KARACHI: Pakistan Stock Exchange on Tuesday remained under pressure during initial hours, however healthy buying in various sectors supported the market to close on strong positive note with healthy gains.
The benchmark KSE-100 Index surged by 514.82 points or 0.81 percent and crossed 64,000 psychological level to close at 64,454.22 points. The index hit 64,658.17 points intraday high and 63,549.61 points intraday low.
Trading activity also improved as total daily volumes on ready counter increased to 425.709 million shares as compared to 298.699 million shares traded on Monday while total daily traded value on the ready counter increased to Rs 24.995 billion against previous session’s Rs 12.515 billion.
BRIndex100 increased by 73.32 points or 1.11 percent to close at 6,651.53 points with total daily turnover of 404.536 million shares.
BRIndex30 added 174.02 points or 0.74 percent to close at 23,722.03 points with total daily trading volumes of 330.010 million shares.
Foreign investors however remained on the selling side and withdrew $2.819 million from the local equity market. Total market capitalization increased by Rs 51 billion to Rs 9.412 trillion. Out of total 354 active scrips, 209 closed in positive and 127 in negative while the value of 18 stocks remained unchanged.
OGDC was the volume leader with 52.947 million shares and increased by Rs 2.97 to close at Rs 136.50 followed by Fauji Foods that gained Rs 0.80 to close at Rs 10.92 with 44.935 million shares. K-Electric lost Rs 0.11 to close at Rs 5.46 with 28.442 million shares.
Nestle Pakistan and Mari Petroleum Company were the top gainers increasing by Rs 80.00 and Rs 74.01 respectively to close at Rs 8,350.00 and Rs 2,502.66 while Sapphire Fibres and Philip Morris Pakistan were the top losers declining by Rs 120.00 and Rs 34.89 respectively to close at Rs 1,480.00 and Rs 730.01.
An analyst at Topline Securities said that Pakistan’s equities experienced significant volatility, with the index showing a wide range of fluctuations. The intra-day trading session witnessed a low of minus 389.80 points and a high of plus 718.76 points, ultimately closing at 64,454.22 levels, reflecting a gain of 514.81 points, or 0.81 percent.
At the outset, OGDC and PPL faced a bearish start as investors responded unfavorably to the Ministry of Finance’s rejection of the circular debt reduction plan. This decision was grounded in the government’s commitment to the IMF, which restricts additional unbudgeted spending in the fiscal year 2023-24.
However, a shift occurred during the second half of the day, marked by buying activity as investors seized the opportunity presented by lower stock prices as a result OGDC(up 2.22 percent) and PPL (minus 3.31 percent).
Banking and Cement stocks displayed improved trading volumes, with notable performances from HBL (up 0.88 percent), MEBL (up 2.04 percent), BAFL (up 1.22 percent), DGKC (up 2.25 percent), and FCCL (up 2.15 percent), all closing higher than their previous day’s levels.
BR Automobile Assembler Index decreased by 60.44 points or 0.43 percent to close at 13,961.19 points with total turnover of 5.329 million shares.
BR Cement Index gained 24.9 points or 0.38 percent to close at 6,526.26 points with 13.874 million shares.
BR Commercial Banks Index increased by 212.49 points or 1.37 percent to close at 15,712.85 points with 27.210 million shares.
BR Power Generation and Distribution Index lost 25.72 points or 0.18 percent to close at 14,396.34 points with 35.745 million shares.
BR Oil and Gas Index inched down by 2.12 points or 0.03 percent to close at 6,472.43 points with 100.859 million shares.
BR Tech. & Comm. Index added 46.01 points or 1.22 percent to close at 3,832.52 points with 47.322 million shares.
“After an initial drop of 390 points, the KSE-100 Index recovered to close at 64,454, gaining 515 points”, Muhammad Shuja Qureshi at JS Global Capital said.
Confusion surrounding the news of the circular debt settlement plan led to selling pressure in PPL (down 3.3 percent), PSO (down 2.0 percent) and SNGP (down 1.8 percent). However, OGDC managed to close up 2.2 percent. Likewise, the Fertilizer and Refinery sectors also posted gains for the day.
The market turnover increased to 426 million shares, where OGDC (up 2.2 percent), FFL (up 7.9 percent), KEL (down 2.0 percent), PPL (down 3.3 percent), and PIAA (down 6.0 percent) were the volume leaders.
Copyright Business Recorder, 2024
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