KARACHI: Bullish trend continued on Pakistan Stock Exchange on Monday and the market hit highest ever level in its history on the back of aggressive buying mainly by local investors coupled with institutional support.
The benchmark KSE-100 index surged by 737.33 points or 1.39 percent and closed at its highest ever level of 53,860.37 points. During the session, the index hit 53,944.89 points intra-day high however closed at slightly lower level due to profit taking in some stocks.
Trading activities also improved as total daily volumes on ready counter increased to 546.547 million shares as compared to 509.113 million shares traded on last Friday while total daily traded value on ready counter increased to Rs 17.905 billion against previous session’s Rs 15.586 billion.
BRIndex100 added 75.06 points or 1.38 percent to close at 5,496.86 points with total daily turnover of 453.440 million shares.
BRIndex30 increased by 263.19 points or 1.4 percent to close at 19,120.00 points with total daily trading volumes of 314.033 million shares.
The foreign investors however remained net sellers of shares worth $777,336. Total market capitalization increased by Rs 94 billion to Rs 7.770 trillion. Out of total 368 active scrips, 256 closed in positive and only 97 in negative while the value of 15 stocks remained unchanged.
Cnergyico PK was the volume leader with 68.065 million shares and gained Rs 0.26 to close at Rs 4.11 followed by Pak Refinery that increased by Rs 0.65 to close at Rs 23.30 with 37.317 million shares. Pak Int. Bulk Terminal closed at Rs 5.51, up 0.70 with 34.524 million shares.
Colgate Palmolive and Rafhan Maize were the top gainers increasing by Rs 65.75 and Rs 55.00 respectively to close at Rs 1533.82 and Rs 8050.00 while Pak Hotels and Pak Suzuki were the top losers declining by Rs 38.27 and Rs 18.03 respectively to close at Rs 471.98 and Rs 438.26.
An analyst at Topline Securities said that Pakistan’s equities market continued its bullish trend, closing at another record high index of 53,860 points, marking a gain of 737 points, equivalent to a 1.39 percent increase.
The positive momentum in the market was driven by the cement, fertilizer, banking, and power sectors, with companies like LUCK, HUBC, COLG, ENGRO, and BAHL collectively contributing plus 279 points to the index. On the other hand, SYS, PPL, and EFUG together caused a loss of 35 points.
BR Automobile Assembler Index declined by 71.43 points or 0.63 percent to close at 11,207.94 points with total turnover of 16.620 million shares.
BR Cement Index surged by 226.57 points or 3.97 percent to close at 5,940.36 points with 47.969 million shares.
BR Commercial Banks Index added 128.19 points or 1.02 percent to close at 12,755.93 points with 19.631 million shares.
BR Power Generation and Distribution Index increased by 222.65 points or 1.86 percent to close at 12,196.34 points with 24.081 million shares.
BR Oil and Gas Index gained 13.35 points or 0.28 percent to close at 4,840.75 points with 56.535 million shares.
BR Tech. & Comm. Index inched up by 5.5 points or 0.15 percent to close at 3,607.39 points with 65.825 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that bulls pulled the KSE-100 index to an intraday high of 53,945 points, eventually leading the market to close at the 53,860 level, up 737 points. Healthy participation was witnessed across the board as investors anticipate a positive outcome of IMF talks.
Traded volume stood at 546 million shares where CNERGY (up 6.8 percent), PRL (up 2.9 percent), PIBTL (up 15 percent), HASCOL (up 13 percent) and HUMNL (up 4.8 percent) were the volume leaders.
Copyright Business Recorder, 2023
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