KARACHI: A bullish trend continued on Pakistan Stock Exchange on Tuesday on the back of healthy buying by local and foreign investors in various sectors.
The market opened on strong positive note however profit-taking in some stocks minimized intra-day gains. The benchmark KSE-100 Index increased by 195.91 points or 0.41 percent and closed at 48,230.51 points. The index hit 48,441.84 points intraday high and 47,998.27 points intraday low.
Trading activity also improved as daily volumes on ready counter increased to 556.930 million shares as compared to 491.874 million shares traded Monday. However, the daily traded value on ready counter declined to Rs 15.946 billion against previous session’s Rs 17.884 billion.
BRIndex100 gained 22.3 points or 0.46 percent to close at 4,921.53 points with total daily turnover of 492.491 million shares.
BRIndex30 closed at 17,446.78 points, down 29.68 points or 0.17 percent with total daily trading volumes of 339.917 million shares.
Foreign investors also remained net buyers of shares worth $1.360 million. The market capitalization increased by Rs 28 billion to Rs 7.259 trillion. Out of total 357 active scrips, 223 closed in positive and 107 in negative while the value of 27 stocks remained unchanged.
Telecard Limited was the volume leader with 39.642 million shares and gained Rs 0.63 to close at Rs 8.72 followed by Cnergyico PK that inched up by Rs 0.03 to close at Rs 3.51 with 37.858 million shares. WorldCall Telecom closed at Rs 1.35, down Rs 0.01 with 33.223 million shares.
Rafhan Maize and Nestle Pakistan were the top gainers increasing by Rs 147.97 and Rs 50.00 respectively to close at Rs 8797.97 and Rs 7000.00 while Colgate Palmolive and Khyber Textile were the top losers declining by Rs 79.34 and Rs 67.57 respectively to close at Rs 1461.62 and Rs 833.43.
Muhammad Waqar Iqbal at JS Global Capital said that Pakistan equities posted a positive session as the KSE-100 Index gained 196 points to close at 48,230. Oil & Gas Exploration Companies, Fertilizer, and Cement sectors were the major contributors.
BR Automobile Assembler Index surged by 108.39 points or 1.26 percent to close at 8,738.86 points with total turnover of 8.672 million shares.
BR Cement Index increased by 59.12 points or 1.17 percent to close at 5,126.52 points with 37.415 million shares.
BR Commercial Banks Index lost 13.21 points or 0.12 percent to close at 11,295.09 points with 48.331 million shares.
BR Power Generation and Distribution Index decreased by 64.52 points or 0.71 percent to close at 8,971.33 points with 35.080 million shares.
BR Oil and Gas Index inched down by 13.79 points or 0.31 percent to close at 4,492.33 points with 52.595 million shares.
BR Tech. & Comm. Index added 35.02 points or 0.86 percent to close at 4,094.48 points with 103.510 million shares. An analyst at Arif Habib Limited said that no change in policy rates from the SBP saw Pakistan stock market opened strong but gains were not maintained to the close of the session with the KSE-100 Index closing below their opening levels.
The market breadth was narrower with several recent leaders closing lower. Autos and Steel names outperformed with SAZEW PA and GHNI PA both up 7.5 percent, AGHA PA (up 9.39 percent) and ASTL PA (up 6.52 percent).
Copyright Business Recorder, 2023
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