KARACHI: Pakistan Stock Exchange on Monday witnessed a bullish trend and closed on positive note on the back of fresh buying on available attractive, low levels.
The benchmark KSE-100 Index surged by 394.77 points or 0.87 percent and closed at 45,707.43 points.
Trading activity however remained low as total daily volumes on ready counter decreased to 139.251 million shares as compared to 161.824 million shares traded on last Friday while total daily traded value on ready counter stood at Rs 4.476 billion against previous session’s Rs 4.464 billion.
BRIndex100 added 49.73 points or 1.1 percent to close at 4,573.79 points with total daily turnover of 121.439 million shares.
BRIndex30 increased by 185.23 points or 1.17 percent to close at 16,016.52 points with total daily trading volumes of 65.747 million shares.
Foreign investors however remained net sellers of shares worth $272,187. Total market capitalization increased by Rs 43 billion to Rs 6.805 trillion. Out of total 313 active scrips, 187 closed in positive and 105 in negative while the value of 21 stocks remained unchanged.
Al-Shaheer Corp was the volume leader with 11.268 million shares and increased by Rs 0.90 to close at Rs 10.48 followed by WorldCall Telecom that gained Rs 0.02 to close at Rs 1.17 with 11.211 million shares. Dewan Motors lost Rs 0.69 to close at Rs 16.41 with 8.848 million shares.
Colgate Palmolive and Al-Abbas Sugar were the top gainers increasing by Rs 31.31 and Rs 23.98 respectively to close at Rs 1298.30 and Rs 504.99 while Mehmood Textile and Archroma Pak were the top losers declining by Rs 47.55 and Rs 27.58 respectively to close at Rs 586.45 and Rs 454.42.
An analyst at Topline Securities said Pakistan equities market began the week on a positive note, with a robust increase of 395 points compared to the previous day’s closing, reaching a level of 45,707, which represents a gain of 0.87 percent.
The market’s rebound is attributed to optimistic developments stemming from a recent engagement involving Chief of Army Staff (COAS) General Asim Munir. In a meeting with LCCI President Kashif Anwar and prominent business leaders, General Asim emphasized the pivotal role played by the Special Investment Facilitation Council (SIFC). He highlighted the council’s potential to attract substantial investments, estimated at potentially up to $100 billion, from countries like Saudi Arabia, the UAE, Kuwait, and others.
Additionally, General Asim Munir assured business leaders that efforts would be made to bring currency exchange under the tax net. This move aims to enhance transparency in dollar exchange rates and interbank rates, which can contribute to a more stable and predictable economic environment.
Fertilizer, E&P, and Chemical stocks, including ENGRO, HUBC, PPL, COLG, and FFC, made a positive contribution by adding 155 points. However, BAFL, INDU, and ARPL collectively lost 28 points.
BR Automobile Assembler Index lost 12.56 points or 0.14 percent to close at 8,922.22 points with total turnover of 9.882 million shares.
BR Cement Index gained 43.02 points or 0.95 percent to close at 4,594.66 points with 6.630 million shares.
BR Commercial Banks Index inched up by 28.89 points or 0.27 percent to close at 10,824.31 points with 8.895 million shares.
BR Power Generation and Distribution Index surged by 94.65 points or 1.11 percent to close at 8,641.33 points with 18.933 million shares.
BR Oil and Gas Index increased by 50.21 points or 1.19 percent to close at 4,255.16 points with 12.395 million shares.
BR Tech. & Comm. Index added 24.7 points or 0.67 percent to close at 3,725.62 points with 16.289 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that the week started on a positive note and KSE-100 Index gained 395 points to close at the 45,707 level. While positive sentiment was across the board, it was the refinery sector that actually contributed the most.
The market turnover, however, dropped to 139 million shares. ASC (up 10 percent), WTL (up 1.7 percent), DFML (down 4.0 percent), CNERGY (up 3.2 percent), and PRL (up 5.2 percent) were the volume leaders.
Copyright Business Recorder, 2023
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