KARACHI: Pakistan Stock Exchange on Friday witnessed a positive trend on the back of renewed buying interest by local and foreign investors coupled with institutional support.
The benchmark KSE-100 Index surged by 679.83 points or 1.04 percent to cross 66,000 psychological level to close at 66,130.02 points. The index hit 66,346.77 points intraday high and 65,559.49 points intra-day low level.
Trading activity also improved as total daily volumes on ready counter increased to 1,741.361 million shares as compared to 981.194 million shares traded on Thursday while total daily traded value on ready counter increased to Rs 29.976 billion against previous session’s Rs 23.743 billion.
BRIndex100 added 88.98 points or 1.32 percent to close at 6,822.10 points with total daily turnover of 1,577.402 million shares.
BRIndex30 increased by 552.53 points or 2.28 percent to close at 24,748.53 points with total daily trading volumes of 1,257.471 million shares.
Foreign investors also remained net buyers of shares worth $6.803 million. The market capitalization increased by Rs 129 billion to Rs 9.543 trillion. Out of total 392 active scrips, 261 closed in positive and 115 in negative while the value of 16 stocks remained unchanged.
K-Electric was the volume leader with 385.378 million shares and gained Rs 0.74 to close at Rs 5.24 followed by WorldCall Telecom that inched up by Rs 0.14 to close at Rs 1.82 with 195.490 million shares. Cnergyico PK increased by Rs 0.91 to close at Rs 5.75 with 185.800 million shares.
Sapphire Fibres and Lucky Core Industries were the top gainers increasing by Rs 115.50 and Rs 33.93 respectively to close at Rs 1900.00 and Rs 799.01 while Faisal Spinning Mills and Service Industries were the top losers declining by Rs 32.12 and Rs 23.58 respectively to close at Rs 401.00 and Rs 601.14.
An analyst at Topline Securities said the KSE-100 Index extended its previous day gain to close at 66,130 level (up by 1.04 percent). This gain can be attributed partly to Election Commission of Pakistan clarification that polls will take place on time on February 8, 2024.
Major positive contribution to the index came from PPL, KEL, MTL, CNERGY and BAFL, as they cumulatively contributed 301 points to the index. On the hand MEBL, BAHL, SRVI, UBL and HUBC lost value to weigh down on the index by 78 points.
BR Automobile Assembler Index surged by 254.86 points or 1.79 percent to close at 14,508.09 points with total turnover of 10.086 million shares.
BR Cement Index inched up by 6.93 points or 0.1 percent to close at 6,995.08 points with 38.613 million shares.
BR Commercial Banks Index gained 94.16 points or 0.6 percent to close at 15,849.57 points with 158.415 million shares.
BR Power Generation and Distribution Index added 224.9 points or 1.55 percent to close at 14,717.16 points with 408.153 million shares.
BR Oil and Gas Index increased by 123.41 points or 1.97 percent to close at 6,380.86 points with 120.005 million shares.
BR Tech. & Comm. Index closed at 4,301.81 points, up 33.22 points or 0.78 percent with 257.352 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed bullish amid record high trades ahead of IMF board meeting scheduled for January 11 on strong earnings outlook and surging FX reserves.
PTCL Rs 108 billion deal to acquire Telenor after Saudi Aramco equity stake in Gas and Oil Pakistan for $100 million and improving economic indicators for external account amid closer ties with the US played catalyst role in bullish close at PSX.
Copyright Business Recorder, 2023
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