KARACHI: A bullish trend continued on Pakistan Stock Exchange on Wednesday. The market again posted healthy gains on the back of aggressive buying, mainly by local investors coupled with institutional support.
The benchmark KSE-100 Index surged by 422.37 points or 0.81 percent and successfully managed to close well above 52,000 psychological level at 52,342.64 points. During the session, the index hit 52,451.21 points intra-day high however closed at slightly lower level due to profit taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 526.463 million shares as compared to 455.331 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 16.512 billion against previous session’s Rs 15.639 billion.
BRIndex100 added 43.93 points or 0.83 percent to close at 5,331.61 points with total daily turnover of 488.909 million shares.
BRIndex30 increased by 219.25 points or 1.2 percent to close at 18,481.61 points with total daily trading volumes of 350.617 million shares.
Foreign investors however remained net sellers of shares worth $414,325. Total market capitalization increased by Rs 58 billion to Rs 7.609 trillion. Out of total 353 active scrips, 216 closed in positive and 119 in negative while the value of 18 stocks remained unchanged.
Cnergyico PK was the volumes leader with 75.772 million shares however lost Rs 0.05 to close at Rs 3.88 followed by WorldCall Telecom that closed at the previous session’s closing level of Rs 1.28 without any change with 68.332 million shares. Pak Refinery increased by Rs 0.88 to close at Rs 21.57 with 55.036 million shares.
Unilever Foods and Sapphire Fiber were the top gainers increasing by Rs 525.00 and Rs 69.50 respectively to close at 22750.00 and Rs 1103.17 while Rafhan Maize and Khyber Tobacco were the top losers declining by Rs 219.90 and Rs 27.55 respectively to close at Rs 7800.10 and Rs 339.85.
“Another bullish day at Pakistan equities and the session began with strong momentum as the market remained positive throughout the trading hours and settled at 52,343, up 422 points or 0.81 percent,” an analyst at Topline Securities said.
This aforesaid momentum can be attributed to crucial talks with the International Monetary Fund (IMF) are scheduled to begin tomorrow for the 1st review of the Fund’s Stand By Arrangement (SBA), which could lead to the release of a $700 million tranche.
During the day, HUBC, POL, ILP, HBL and SYS contributed positively as they added 192 points. On the other hand, some stocks like ENGRO, PSEL and SHEL experienced profit-taking, resulting in a combined loss of 63 points.
BR Automobile Assembler Index increased by 215.12 points or 2.01 percent to close at 10,900.62 points with total turnover of 6.390 million shares.
BR Cement Index added 59.45 points or 1.08 percent to close at 5,576.06 points with 30.843 million shares.
BR Commercial Banks Index gained 71.57 points or 0.57 percent to close at 12,527.01 points with 28.185 million shares.
BR Power Generation and Distribution Index surged by 247.05 points or 2.17 percent to close at 11,609.86 points with 30.068 million shares.
BR Oil and Gas Index inched up by 25.46 points or 0.53 percent to close at 4,784.96 points with 35.658 million shares.
BR Tech. & Comm. Index closed at 3,568.63 points, up 46.7 points or 1.33 percent with 107.185 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that bulls pulled the KSE-100 to an intraday high of 52,451 leading the market to close at 52,343, up 422 points.
Traded volume clocked in at 526 million shares where CNERGY (down 1.3 percent), WTL (zero percent), PRL (up 4.3 percent), GGL (up 6.1 percent) and PEL (up 3.9 percent) were the volume leaders.
Copyright Business Recorder, 2023
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