KARACHI: A bullish trend continued on Pakistan Stock Exchange on the back of healthy buying by local and foreign investors. The benchmark KSE-100 Index surged by 534.04 points or 1.11 percent and closed at six-year highest level of 48,764.55 points. The index hit 48,852.05 points intra-day high and 48,178.89 points intraday low.
The daily trading volumes stood at 556.141 million shares as compared to 556.930 million shares traded on Tuesday. The daily traded value on ready counter increased to Rs 19.989 billion against previous session’s Rs 15.946 billion.
BRIndex100 added 61.79 points or 1.26 percent to close at 4,983.32 points with total daily turnover of 519.918 million shares.
BRIndex30 increased by 372.23 points or 2.13 percent to close at 17,819.01 points with total daily trading volumes of 391.492 million shares.
Foreign investors also remained net buyers of shares worth $539,068. Total market capitalization increased by Rs 80 billion to Rs 7.339 trillion. Out of total 353 active scrips, 194 closed in positive and 128 in negative while the value of 31 stocks remained unchanged.
Cnergyico PK was the volume leader with 92.895 million shares and gained Rs 0.24 to close at Rs 3.75 followed by Bank of Punjab that inched up by Rs 0.26 to close at Rs 4.82 with 46.991 million shares. Pak Refinery closed at Rs 18.40, up Rs 0.64 with 31.345 million shares. Nestle Pakistan and Sapphire Textile were the top gainers increasing by Rs 150.00 and Rs 39.88 respectively to close at Rs 7150.00 and Rs 1164.87 while Blessed Textile and Philip Morris Pak were the top losers declining by Rs 27.74 and Rs 12.50 respectively to close at Rs 342.24 and Rs 430.00.
Muhammed Waqar Iqbal at JS Global Capital said that bulls pulled KSE-100 to an intraday high of 48,852 points, eventually leading the market to close at 48,764, up 534 points. Traded volume stood at 556 million shares with CNERGY, BOP, PRL and OGDC being the highest contributors to volume.
BR Automobile Assembler Index gained 23.75 points or 0.27 percent to close at 8,762.61 points with total turnover of 9.135 million shares.
BR Cement Index inched up by 16.19 points or 0.32 percent to close at 5,142.71 points with 19.614 million shares.
BR Commercial Banks Index increased by 146.96 points or 1.3 percent to close at 11,442.05 points with 87.150 million shares.
BR Power Generation and Distribution Index lost 57.93 points or 0.65 percent to close at 8,913.40 points with 19.829 million shares.
BR Oil and Gas Index surged by 98.84 points or 2.2 percent to close at 4,591.17 points with 67.932 million shares.
BR Tech. & Comm. Index added 49.98 points or 1.22 percent to close at 4,144.46 points with 63.399 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed bullish as investor weigh falling CPI inflation to 28.3 percent in July 2023 and SBP status quo in the key policy rate announcement.
He said the trade deficit of $1.6 billion for July 2023, surging global crude oil prices and likely Government resolve to record SOEs gas circular debt crises played a catalyst role in bullish close.
Copyright Business Recorder, 2023
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