KARACHI: A bullish trend continued on Pakistan Stock Exchange on the third consecutive day Thursday. Across-the-board, aggressive buying on expectations of revival of IMF program was witnessed.
The benchmark KSE-100 Index surged by 1,061.63 points or 2.67 percent and crossed 40,000 psychological level to close at 40,846.53 points. The index hit 40,992.48 points intraday high, however closed on slightly lower level due to profit-taking in some stocks.
Trading activity improved significantly as daily volumes on ready counter increased to 364.131 million shares as compared to 269.493 million shares traded Wednesday while total daily traded value on ready counter increased to Rs 14.480 billion against previous Rs 10.574 billion.
BRIndex100 added 121.52 points or 3.07 percent to close at 4,079.89 points with total daily turnover of 336.876 million shares.
BRIndex30 increased by 286.62 points or 2.01 percent to close at 14,548.22 points with daily trading volumes of 237.253 million shares.
Foreign investors also remained net buyers of shares worth $1.284 million. The market capitalization increased by Rs 117 billion to Rs 6.414 trillion. Out of total 356 active scrips, 257 closed in positive and only 77 in negative while the value of 22 stocks remained unchanged.
Cnergyico PK was the volume leader with 44.728 million shares and gained Rs 0.26 to close at Rs 4.02 followed by TPL Properties that inched up by Rs 0.40 to close at Rs 16.39 with 20.045 million shares. WorldCall Telecom closed at Rs 1.20, up Rs 0.01 with 14.285 million shares.
Pak Services and Bata Pak were the top gainers increasing by Rs 158.50 and Rs 115.75 respectively to close at Rs 2276.00 and Rs 1711.76 while Sapphire Fiber and Bhanero Textile were the top losers declining by Rs 92.57 and Rs 89.99 respectively to close at Rs 1147.00 and Rs 1110.00.
“Another bull-run was recorded at the PSX. The market resumed the trading session on a positive note and processed to make an intraday high of 1209.79 points after the government took positive measures to get incline with the IMF prerequisites before the resumption of talks for the revival of the IMF Program”, an analyst at Arif Habib Limited said.
Major confidence booster for the investors proved to be the free float of exchange rate determined by the market as volumes soared up across the board.
Sectors contributing to the performance include Banks (up 353.9 points), Fertilizer (up 230.1 points), Cement (up 100.4 points), Misc. (up 81.4 points) and Power (up 46.7 points).
BR Automobile Assembler Index gained 64.22 points or 0.89 percent to close at 7,290.59 points with total turnover of 6.123 million shares.
BR Cement Index increased by 128.42 points or 3.57 percent to close at 3,730.66 points with 51.383 million shares.
BR Commercial Banks Index surged by 333.33 points or 4.31 percent to close at 8,075.48 points with 34.005 million shares.
BR Power Generation and Distribution Index added 146.26 points or 2.33 percent to close at 6,423.16 points with 19.992 million shares.
BR Oil and Gas Index inched up by 30.29 points or 0.75 percent to close at 4,043.55 points with 44.476 million shares.
BR Tech. & Comm. Index closed at 4,233.17 points, up 37.32 points or 0.89 percent with 41.273 million shares.
An analyst at Topline Securities said that Pakistan equities skyrocketed as the benchmark KSE-100 Index settled at 40,846 level, up 2.67 percent. They day kicked off on a positive note and remained positive throughout the day. Investors cheered government efforts of reviving IMF program where the new taxation measures of nearly Rs 300 billion is on cards.
Further, Pak rupee in the interbank and open market rate has started falling which led the market to make an intraday high of plus 1,209 points. HBL, ENGRO, FFC, MEBL and UBL were the major gainers in the trading session cumulatively added 409 points in the benchmark KSE-100 Index.
Copyright Business Recorder, 2023
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