan Maize and Allawasaya Textile were the top losers declining by Rs 575.99 and Rs 230.47 respectively to close at Rs 10,000.01 and Rs 2,842.56.
Ahsan Mehanti at Arif Habib Corporation said stock showed strong recovery as investor weigh rupee recovery and speculations over likely $10 billion deals during visit of Saudi Crown Prince MBS next week after package from China and Saudi Arabia.
He said likely revival of CPEC and FM assurance over $500 million AIIB financing receipts this month played a catalyst role in bullish activity.
BR Automobile Assembler Index gained 71.34 points or 0.79 percent to close at 9,083.90 points with total turnover of 8.645 million shares.
BR Cement Index inched up by 26.81 points or 0.59 percent to close at 4,585.27 points with 14.410 million shares.
BR Commercial Banks Index surged by 256.16 points or 3.08 percent to close at 8,569.64 points with 48.079 million shares.
BR Power Generation and Distribution Index increased by 118.82 points or 1.74 percent to close at 6,960.42 points with 16.161 million shares.
BR Oil and Gas Index added 60.28 points or 1.58 percent to close at 3,885.66 points with 67.050 million shares.
BR Tech. & Comm. Index closed at 4,489.09 points, up 146.79 points or 3.38 percent with 42.657 million shares.
“The bulls returned to the PSX,” an analyst at Arif Habib Limited said. After the finance minister announced $500 million financing by the Asian Infrastructure Investment Bank under the BRACE (Building Resilience with Active Countercyclical Expenditure) initiative supported by Asian Development Bank, the investors gained considerable confidence, and the session opened in the green zone and kept the bullish momentum throughout the trading day.
The main board’s volumes increased dramatically as 3rd tier stocks continued to dominate the market in terms of volume.
Sectors contributing to the performance include Commercial Banks (up 270 points), Technology and Communication (up 117.3 points), E&P (up 83.6 points), Power Generation and Distribution (up 47.3 points) and Cement (up 22.00 points).
Copyright Business Recorder, 2022
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