KARACHI: Pakistan Stock Exchange Friday witnessed healthy trading activity due to fresh buying in various sectors. The benchmark KSE-100 Index increased by 116.94 points or 0.28 percent and closed at 41,580.85 points. The index hit 41,790.71 points intraday high, however closed on slightly lower level due to profit-taking in some stocks.
Trading activity also improved as daily volumes on ready counter increased to 268.083 million shares as compared to 169.105 million shares traded Thursday The daily traded value on ready counter increased to Rs 8.975 billion against previous session’s Rs 6.248 billion.
BRIndex100 closed at 4,217.06 points, down 1.64 points or 0.04 percent with a daily turnover of 246.890 million shares.
BRIndex30 lost 57.05 points or 0.38 percent to close at 14,939.95 points with total daily trading volumes of 169.310 million shares.
Foreign investors however remained net sellers of share and withdrew $16.321 million from local equity market. Total market capitalization increased by Rs 31 billion to Rs 6.289 trillion. Out of total 337 active scrips, 165 closed in positive and 154 in negative while the value of 18 stocks remained unchanged.
Cnergyico PK was the volume leader with 23.204 million shares and gained Rs 0.11 to close at Rs 3.65 followed by Pak Refinery that inched up by Rs 0.77 to close at Rs 14.68 with 22.176 million shares. Silk Bank closed at Rs 1.12, up Rs 0.11 with 21.774 million shares.
Unilever Foods and Mehmood Textile were the top gainers increasing by Rs 1300.00 and Rs 64.02 respectively to close at Rs 19300.00 and Rs 924.00 while Nestle Pakistan and Towellers Limited were the top losers declining by Rs 59.65 and Rs 15.49 respectively to close at Rs 5274.33 and Rs 191.17.
An analyst at Arif Habib Limited said that the PSX ended the business week with a positive session. The market opened in the green and proceeded to trade in the same territory throughout both sessions as clarity on the political front drove the investors to take position in the market. The KSE-100 index made an intraday high of plus 326.77 points as exceptional corporate results kept the banking sector in the limelight.
Sectors contributing to the performance include Commercial Banks (up 69.2 points), Pharmaceuticals (up 40.0 points), Inv. Banks / Inv. Cos. / Securities Cos. (up 15.2 points), Food & Personal Care Products (up 13.4 points) and Refinery (up 12.7 points).
BR Automobile Assembler Index lost 14.9 points or 0.19 percent to close at 7,717.92 points with total turnover of 1.160 million shares.
BR Cement Index gained 1.36 points or 0.03 percent to close at 3,954.93 points with 15.836 million shares.
BR Commercial Banks Index increased by 78.03 points or 0.91 percent to close at 8,695.64 points with 50.856 million shares.
BR Power Generation and Distribution Index fell by 15.15 points or 0.21 percent to close at 7,312.32 points with 15.237 million shares.
BR Oil and Gas Index inched down by 12.34 points or 0.31 percent to close at 3,987.69 points with 9.161 million shares.
BR Tech. & Comm. Index declined by 67.98 points or 1.64 percent to close at 4,074.14 points with 42.257 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stock closed higher in the earnings season rally at PSX as investor weigh surging FX reserves and rupee recovery.
He said easing political noise, strong financial results, and reports of China likely new commitments in CPEC projects played a catalyst role in bullish activity.
Copyright Business Recorder, 2023
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