PSX snaps meltdown

KARACHI: Pakistan Stock Exchange on Thursday witnessed a positive trend due to fresh buying on available attractive low levels.

The benchmark KSE-100 Index increased by 332.14 points or 0.70 percent and closed at 47,750.77 points. The index hit 47,994.19 points intraday high and 47,463.68 points intraday low.

Trading activity also improved as total daily volumes on ready counter increased to 251.691 million shares as compared to 188.680 million shares traded on Wednesday. The daily traded value on ready counter increased to Rs 12.798 billion against previous session’s Rs 8.794 billion.

BRIndex100 added 35.62 points or 0.74 percent to close at 4,835.77 points with daily turnover of 221.579 million shares.

BRIndex30 gained 32.71 points or 0.19 percent to close at 17,082.64 points with total daily trading volumes of 131.252 million shares.

Foreign investors however remained net sellers of shares worth $121,612. The market capitalization increased by Rs 40 billion to Rs 7.105 trillion. Out of total 318 active scrips, 175 closed in positive and 115 in negative while the value of 28 stocks remained unchanged.

Faysal Bank was the volume leader with 21.922 million shares however declined by Rs 1.79 to close at Rs 23.94 followed by Nishat Power Chunian that increased by Rs 1.03 to close at Rs 23.82 with 15.282 million shares. Gul Ahmed gained Rs 0.59 to close at Rs 18.82 with 14.664 million shares.

Mari Petroleum and Bal. Wheels were the top gainers increasing by Rs 18.86 and Rs 11.17 respectively to close at Rs 1655.82 and Rs 160.07 while Nestle Pakistan and Bata Pak were the top losers declining by Rs 102.17 and Rs 9.00 respectively to close at Rs 7097.83 and Rs 1760.00.

Ahsan Mehanti at Arif Habib Corporation said stocks closed higher led by oil and banking scrips on strong valuations.

He said surging banking spreads, easing treasury bond yields and speculations over likely execution of IMF approved Government circular debt management to ease off power sector circular debt crises played a catalyst role in bullish close.

BR Automobile Assembler Index increased by 70.09 points or 0.79 percent to close at 8,971.92 points with total turnover of 7.627 million shares.

BR Cement Index gained 29.66 points or 0.6 percent to close at 4,960.52 points with 17.569 million shares.

BR Commercial Banks Index surged by 155.86 points or 1.4 percent to close at 11,292.16 points with 62.361 million shares.

BR Power Generation and Distribution Index added 66.77 points or 0.73 percent to close at 9,274.20 points with 30.681 million shares.

BR Oil and Gas Index inched up by 36.36 points or 0.82 percent to close at 4,473.16 points with 35.959 million shares.

BR Tech. & Comm. Index closed at 4,004.51 points, up 34.8 points or 0.88 percent with 16.884 million shares.

Muhammad Waqar Iqbal at JS Global Capital said the KSE-100 Index posted a gain of 332 points to close at 47,751 level.

Traded volume stood at 252 million shares with FABL (down 7.0 percent), NCPL (up 4.5 percent), GATM (up 3.2 percent), OGDC (up 0.6 percent) and FCCL (up 3.4 percent) being the highest contributors.

Copyright Business Recorder, 2023