KARACHI: Pakistan Stock Exchange on Wednesday witnessed a bullish trend and closed at highest ever level in its history due to aggressive buying mainly by local investors coupled with institutional support.
The benchmark KSE-100 Index closed above 54,000 psychological level for the first time in its history at highest ever level of 54,261.43 points with net gains of 525.70 points or 0.98 percent. During the session, the index hit 54,419.65 points intraday highest ever level, however closed on slightly lower level due to profit-taking in some stocks.
The trading volumes on ready counter stood at 482.744 million shares as compared to 506.075 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 20.129 billion against previous session’s Rs 18.259 billion.
BRIndex100 gained 53.83 points or 0.98 percent to close at 5,522.74 points with total daily turnover of 422.579 million shares.
BRIndex30 increased by 209.69 points or 1.1 percent to close at 19,192.34 points with total daily trading volumes of 275.567 million shares.
Foreign investors however remained on the selling side and withdrew $2.031 million from the local equity market. Total market capitalization increased by Rs 72 billion to Rs 7.820 trillion. Out of total 374 active scrips, 234 closed in positive and 118 in negative while the value of 22 stocks remained unchanged.
Pak Refinery was the volume leader with 40.299 million shares and increased by Rs 1.01 to close at Rs 22.68 followed by Cnergyico PK that gained Rs 0.16 to close at Rs 4.31 with 38.445 million shares. Hum Network closed at Rs 6.72, up Rs 0.42 with 31.180 million shares.
Unilever Foods and Pak Suzuki were the top gainers increasing by Rs 1179.00 and Rs 30.46 respectively to close at Rs 23400.00 and Rs 436.53 while Sapphire Textile and Indus Motor Co were the top losers declining by Rs 88.49 and Rs 58.63 respectively to close at Rs 1101.01 and Rs 1022.58.
An analyst at Topline Securities said that the Pakistan stock market regained its upward momentum after a short-lived dip in the previous session, closing at 54,261 points, marking a gain of 525 points, equivalent to a 0.98 percent increase.
The market’s positive momentum was fuelled by the Power, Fertilizer, Banking, and Auto sectors, with companies like HUBC, ENGRO, MEBL, HBL and MTL collectively contributing plus 208 points to the index. On the other hand, INDU, TRG, and PAEL together caused a loss of 54 points.
BR Automobile Assembler Index surged by 222.62 points or 2.0 percent to close at 11,328.41 points with total turnover of 9.693 million shares.
BR Cement Index gained 56.85 points or 0.95 percent to close at 6,065.99 points with 31.930 million shares.
BR Commercial Banks Index added 194.33 points or 1.53 percent to close at 12,910.78 points with 54.772 million shares.
BR Power Generation and Distribution Index increased by 191.07 points or 1.57 percent to close at 12,358.27 points with 53.845 million shares.
BR Oil and Gas Index inched up by 37.59 points or 0.78 percent to close at 4,844.76 points with 30.899 million shares.
BR Tech. & Comm. Index lost 1.59 points or 0.04 percent to close at 3,616.68 points with 72.441 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that bulls again pulled the KSE-100 index to a new high of 54,421 points.
Healthy participation was witnessed and traded volume stood at 483 million shares where PRL (up 4.7 percent), CNERGY (up 3.9 percent), HUMNL (up 6.7 percent), KEL (up 2.6 percent) and KOSM (up 15 percent) were the volume leaders.
Copyright Business Recorder, 2023
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