KARACHI: Pakistan Stock Exchange on Wednesday witnessed another bullish session and hit new highest-ever levels on the back of healthy buying by local and foreign investors coupled with institutional support.
The benchmark KSE-100 Index surged by 961.70 points or 1.53 percent and crossed 63,000 psychological level to close at new highest-ever level of 63,917.72 points. The index crossed 64,000 level for the first time in history to hit 64,038.83 points intraday highest ever level, however closed at slightly lower level due to profit-taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 984.813 million shares as compared to 765.418 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 35.094 billion against previous session’s Rs 30.858 billion.
BRIndex100 added 117.2 points or 1.82 percent to close at 6,559.51 points with total daily turnover of 828.630 million shares.
BRIndex30 increased by 535.08 points or 2.35 percent to close at 23,316.08 points with total daily trading volumes of 602.231 million shares.
Foreign investors also remained net buyers of shares worth $2.233 million. Total market capitalization increased by Rs 113 billion to Rs 9.206 trillion. Out of 386 active scrips, 259 closed in positive and 119 in negative while the value of 8 stocks remained unchanged.
K-Electric was the volume leader with 143.664 million shares and gained Rs 0.17 to close at Rs 3.52 followed by WorldCall Telecom that inched up by Rs 0.02 to close at Rs 1.57 with 56.892 million shares. Hascol Petroleum increased by Rs 1.00 to close at Rs 6.69 with 54.500 million shares.
Nestle Pakistan and Sapphire Fibers were the top gainers increasing by Rs 99.99 and Rs 89.50 respectively to close at Rs 8700.00 and Rs 1309.50 while Rafhan Maize Products Company and Pakistan Tobacco Company were the top losers declining by Rs 91.00 and Rs 55.69 respectively to close at Rs 11,399.00 and Rs 1091.01.
An analyst at Topline Securities said the Pakistan equities continued its recent trend of “new day; new all-time high” as the KSE-100 index closed the day’s affairs at 63,917 levels (gaining 962 points; up 1.53 percent).
Bulls are not leaving any room for bears to walk in at the PSX as strong buying across the board kept the momentum very high throughout the business hours. However, sectors get changed on daily basis. It was Tech, E&P and Banking sectors which received blue eyed boy treatment from the value hunters.
Resultantly, MEBL, HBL, TRG, PPL and SYS contributed positively by adding 387 points. On the other hand, PAKT, AICL and MTL witnessed some profit taking as they cumulatively lost 33 points.
BR Automobile Assembler Index gained 129.45 points or 0.89 percent to close at 14,610.26 points with total turnover of 19.652 million shares.
BR Cement Index inched up by 68.57 points or 0.99 percent to close at 7,014.40 points with 56.603 million shares.
BR Commercial Banks Index increased by 318.39 points or 2.14 percent to close at 15,187.49 points with 59.027 million shares.
BR Power Generation and Distribution Index closed at 14,358.03 points, up 137.13 points or 0.96 percent with 155.629 million shares.
BR Oil and Gas Index added 119.2 points or 2.05 percent to close at 5,922.58 points with 153.547 million shares.
BR Tech. & Comm. Index surged by 151.73 points or 3.65 percent to close at 4,304.03 points with 148.580 million shares.
Mubashir Anis Naviwala at JS Global Capital said that bullish trend continued as the PSX crossed the 64,000 level in intra-day where E&P sector stocks OGDC (up 1.2 percent) and PPL (up 3.4 percent) led the market.
Traded volume stood at 985 million shares where KEL (up 5.1 percent), WTL (up 1.3 percent), HASCOL (up 18 percent), PRL (up 2.0 percent) and PPL (up 3.4 percent) were the volume leaders.
Copyright Business Recorder, 2023
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