KARACHI: A bullish trend continued on Pakistan Stock Exchange on Tuesday and the market closed on strong positive note with healthy gains on the back of aggressive buying by local and foreign investors coupled with institutional support.
The benchmark KSE-100 Index surged by 437.34 points or 0.85 percent and closed at 51,920.27 points. During the session, the index crossed 52,000 psychological level to hit 52,088.71 points intra-day high however closed on slightly low level due to profit taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 455.331 million shares as compared to 286.621 million shares traded on Monday while total traded value on ready counter increased to Rs 15.639 billion against previous session’s Rs 11.445 million shares.
BRIndex100 added 55.50 points or 1.06 percent to close at 5,287.68 points with total daily turnover of 425.044 million shares.
BRIndex30 increased by 121.53 points or 0.67 percent to close at 18,262.36 points with total daily trading volumes of 276.584 million shares.
Foreign investors also remained net buyers of shares worth $494,358. Total market capitalization increased by Rs 64 billion to Rs 7.551 trillion. Out of total 357 active scrips, 188 closed in positive and 147 in negative while the value of 22 stocks remained unchanged.
Cnergyico PK was the volume leader with 71.274 million shares and gained Rs 0.47 to close at Rs 3.93 followed by Pak Refinery that increased by Rs 1.39 to close at Rs 20.69 with 51.538 million shares. WorldCall Telecom closed at Rs 1.28, down Rs 0.01 with 22.604 million shares.
Rafhan Maize and Mehmood Textile were the top gainers increasing by Rs 170.00 and Rs 36.00 respectively to close at Rs 8020.00 and Rs 518.50 while Sapphire Fiber and Lucky Core Ind. were the top losers declining by Rs 37.33 and Rs 11.39 respectively to close at Rs 1033.67 and Rs 622.84.
Muhammad Shuja Qureshi at JS Global Capital said that bullish sentiment prevailed in the market and the KSE-100 index closed with a gain of 437 points at 51,920.
Refinery sector stole the show with NRL (up 6.8 percent) and PRL (up 7.2 percent) closing near limit up. Profit taking was witnessed in selective stocks in the Cement, Steel, Chemicals, and Auto sector.
The market turnover clocked in at 455 million shares, where CNERGY (up 14 percent), PRL (up 7.2 percent), WTL (down 0.8 percent), POWER (up 16 percent), and FFBL (up 7.2 percent) were the volume leaders.
BR Automobile Assembler Index lost 17.4 points or 0.16 percent to close at 10,685.50 points with total turnover of 8.010 million shares.
BR Cement Index inched down by 10.53 points or 0.19 percent to close at 5,516.61 points with 57.225 million shares.
BR Commercial Banks Index increased by 167.08 points or 1.36 percent to close at 12,455.44 points with 22.327 million shares.
BR Power Generation and Distribution Index surged by 248.96 points or 2.24 percent to close at 11,362.81 points with 28.008 million shares.
BR Oil and Gas Index gained 35.18 points or 0.74 percent to close at 4,759.50 points with 33.134 million shares.
BR Tech. & Comm. Index closed at 3,521.93 points, down 34.02 points or 0.96 percent with 48.255 million shares.
An analyst at Topline Securities said that positive session was observed at the exchange on the back of monetary policy announcement previous day where SBP kept the policy rate unchanged citing that CPI is projected to decline in October 2023 and will then maintain a downward trajectory especially in the second half of FY24 and to federal government`s decision to approve gas price hike for different categories of the consumers as advised by OGRA.
Major positive contribution to the index came from ENGRO, HUBC, UBL, ILP and MCB, as they cumulatively contributed plus 257 points to the index. On the flip side TRG, MTL, EPCL, CHCC and EFERT lost value to weigh down on the index by negative 121 points.
Copyright Business Recorder, 2023
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