Another milestone achieved

KARACHI: Pakistan Stock Exchange on Friday made new historic record hitting highest-ever levels in its history on the back of healthy buying in almost all sectors.

The benchmark KSE-100 Index surged by 1,159.98 points or 1.92 percent and crossed 61,000 points psychological level to close at highest-ever level of 61,691.25 points. The index hit 61,779.73 points intraday high, which was also its highest-ever intraday in its history.

Trading activity also improved as daily volumes on ready counter increased to 531.334 million shares as compared to 467.159 million shares traded on Thursday while total daily traded value on ready counter increased to Rs 21.558 billion against previous session’s Rs 18.752 billion.

BRIndex100 added 114.03 points or 1.84 percent to close at 6,295.08 points with total daily turnover of 470.261 million shares.

BRIndex30 increased by 397.82 points or 1.85 percent to close at 21,936.95 points with total daily trading volumes of 286.821 million shares.

The market capitalization increased by Rs 156 billion to Rs 8.885 trillion. Out of total 388 active scrips, 298 closed in positive and only 74 in negative while the value of 16 stocks remained unchanged.

Maple Leaf Cement was the volume leader with 43.072 million shares and surged by Rs 2.81 to close at Rs 42.36 followed by Pak Elektron that increased by Rs 1.23 to close at Rs 18.97 with 39.797 million shares. Fauji Fertilizer Bin Qasim gained Rs 0.56 to close at Rs 24.56 with 27.568 million shares.

Rafhan Maize and Ismail Industries were the top gainers increasing by Rs 756.77 and Rs 93.28, respectively to close at Rs 10856.77 and Rs 1337.06 while Unilever Foods and Siemens Pak were the top losers declining by Rs 1000.00 and Rs 58.15 respectively to close at Rs 21500.00 and Rs 717.18.

An analyst at Topline Securities said the KSE-100 Index continued its upward momentum, reaching a record high index level of 61,691 and closing with a gain of 1.92 percent.

The market responded favorably to enhancements in the country’s economic indicators, including a rise in foreign exchange reserves (SBP reserves increased by $77 million to $7.257 billion for the week ended November 24) and the anticipated reduction in the policy rate going forward.

Across the board buying was observed at the exchange, where major positive contribution to the index came from MTL, ENGRO, LUCK, PPL and DAWH as they cumulatively contributed 407 points to the index.

BR Automobile Assembler Index surged by 738.98 points or 5.35 percent to close at 14,557.91 points with total turnover of 14.962 million shares.

BR Cement Index increased by 363.22 points or 5.49 percent to close at 6,980.29 points with 122.724 million shares.

BR Commercial Banks Index gained 103.94 points or 0.71 percent to close at 14,708.18 points with 34.870 million shares.

BR Power Generation and Distribution Index inched up by 27.16 points or 0.19 percent to close at 14,086.34 points with 16.955 million shares.

BR Oil and Gas Index added 81.64 points or 1.54 percent to close at 5,398.83 points with 31.887 million shares.

BR Tech. & Comm. Index closed at 4,122.16 points, up 76.54 points or 1.89 percent with 78.790 million shares.

Mohammed Waqar Iqbal at JS Global Capital said the KSE-100 Index breached the psychological resistance of 61,000 and closed at 61,691 points. Major investor interest was seen in Cements, E&P and Tech sectors.

Traded volume stood at 531 million shares where MLCF (up 7.1 percent), PAEL (up 6.9 percent), FFBL (up 2.3 percent), FCCL (up 7.5 percent) and HUMNL (up 6.2 percent) were the volume leaders.

Copyright Business Recorder, 2023