KARACHI: A bullish trend continued on Pakistan Stock Exchange on Tuesday on the back of aggressive buying in almost all sectors on expectations of improving economic situation and more inflows after the government agreement with IMF.
The benchmark KSE-100 Index surged by 570.67 points or 1.28 percent and crossed 45,000 psychological level to close at 14-month high at 45,155.80 points.
The KSE-100 Index crossed the 45,000 level after 14 months (April 28, 2022). The index is up 9.0 percent in the last 7 working days following its staff level agreement with the IMF.
Trading activity also further improved as total daily volumes on ready counter increased to 555.100 million shares as compared to 440.221 million shares traded on Monday while total daily traded value on ready counter increased to Rs 15.487 billion against previous session’s Rs 12.086 billion.
BRIndex100 added 60.38 points or 1.34 percent to close at 4,553.14 points with total daily turnover of 494.021 million shares.
BRIndex30 increased by 188.09 points or 1.2 percent to close at 15,863.58 points with total daily trading volumes of 316.497 million shares.
Foreign investors also remained net buyers of shares worth $1.048 million. The market capitalization increased by Rs 89 billion to Rs 6.845 trillion. Out of total 363 active scrips, 253 closed in positive and only 92 in negative while the value of 18 stocks remained unchanged.
WorldCall Telecom was the volume leader with 35.089 million shares and closed at the previous session’s closing level of Rs 1.26 without any change followed by Pak Refinery that gained Rs 0.67 to close at Rs 16.95 with 31.421 million shares. Fauji Foods inched up by Rs 0.41 to close at Rs 6.74 with 23.204 million shares.
Rafhan Maize and Khyber Textile were the top gainers increasing by Rs 242.95 and Rs 55.89 respectively to close at Rs 8597.95 and Rs 801.09 while Bata Pak and Siemens Pak were the top losers declining by Rs 38.35 and Rs 16.01 respectively to close at Rs 1714.65 and Rs 699.99.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed higher in the earnings season rally at PSX as investor weigh positive outcome of Fitch ratings upgrade on Pakistan’s long term rating foreign currency rating to CCC.
He said FM affirmation on receipt of Saudi Arabia $2.0 billion deposit with SBP, and strong rupee recovery played a catalyst role in bullish close.
BR Automobile Assembler Index gained 68.69 points or 0.81 percent to close at 8,497.12 points with total turnover of 6.042 million shares.
BR Cement Index surged by 124.21 points or 2.53 percent to close at 5,038.42 points with 65.335 million shares.
BR Commercial Banks Index increased by 181.48 points or 1.94 percent to close at 9,529.31 points with 30.221 million shares.
BR Power Generation and Distribution Index inched up by 1.77 points or 0.02 percent to close at 8,189.11 points with 17.130 million shares.
BR Oil and Gas Index added 40.23 points or 0.99 percent to close at 4,122.74 points with 39.951 million shares.
BR Tech. & Comm. Index lost 14.82 points or 0.36 percent to close at 4,125.57 points with 80.580 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that the KSE-100 index crossed another psychological barrier of 45,000 to close at 45,156, gaining 571 points. The cement sector led the rally as international coal prices fell below $100/MT. The sentiment was boosted further as Saudi Arabia deposited another $2.0 billion with the SBP. The market turnover increased to 555 million shares, where WTL (zero percent), PRL (up 4.1 percent), FFL (up 6.5 percent), TPLP (up 0.2 percent) and CNERGY (up 3.2 percent) were the volume leaders.
Copyright Business Recorder, 2023
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