‘Green day’

KARACHI: Pakistan Stock Exchange on Monday witnessed a bullish trend on the back of healthy buying in almost all sectors.

The benchmark KSE-100 Index surged by 394.49 points or 0.85 percent and closed at 46,627.08 points. The index hit 46,704.64 points intraday high, however closed at slightly lower level due to profit-taking in some stocks.

Trading activity also improved as daily volumes on ready counter increased to 202.598 million shares as compared to 177.617 million shares traded last Thursday. Daily traded value on ready counter increased to Rs 7.404 billion against previous session’s Rs 6.932 billion.

BRIndex100 added 47.66 points or 1.03 percent to close at 4,673.93 points with total daily turnover of 183.678 million shares.

BRIndex30 increased by 137.53 points or 0.83 percent to close at 16,706.71 points with total daily trading volumes of 133.449 million shares.

Foreign investors however remained net sellers of shares worth $1.345 million. Total market capitalization increased by Rs 47 billion to Rs 6.932 trillion. Out of total 330 active scrips, 166 closed in positive and 144 in negative while the value of 20 stocks remained unchanged.

WorldCall Telecom was the volume leader with 44.891 million shares and gained Rs 0.10 to close at Rs 1.24 followed by Cnergyico PK that inched up by Rs 0.09 to close at Rs 3.13 with 17.096 million shares. OGDC increased by Rs 2.90 to close at Rs 99.36 with 17.023 million shares.

Ismail Industries and Pak Hotels were the top gainers increasing by Rs 48.75 and Rs 19.28 respectively to close at Rs 698.75 and Rs 276.32 while Al-Abbas Sugar and Abbott Lab were the top losers declining by Rs 33.84 and Rs 9.49 respectively to close at Rs 510.11 and Rs 336.01.

“It was a smooth “Green Day.” Pakistan equities had a positive day in term of both market momentum and volumes,” an analyst at Topline Securities said.

The KSE 100 Index commenced the week on a positive note and remained green throughout the trading hours and settled the day’s affairs at 46,627 (gaining 395 points; up 0.85 percent).

The aforesaid rally can likely be attributed to rejuvenated buying interest in Technology Sector where the Systems Limited was the darling stock due to its attractive price level of Rs 395-396. It gained Rs 15.97; up 4.06 percent.

In addition, ENGRO Corp’s recent announcement regarding in principle understanding with a potential acquirer for the divestment of selective assets of thermal energy, brought the stock onto investors’ radar.

Further, anticipated gas price hikes to fulfill IMF condition and decline in international oil price kept the E&P and OMC sectors in the lime light during trading session.

Resultantly, SYS, ENGRO, OGDC, POL and PPL added 245 points, cumulatively. On the flip side, BAFL, HBL and FFC lost 31 points as they saw some profit taking in them.

BR Automobile Assembler Index lost 10.51 points or 0.12 percent to close at 8,768.20 points with total turnover of 2.579 million shares.

BR Cement Index inched down by 1.19 points or 0.02 percent to close at 4,815.85 points with 6.812 million shares.

BR Commercial Banks Index added 50.42 points or 0.47 percent to close at 10,748.66 points with 17.099 million shares.

BR Power Generation and Distribution Index gained 42.23 points or 0.45 percent to close at 9,477.53 points with 13.107 million shares.

BR Oil and Gas Index surged by 211.53 points or 4.98 percent to close at 4,462.44 points with 35.139 million shares.

BR Tech. & Comm. Index increased by 76.54 points or 2.16 percent to close at 3,624.01 points with 55.670 million shares.

Ahsan Mehanti at Arif Habib Corporation said that stock closed bullish amid upbeat data on $1.5 billion trade deficit falling by 48.2 percent in September 2023 ahead of IMF review meetings this month to release next support tranche and upbeat growth outlook.

He said upbeat data on crops output, cotton production, power generation, fertilizers, autos, POL and cement sales in September 2023, strong Pak Rupee recovery and Government deliberations on privatisation of SOEs played a catalyst role in bullish activity.

Copyright Business Recorder, 2023