KARACHI: Bullish trend continued on Pakistan Stock Exchange on the second consecutive day on the back of fresh buying by both local and foreign investors.
The benchmark KSE-100 index increased by 355.19 points or 0.58 percent and closed at 61,914.34 points on Thursday. During the session, the index hit 61,952.10 points intra-day high and 61,460.45 points intra-day low levels.
Trading activities however remained low as total daily volumes on ready counter declined to 324.830 million shares as compared to 362.771 million shares traded on Wednesday while total daily traded value on the ready counter increased to Rs 13.966 billion against previous session’s Rs 12.492 billion.
BRIndex100 added 45.52 points or 0.72 percent to close at 6,331.62 points with total daily turnover of 275.968 million shares.
BRIndex30 gained 50.27 points or 0.23 percent to close at 21,636.68 points with total daily trading volumes of 193.282 million shares.
The foreign investors also remained net buyers of shares worth $2.287 million. Total market capitalization increased by Rs 16 billion to Rs 8.949 trillion. Out of total 352 active scrips, 185 closed in positive and 143 in negative while the value of 24 stocks remained unchanged.
Pak Elektron was the volume leader with 23.114 million shares however lost Re 0.25 to close at Rs 22.74 followed by Cnergyico PK that inched down by Re 0.07 to close at Rs 3.95 with 21.245 million shares. Pak Int. Bulk Terminal gained Re 0.51 to close at Rs 6.22 with 16.257 million shares.
Service Industries Limited and Systems Limited were the top gainers increasing by Rs 29.56 and Rs 23.03 respectively to close at Rs 657.00 and Rs 410.40 while Indus Motor Company and Reliance Cotton Spinning Mills were the top losers declining by Rs 82.07 and Rs 43.12 respectively to close at Rs 1,466.01 and Rs 531.88.
“Continuing its recovery mood from yesterday (Wednesday), Pakistan equities initiated the business on a positive note, remained bullish almost throughout the session and eventually closed the day’s affair at 61,914 levels (gained 355 points; up 0.58 percent),” an analyst at Topline Securities said.
The aforesaid buying momentum can be attributed to consensus with regards to formation of new government where major political parties agreed and informed about upcoming coalition setup.
Due to above development, across the board buying momentum has been seen throughout the trading hours. Resultantly, Tech, Bank and Fertilizer sectors contributed positively to the index as SYS, MEBL, TRG, EFERT and UBL added 367 points, cumulatively.
BR Automobile Assembler Index added 52.8 points or 0.37 percent to close at 14,449.60 points with total turnover of 12.537 million shares.
BR Cement Index decreased by 39.32 points or 0.62 percent to close at 6,287.44 points with 9.615 million shares.
BR Commercial Banks Index increased by 112.63 points or 0.72 percent to close at 15,736.19 points with 34.648 million shares.
BR Power Generation and Distribution Index inched down by 2.73 points or 0.02 percent to close at 13,706.02 points with 25.105 million shares.
BR Oil and Gas Index gained 5.04 points or 0.09 percent to close at 5,727.09 points with 26.493 million shares.
BR Tech & Comm Index surged by 184.17 points or 5.17 percent to close at 3,746.61 points with 56.177 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that the market continued with the positive momentum.
Traded volume stood at 325 million shares where PAEL (down 1.1 percent), CNERGY (down 1.7 percent), PIBTL (up 8.9 percent), KEL (down 2.3 percent) and TRG (up 6.9 percent) were the volume leaders.
Copyright Business Recorder, 2024
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