KARACHI: Fresh buying at attractive, low levels on Thursday supported the Pakistan Stock Exchange to close on strong positive note with healthy gains.
The benchmark KSE-100 Index surged by 697.72 points or 1.09 percent and crossed 64,000 psychological level to close at 64,617.57 points. During the session, the index hit 64,700.97 points intra-day high and 63,914.94 points intra-day low levels.
Trading activity however remained low as total daily volumes on ready counter decreased to 586.548 million shares as compared to 636.168 million shares traded on Wednesday while total daily traded value on the ready counter declined to Rs 17.024 billion against previous session’s Rs 17.980 billion.
BRIndex100 added 67.46 points or 1.03 percent to close at 6,643.22 points with total daily turnover of 535.907 million shares.
BRIndex30 increased by 485.8 points or 2.05 percent to close at 24,147.62 points with total daily trading volumes of 432.516 million shares.
Foreign investors also remained net buyers of shares worth $52,087. Total market capitalization increased by Rs 111 billion to Rs 9.447 trillion. Out of total 360 active scrips, 204 closed in positive and 131 in negative while the value of 25 stocks remained unchanged.
K-Electric was the volume leader with 198.544 million shares and gained Rs 0.29 to close at Rs 6.01 followed by P.I.A.C. (A) that increased by Rs 1.00 to close at Rs 10.99 with 33.897 million shares. Pak Int. Bulk Terminal inched up by Rs 0.35 to close at Rs 7.15 with 27.385 million shares.
Mari Petroleum Company and Pak Suzuki Motor Company were the top gainers increasing by Rs 157.28 and Rs 62.69 respectively to close at Rs 2,254.39 and Rs 898.57 while Sapphire Fibres and Pakistan Tobacco Company were the top losers declining by Rs 34.10 and Rs 23.60 respectively to close at Rs 1,749.90 and Rs 1,117.40.
An analyst at Topline Securities said that investor optimism is fuelled by expectations of a positive outcome from the meeting with the International Monetary Fund (IMF) regarding the second loan tranche of $700 million.
Additionally T-Bills auction held on Wednesday indicated a market inclination towards an anticipated interest rate cut in the upcoming months, evident from substantial participation as investors sought higher yields. The total participation reached around Rs 2.75 trillion before the expected rate drop.
As a result, MARI, PPL, OGDC, HBL, and HUBC collectively contributed 406 points to the index.
BR Automobile Assembler Index increased by 269.76 points or 1.76 percent to close at 15,577.70 points with total turnover of 12.580 million shares.
BR Cement Index gained 68.51 points or 1.01 percent to close at 6,849.49 points with 21.063 million shares.
BR Commercial Banks Index inched up by 111.15 points or 0.73 percent to close at 15,342.18 points with 35.161 million shares.
BR Power Generation and Distribution Index added 181.99 points or 1.25 percent to close at 14,751.69 points with 206.699 million shares.
BR Oil and Gas Index surged by 210.76 points or 3.44 percent to close at 6,338.31 points with 66.400 million shares.
BR Tech. & Comm. Index closed at 3,930.35 points, down 0.57 points or 0.01 percent with 46.152 million shares.
Muhammad Shuja Qureshi at JS Global Capital said a drop in T-Bill yields turned investor sentiment positive as they hope for a rate cut in the coming monetary policy meeting.
Buying in PPL and OGDC in the later hours also helped lift the KSE-100 index to eventually close at 64,618, a gain of 698 points.
The market turnover clocked in at 587 million shares, where KEL (up 5.1 percent), PIAA (up 10 percent), PIBTL (up 5.1 percent), WTL (zero percent) and HASCOL (zero percent) were the volume leaders.
Copyright Business Recorder, 2024
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