KARACHI: Pakistan Stock Exchange Tuesday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of across-the-board aggressive buying by local and foreign investors.
“The investors celebrated after the much-needed clarity on the Monetary Policy Statement, as the index opened in the green and proceeded to trade positively throughout the trading session,” experts said, adding that anticipation on favorable outcomes of the IMF program revival at a staff level meeting soon helped the KSE-100 Index reach an intraday high of plus 648.11 points as investors remained active throughout the day.
The benchmark KSE-100 Index surged by 612.06 points or 1.59 percent and crossed 39,000 psychological level to close at 39,055.65 points.
Trading activity also improved significantly as daily volumes on the ready counter increased to 179.760 million shares as compared to 81.287 million shares traded Monday. Daily traded value on ready counter increased to Rs 6.368 billion against Monday’s Rs 2.809 billion.
BRIndex100 added 72.67 points or 1.91 percent to close at 3,869.45 points with daily turnover of 153.744 million shares.
BRIndex30 increased by 405.35 points or 2.99 percent to close at 13,970.24 points with total daily trading volumes of 118.322 million shares.
Foreign investors also remained net buyers of shares worth $382,448. Total market capitalization increased by Rs 68 billion to Rs 6.203 trillion. Out of total 326 active scrips, 225 closed in positive and only 74 in negative while the value of 27 stocks remained unchanged.
PPL was the volume leader with 13.159 million shares and increased by Rs 3.60 to close at Rs 78.15 followed by Maple Leaf Cement that gained Rs 0.95 to close at Rs 20.50 with 12.487 million shares. WorldCall Telecom closed at Rs 1.14, up Rs 0.04 with 11.869 million shares.
Pak Services and Reliance Cotton were the top gainers increasing by Rs 146.67 and Rs 48.75 respectively to close at Rs 2130.00 and Rs 698.75 while Sapphire Textile and Wah-Noble were the top losers declining by Rs 82.00 and Rs 11.45 respectively to close at Rs 1018.00 and Rs 147.50.
An analyst at Arif Habib Limited said that the bulls triumphed at the PSX. Investors celebrated after the much-needed clarity on the Monetary Policy Statement, as the index opened in the green and proceeded to trade positively throughout the trading session, anticipating favorable outcomes from the IMF Program revival at a staff level meeting soon helped the index reach an intraday high of 648.11 points as investors remained active throughout the day. Volumes improved drastically across the board from the previous close.
Sectors contributing to the performance include E&P (up 98.3 points), Fertilizer (up 88.7 points), Cement (up 81.7 points), Miscellaneous (up 77.0 points) and Commercial Banks (up 69.9 points).
BR Automobile Assembler Index gained 84.29 points or 1.2 percent to close at 7,135.66 points with total turnover of 2.336 million shares.
BR Cement Index surged by 109.16 points or 3.19 percent to close at 3,533.65 points with 31.543 million shares.
BR Commercial Banks Index added 65.53 points or 0.89 percent to close at 7,467.08 points with 6.240 million shares.
BR Power Generation and Distribution Index inched up by 43.33 points or 0.7 percent to close at 6,227.45 points with 7.010 million shares.
BR Oil and Gas Index increased by 73.1 points or 1.89 percent to close at 3,935.06 points with 34.234 million shares.
BR Tech. & Comm. Index closed at 4,150.79 points, up 80.19 points or 1.97 percent with 30.352 million shares.
An analyst at Topline Securities said that Pakistan equities closed positive where the benchmark KSE-100 Index settled at 39,055 level, up 1.59 percent. This positivity in the market can be attributed to SBP monetary policy announcement, where the central bank increased the policy rate by 100bps to 17 percent, slightly better than market expectation which market was expecting higher percentage increase on uptick in secondary market bond yields and rising external account concern.
Furthermore SBP governor stated Pakistan will have to arrange $3.0 billion for external debt repayment for remaining part of this fiscal year, as they expect the rest of the debt repayment to be rolled over.
ENGRO, TRG, PPL, OGDC and HBL were the major gainers in the trading session, as they cumulatively added 283 to the index.
Copyright Business Recorder, 2023
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