KARACHI: Pakistan Stock Exchange on Wednesday witnessed a bullish trend and hit new highest-ever level in its history on the back of aggressive buying by local and foreign investors coupled with institutional support. The benchmark KSE-100 Index surged by 827.17 points or 1.44 percent to cross 58,000 psychological level for the first time in its history. It closed at its new highest-ever level of 58,198.76 points. The index hit 58,405.92 points intraday high which was also its highest-ever level ever.
Trading activity however remained low as total daily volumes on ready counter decreased to 596.217 million shares as compared to 1012.258 million shares traded on Tuesday. The daily traded value on ready counter increased to Rs 22.054 billion against previous session’s Rs 19.338 billion.
BRIndex100 added 95.17 points or 1.63 percent to close at 5,944.14 points with total daily turnover of 499.124 million shares.
BRIndex30 increased by 246.19 points or 1.19 percent to close at 20,925.08 points with total daily trading volumes of 290.125 million shares.
Foreign investors also remained net buyers of shares worth $3.046 million. Total market capitalization increased by Rs 122 billion to Rs 8.444 trillion. Out of total 389 active scrips, 236 closed in positive and 136 in negative while the value of 17 stocks remained unchanged.
WorldCall Telecom was the volume leader with 50.345 million shares however lost Rs 0.03 to close at Rs 1.64 followed by Fauji Fertilizer Bin Qasim that gained Rs 0.31 to close at Rs 22.94 with 23.277 million shares. Fauji Foods inched up by Rs 0.22 to close at Rs 8.99 with 20.177 million shares.
Ismail Industries and Siemens Pak were the top gainers increasing by Rs 60.47 and Rs 50.40 respectively to close at Rs 866.72 and Rs 812.40 while Rafhan Maize and Philip Morris Pak were the top losers declining by Rs 225.22 and Rs 20.00 respectively to close at Rs 10324.78 and Rs 516.00.
An analyst at Topline Securities said Pakistan’s stock market saw a notable upswing, reaching a new pinnacle with an 827 points increase, corresponding to a 1.44 percent rise, and concluding the day at 58,198. This positive trajectory is influenced by the anticipation of improved economic conditions.
Throughout the day, sectors such as Exploration and Production (E&P), Banks, and Cement made favourable contributions. Notably, MEBL, BAHL, LUCK, PSO, and PPL collectively bolstered the index by plus 352 points. Conversely, THALL, ABL, and DAWH collectively offset some gains, resulting in a loss of 27.72 points.
BR Automobile Assembler Index surged by 299.12 points or 2.43 percent to close at 12,593.49 points with total turnover of 11.833 million shares.
BR Cement Index gained 115.47 points or 1.89 percent to close at 6,210.21 points with 22.834 million shares.
BR Commercial Banks Index added 240.19 points or 1.81 percent to close at 13,505.94 points with 55.793 million shares.
BR Power Generation and Distribution Index lost 40.57 points or 0.29 percent to close at 13,747.27 points with 35.279 million shares.
BR Oil and Gas Index increased by 140.02 points or 2.68 percent to close at 5,373.82 points with 75.452 million shares.
BR Tech. & Comm. Index closed at 3,992.22 points, up 43.85 points or 1.11 percent with 114.717 million shares.
Mohammed Waqar Iqbal at JS Global Capital said the market remained upbeat as KSE-100 Index made a new high closing at the 58,199 level.
Traded volume stood at 596 million shares where WTL (down 1.8 percent), FFBL (up 1.4 percent), FFL (up 2.5 percent), KEL (down 2.3 percent) and SNGP (up 4.8 percent) were the volume leaders.
Copyright Business Recorder, 2023
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