KARACHI: The bull run was in full swing at Pakistan Stock Exchange on Monday as the market hit new historic highest-ever levels on the back of across-the-board aggressive buying by local and foreign investors coupled with institutional support.
The benchmark KSE-100 Index surged by 801.80 points or 1.30 percent and crossed 62,000 psychological level to close at 62,493.05 points. The index hit 62,912.61 points intra-day high however closed on lower level due to profit taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 734.294 million shares as compared to 531.334 million shares traded on last Friday while total daily traded value on ready counter increased to Rs 31.641 billion against previous session’s Rs 21.558 billion.
BRIndex100 added 82.2 points or 1.31 percent to close at 6,377.28 points with total daily turnover of 635.506 million shares.
BRIndex30 increased by 439.3 points or 2.0 percent to close at 22,376.25 points with total daily trading volumes of 388.519 million shares.
Foreign investors also remained net buyers of shares worth $2.139 million. Total market capitalization increased by Rs 120 billion to Rs 9.005 trillion. Out of 390 active scrips, 249 closed in positive and 122 in negative while the value of 19 stocks remained unchanged.
WorldCall Telecom was the volume leader with 57.079 million shares and gained Rs 0.03 to close at Rs 1.57 followed by Fauji Cement that increased by Rs 1.21 to close at Rs 20.07 with 41.984 million shares. OGDC surged by Rs 5.02 to close at Rs 115.39 with 23.810 million shares.
Unilever Foods and Rafhan Maize were the top gainers increasing by Rs 700.00 and Rs 633.23 respectively to close at Rs 22,200.00 and Rs 11,490.00 while Hoechst Pakistan and Pak Suzuki Motor Co were the top losers declining by Rs 47.00 and Rs 40.90 respectively to close at Rs 1201.00 and Rs 504.39.
An analyst at Topline Securities said that Pakistan Equities initiated the week on a strong note and the KSE-100 Index crossed the 62,000 levels by ending business hours at 62,493 points (gaining 801 points; up 1.30 percent).
Bull Run was in full swing at PSX and its “Fear of Missing Out – FOMO” buying was observed across the board in the market. As far as correction goes, it comes sector-wise instead of across of the board in the market and that too on intraday basis. It was cement and banking sectors which faced some selling headwinds and profit taking was witnessed in it and the subsequent proceeds got invested in Energy Sector stocks.
Resultantly, UBL, LUCK, MLCF, HMB, MCB and PIOC contributed negatively by losing 61 points. On the other side, PPL, OGDC, MTL, MARI, HUBC witnessed strong buying interest as they cumulatively added 378 points.
BR Automobile Assembler Index increased by 263.72 points or 1.81 percent to close at 14,821.63 points with total turnover of 27.799 million shares.
BR Cement Index inched up by 6.08 points or 0.09 percent to close at 6,986.37 points with 105.880 million shares.
BR Commercial Banks Index gained 21.69 points or 0.15 percent to close at 14,729.87 points with 37.564 million shares.
BR Power Generation and Distribution Index added 122.75 points or 0.87 percent to close at 14,209.09 points with 23.590 million shares.
BR Oil and Gas Index surged by 190.07 points or 3.52 percent to close at 5,588.90 points with 93.578 million shares.
BR Tech. & Comm. Index closed at 4,170.60 points, up 48.44 points or 1.18 percent with 126.670 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed new all time high amid speculations ahead of landmark free trade agreement with GCC, Government measures over Pakistan Sovereign Wealth Fund and IMF board approval this week for release of over $700 million tranche under SBA.
He said Pak-Rupee stability amid renewed foreign interest, exports surging by 7.66 percent and trade deficit narrowed by 31.7 percent in November 2023 played a catalyst role in record close at PSX.
Copyright Business Recorder, 2023
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