KARACHI: A bullish trend continued on Pakistan Stock Exchange on Thursday due to aggressive buying, mainly in E&P, OMCs and banking sectors.
The benchmark KSE-100 Index surged by 394.47 points or 0.85 percent and crossed 47,000 psychological level to close at 47,077.00 points. During the session, the index hit 47,393.47 points intraday high and 46,779.75 points intraday low.
Trading activity also improved as daily volumes on ready counter increased to 455.106 million shares as compared to 429.515 million shares traded on Wednesday. The daily traded value on ready counter increased to Rs 17.879 billion against previous session’s Rs 14.137 billion.
BRIndex100 added 47.12 points or 0.99 percent to close at 4,785.87 points with total daily turnover of 401.255 million shares.
BRIndex30 increased by 389.87 points or 2.37 percent to close at 16,824.69 points with total daily trading volumes of 260.474 million shares.
Foreign investors also remained net buyers of shares worth $862,057. Total market capitalization increased by Rs 32 billion to Rs 7.098 trillion. Out of total 344 active scrips, 182 closed in negative and 146 in positive while the value of 16 stocks remained unchanged.
WorldCall Telecom was the volume leader with 40.150 million shares however lost Rs 0.02 to close at Rs 1.39 followed by K-Electric that closed at previous session’s closing level of Rs 2.30 without any change with 30.225 million shares. OGDC increased by Rs 4.85 to close at Rs 91.67 with 28.511 million shares.
Rafhan Maize and Nestle Pakistan were the top gainers increasing by Rs 250.00 and Rs 90.00 respectively to close at Rs 8650.00 and Rs 6890.00 while Faisal Spinning and Pak Tobacco were the top losers declining by Rs 29.47 and Rs 15.12 respectively to close at Rs 363.44 and Rs 679.89.
Muhammad Sohail, leading analyst and CEO of Topline Securities said that the Pakistan Stock market recovery continued. The benchmark KSE-100 Index crossed 47000 level after 20 months. The KSE-100 Index has gained 13 percent this month after a gap of three years.
He said the IMF program, inflows from friendly countries, and expectation of smooth transfer of power to new government, improving investors’ confidence
He said Pakistan Stock Market is best performing in the world in July with a USD gain of 15 percent. The benchmark KSE-100 Index is now at 20 months high to reach 47,077 points.
“The main factors of this rally are IMF deal, dollar inflows from friendly countries, increasing FX reserves and falling inflation in the country,” he said.
Moreover, clarity on smooth transfer of power to caretaker government who will organise election in November this year, he added. June quarter results and dividends are also better than expectations, especially by UBL. Interesting foreign portfolio investors are back with net buying of close to $18 million in July by foreign corporate.
BR Automobile Assembler Index lost 1.63 points or 0.02 percent to close at 8,557.55 points with total turnover of 6.161 million shares.
BR Cement Index inched down by 3.62 points or 0.07 percent to close at 4,981.67 points with 17.586 million shares.
BR Commercial Banks Index added 191.93 points or 1.79 percent to close at 10,924.73 points with 70.207 million shares.
BR Power Generation and Distribution Index increased by 205.76 points or 2.36 percent to close at 8,939.96 points with 46.338 million shares.
BR Oil and Gas Index surged by 124.5 points or 2.96 percent to close at 4,324.06 points with 106.409 million shares.
BR Tech. & Comm. Index closed at 3,998.16 points, down 37.67 points or 0.93 percent with 62.046 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that the KSE-100 Index crossed yet another psychological barrier of 47,000, closing at 47,077 gaining 394 points for the day.
He said signing of MoUs for a Saudi-led Greenfield refinery project turned the sentiment bullish and OGDC (up 5.7 percent), PPL (up 3.6 percent), and PSO (up 5.1 percent) saw heavy buying. Banking sector continued with its positive momentum while Tech Sector closed in the red.
The market turnover increased to 455 million shares, where WTL (down 1.4 percent), KEL (zero percent), OGDC (up 5.7 percent), HASCOL (up 1.0 percent), and PPL (up 3.6 percent) were the volume leaders.
Copyright Business Recorder, 2023
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