KARACHI: Pakistan Stock Exchange on Tuesday witnessed bullish trend and closed on strong positive note with healthy gains on expectations of positive outcome of Pak-IMF negotiations.
The benchmark KSE-100 index surged by 801.79 points or 2.01 percent and crossed 40,000 psychological level to close at 40,673.06 points. During the session, the index hit 40,717.33 points intra-day high however closed at slightly lower level due to profit taking in some stocks.
Trading activities also improved as total daily volumes on ready counter increased to 153.324 million shares as compared to 140.465 million shares traded on Monday while total daily traded value on ready counter increased to Rs 7.441 billion against previous session’s Rs 5.458 billion.
BRIndex100 added 77.03 points or 1.94 percent to close at 4,045.21 points with total daily turnover of 138.658 million shares.
BRIndex30 increased by 271.27 points or 1.91 percent to close at 14,455.49 points with total daily trading volumes of 92.346 million shares.
The foreign investors however remained net sellers of shares worth $363,835. Total market capitalization increased by Rs 101 billion to Rs 6.394 trillion. Out of total 328 active scrips, 217 closed in positive and only 89 negative while the value of 22 stocks remained unchanged.
WorldCall Telecom was the volume leader with 13.426 million shares however closed on the previous session’s closing level of Rs 1.14 without any change followed by PPL that increased by Rs 1.27 to close at Rs 77.53 with 10.194 million shares. Pak Refinery closed at Rs 13.65, down Rs 0.01 with 7.748 million shares.
Pak Services and Colgate Palmolive were the top gainers increasing by Rs 155.00 and Rs 139.91 respectively to close at Rs 2265.00 and Rs 2029.91 while Rafhan Maize and Bhanero Textile were the top losers declining by Rs 674.00 and Rs 26.75 respectively to close at Rs 8325.00 and Rs 1000.01.
An analyst at Arif Habib Limited said that the bulls took charge at the PSX. The market opened in the green and continued to trade with optimistic sentiments throughout the trading session, reaching an intraday high of plus 826.83 points as a result of ongoing negotiations in the capital city between the government and the IMF mission. Investors’ involvement remained adequate due to the potential positive outcomes of the IMF talks. Decent volumes observed across the board.
Sectors contributing to the performance include Fertilizer (up 166.0 points), Commercial Banks (up 122.4 points), E&P (up 106.0 points), Cement (up 82.9 points), and Miscellaneous (up 79.2 points).
BR Automobile Assembler Index gained 86.98 points or 1.22 percent to close at 7,231.43 points with total turnover of 1.642 million shares.
BR Cement Index surged by 105.51 points or 2.98 percent to close at 3,642.40 points with 19.175 million shares.
BR Commercial Banks Index added 115.32 points or 1.46 percent to close at 8,009.08 points with 9.228 million shares.
BR Power Generation and Distribution Index increased by 108.8 points or 1.7 percent to close at 6,502.70 points with 11.260 million shares.
BR Oil and Gas Index inched up by 71.37 points or 1.78 percent to close at 4,076.10 points with 22.839 million shares.
BR Tech. & Comm. Index closed at 4,136.19 points, up 68.27 points or 1.68 percent with 24.222 million shares.
An analyst at Topline Securities said that positive session was observed at the exchange as the index gained 2.01 percent to close 40,673 level. This positivity in market can be attributed to recovery following pressure in the market a day earlier where the KSE-100 index closed down 1.5 percent and resumption in talks with IMF – following IMF team arrival in Pakistan.
Major contribution to the index came from ENGRO, PSEL, HUBC, EFERT and LUCK, as they cumulatively contributed 378 points to the index.
Copyright Business Recorder, 2023
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