KARACHI: Pakistan Stock Exchange witnessed bullish trend on the first day of the New Year and recorded second highest single day gains on the back of across the board aggressive buying mainly by local investors coupled with institutional support.
The benchmark KSE-100 index surged by 2,210.74 points or 3.54 percent and crossed 64,000 psychological to close at 64,661.78 points. This was second highest single day gain in term of points in the KSE-100 index.
Trading activities also improved as total daily volumes on ready counter increased to 625.147 million shares as compared to 590.592 million shares traded on last Friday while total daily traded value on the ready counter increased to Rs 18.525 billion against previous session’s Rs 16.844 billion.
BRIndex100 added 266.73 points or 4.17 percent to close at 6,663.84 points with total daily turnover of 564.627 million shares.
BRIndex30 increased by 1,185.59 points or 5.21 percent to close at 23,955.86 points with total daily trading volumes of 408.613 million shares.
The foreign investors however remained net sellers of shares worth $505,737. Total market capitalization increased by Rs 281 billion to Rs 9.343 trillion. Out of total 380 active scrips, 328 closed in positive and only 37 in negative while the value of 15 stocks remained unchanged.
K-Electric was the volume leader with 76.430 million shares and gained Rs 0.18 to close at Rs 5.44 followed by WorldCall Telecom that inched up by Rs 0.16 to close at Rs 1.57 with 61.550 million shares. Cnergyico PK closed at Rs 5.29, up Rs 0.37 with 54.945 million shares.
Unilever Pakistan Foods and Hoechst Pakistan were the top gainers increasing by Rs 300.00 and Rs 88.47 respectively to close at Rs 22,200.00 and Rs 1,288.47 while Blessed Textiles and Bata Pakistan were the top losers declining by Rs 19.99 and Rs 10.08 respectively to close at Rs 320.01 and Rs 1,722.15.
“Pakistan equities commenced CY24 with the bang where KSE-100 index rallied 2,210 points (up 3.54 percent) on the first day of new calendar year and closed the day’s affairs at 64,662 levels”, an analyst at Topline Securities said.
The day initiated on a strong note on the backdrop of news regarding release of funds to Government and Independent Power Producers which helped energy stocks to remain in the limelight since morning as OGDC, PPL, PSO, SNGP and SSGC all hit their limits up for the day.
In addition, banking sector stocks also joined the party as investors did some cherry picking in them in anticipation of better than expected earnings with good dividends in the upcoming result seasons about to start in next couple of weeks.
Resultantly, PPL, OGDC, SYS, HUBC and UBL positively contributed 692 points to the index.
BR Automobile Assembler Index increased by 466.44 points or 3.42 percent to close at 14,104.56 points with total turnover of 7.743 million shares.
BR Cement Index gained 230.53 points or 3.4 percent to close at 7,013.44 points with 34.777 million shares.
BR Commercial Banks Index inched up by 461.8 points or 3.05 percent to close at 15,593.17 points with 50.956 million shares.
BR Power Generation and Distribution Index added 534.56 points or 3.76 percent to close at 14,756.71 points with 88.214 million shares.
BR Oil and Gas Index surged by 348.07 points or 5.97 percent to close at 6,182.28 points with 59.186 million shares.
BR Tech. & Comm. Index closed at 4,148.96 points, up 243.14 points or 6.23 percent with 124.360 million shares.
Ahsan Mehanti at Arif Habib Corporation said that bullish activity continued as investor speculations over SIFC monitored initiatives and new Government on economic reforms.
He said imminent release of IMF tranche this month, surging FX reserves, Government resolve to end circular debt crises, current account surplus in November 2023 played catalyst role in bullish close at PSX.
Copyright Business Recorder, 2024
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