KARACHI: Pakistan Stock Exchange on Monday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of fresh buying, mainly by local investors coupled with institutional support.
The benchmark KSE-100 Index surged by 539.09 points or 1.06 percent and crossed 51,000 psychological level to close at 51,482.93 points. The index hit 51,501.82 points intraday high however closed at slightly lower level due to profit-taking in some stocks.
The daily trading volumes on ready counter stood at 286.621 million shares as compared to 350.834 million shares traded on last Friday. The daily traded value on ready counter increased to Rs 11.445 billion against previous session’s Rs 10.607 billion.
BRIndex100 added 65.39 points or 1.27 percent to close at 5,232.18 points with total daily turnover of 250.163 million shares.
BRIndex30 increased by 137.41 points or 0.76 percent to close at 18,140.83 points with total daily trading volumes of 162.250 million shares.
Foreign investors however remained net sellers of shares worth $871,588. Total market capitalization increased by Rs 65 billion to Rs 7.487 trillion. Out of total 351 active scrips, 232 closed in positive and 100 in negative while the value of 19 stocks remained unchanged.
Pak Refinery was the volume leader with 32.398 million shares and increased by Rs 0.95 to close at Rs 19.30 followed by Bank of Punjab that lost Rs 0.48 to close at Rs 4.14 with 20.348 million shares. WorldCall Telecom closed at Rs 1.29, down Rs 0.02 with 15.202 million shares.
Unilever Foods and Rafhan Maize were the top gainers increasing by Rs 325.00 and Rs 199.88 respectively to close at Rs 22225.00 and Rs 7850.00 while Sapphire Fiber and Bhanero Textile were the top losers declining by Rs 86.33 and Rs 59.99 respectively to close at Rs 1071.00 and Rs 930.00.
Muhammad Shuja Qureshi at JS Global Capital said that the market opened on a positive note and ended the day with a gain of 539 points at 51,483. It was a broad-based rally triggered by good corporate results.
The top performers were CSAP (up 7.5 percent), HCAR (up 7.5 percent), PSMC (up 7.5 percent), and SHEL (up 7.5 percent) which closed at their respective upper circuits.
Volumes clocked in at 287 million shares, where PRL (up 5.2 percent), BOP (down 10 percent), WTL (down 1.5 percent), MLCF (up 1.0 percent), and AIRLINK (up 4.6 percent) were the volume leaders.
BR Automobile Assembler Index surged by 242.77 points or 2.32 percent to close at 10,702.90 with total turnover of 10.797 million shares.
BR Cement Index increased by 131.78 points or 2.44 percent to close at 5,527.14 points with 36.409 million shares.
BR Commercial Banks Index inched up by 57.37 points or 0.47 percent to close at 12,288.36 points with 44.836 million shares.
BR Power Generation and Distribution Index added 193.85 points or 1.78 percent to close at 11,113.85 points with 15.048 million shares.
BR Oil and Gas Index gained 56.62 points or 1.21 percent to close at 4,724.32 points with 22.861 million shares.
BR Tech. & Comm. Index lost 20.96 points or 0.59 percent to close at 3,555.95 points with 41.245 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed bullish in earnings season rally at PSX ahead of IMF talks this week to pave way for $700 million installment expected next month.
He said reports of $97.2 billion pacts signed at Belt and Road Forum, strong earnings announcements in the banking sector, and SBP expectations for improving inflows played a catalyst role in bullish close.
Copyright Business Recorder, 2023
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