PSX stays bullish

KARACHI: A bullish trend continued on Pakistan Stock Exchange on Tuesday on the back of fresh buying in various sectors.

The benchmark KSE-100 Index increased by 129.72 points or 0.28 percent and closed at 46,756.80 points. The index hit 46,820.72 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 213.188 million shares as compared to 202.598 million shares traded on Monday. The daily traded value on ready counter declined to Rs 6.094 billion against previous session’s Rs 7.404 billion.

BRIndex100 gained 16.24 points or 0.35 percent to close at 4,690.17 points with total daily turnover of 197.757 million shares.

BRIndex30 closed at 16,684.22 points, down 22.49 points or 0.13 percent with daily trading volumes of 147.526 million shares.

Foreign investors however remained net sellers of shares worth $345,285. Total market capitalization increased by Rs 13 billion to Rs 6.945 million shares. Out of total 330 active scrips, 156 closed in negative and 144 in positive while the value of 30 stocks remained unchanged.

WorldCall Telecom was the volume leader with 60.699 million shares and inched up by Rs 0.01 to close at Rs 1.25 followed by Cnergyico PK that gained Rs 0.15 to close at Rs 3.28 with 19.001 million shares. OGDC declined by Rs 0.81 to close at Rs 98.55 with 9.902 million shares.

J.D.W. Sugar and Pak Hotels were the top gainers increasing by Rs 23.75 and Rs 20.72 respectively to close at Rs 388.75 and Rs 297.04 while Unilever Foods and Sanofi-Aventis were the top losers declining by Rs 70.00 and Rs 43.00 respectively to close at Rs 20480.00 and Rs 657.00.

An analyst at Topline Securities said Pakistan equities closed the session at 46,756, indicating a 129-point or 0.28 percent increase. Despite facing a mix of economic indicators, the index sustained its upward momentum. Additionally, the PKR extended its upward trend today, gaining an extra Rs1.04 in value against the USD.

Banks, Fertilizer, and Cements, including ENGRO, EFERT, MCB, BAHL, and LUCK, made a positive contribution by adding 138 points. However, OGDC, SYS, and DAWH collectively lost 61 points.

BR Automobile Assembler Index added 32.43 points or 0.37 percent to close at 8,800.63 points with total turnover of 3.868 million shares.

BR Cement Index gained 20.0 points or 0.42 percent to close at 4,835.85 points with 7.400 million shares.

BR Commercial Banks Index increased by 51.18 points or 0.48 percent to close at 10,799.84 points with 15.521 million shares.

BR Power Generation and Distribution Index inched up by 27.51 points or 0.29 percent to close at 9,505.04 points with 14.423 million shares.

BR Oil and Gas Index lost 12.36 points or 0.28 percent to close at 4,450.08 points with 22.970 million shares.

BR Tech. & Comm. Index closed at 3,604.21 points, down 19.8 points or 0.55 percent with 66.241 million shares.

Muhammad Shuja Qureshi at JS Global Capital said that positive momentum continued at the PSX, and the KSE-100 Index closed with a gain of 130 points at 46,757.

Gains were, however, limited to selective stocks with LUCK (up 0.6 percent), ENGRO (up 2.2 percent), and MTL (up 0.7 percent) posting decent gains. Profit-taking was observed in the E&P and Refining sectors.

Market volume stood at 213 million shares, where WTL (up 0.8 percent), CNERGY (up 4.8 percent), OGDC (down 0.8 percent), UNITY (down 1.5 percent), and BIPL (up 1.7 percent) were volume leaders.

Copyright Business Recorder, 2023