KARACHI: Pakistan Stock Exchange on Thursday witnessed bullish trend and closed on strong positive note with healthy gains on the back of increasing investor confidence on political clarity.
The benchmark KSE-100 index surged by 875.07 points or 1.37 percent and crossed 64,000 psychological level to close at 64,578.52 points. During the session, the index hit 64,801.64 points intra-day high however closed at lower level due to profit in some stocks.
Trading activities however remained low as total daily volumes on ready counter decreased to 424.043 million shares as compared to 461.390 million shares traded on Wednesday while total daily traded value on the ready counter increased to Rs 17.053 billion against previous session’s Rs 16.00 billion.
BRIndex100 added 103.03 points or 1.57 percent to close at 6,648.42 with total daily turnover of 355.544 million shares.
BRIndex30 increased by 271.68 points or 1.22 percent to close at 22,569.60 points with total daily trading volumes of 263.821 million shares.
The foreign investors also remained net buyers of shares worth $4.143 million. Total market capitalization increased by Rs 84 billion to Rs 9.225 billion. Out of total 364 active scrips, 188 closed in positive and 161 in negative while the value of 15 stocks remained unchanged.
K-Electric was the volume leader with 54.958 million shares and gained Rs 0.11 to close at Rs 4.90 followed by Hascol Petroleum that inched up by Rs 0.03 to close at Rs 8.01 with 31.867 million shares. Kohinoor Spining closed at Rs 4.69, up Rs 0.01 with 19.820 million shares.
Pakistan Services and Millat Tractors were the top gainers increasing by Rs 52.18 and Rs 42.27 respectively to close at Rs 792.18 and Rs 605.90 while Bata Pakistan and Reliance Cotton Spinning Mills were the top losers declining by Rs 33.00 and Rs 31.45 respectively to close at Rs 1,667.00 and Rs 460.55.
An analyst at Topline Securities said that positive session was observed at PSX, where the KSE-100 index extended its previous day as it gained to close at 64,579 level, up by 1.37 percent.
This positivity in market can be attributed to maiden session of 16th National Assembly where the new elected representatives took their oath. This increased investor confidence as country heads towards fulfillment of democratic process where the new government will take charge going forward.
Major positive contribution to the index came from EFERT, MTL, PPL, HUBC, UBL and MEBL, as they cumulatively contributed 516 points to the index.
BR Automobile Assembler Index surged by 491.97 points or 3.34 percent to close at 15,230.33 points with total turnover of 5.307 million shares.
BR Cement Index lost 17.08 points or 0.26 percent to close at 6,600.91 points with 20.082 million shares.
BR Commercial Banks Index increased by 260.01 points or 1.6 percent to close at 16,507.01 points with 33.609 million shares.
BR Power Generation and Distribution Index added 204.36 points or 1.46 percent to close at 14,204.78 points with 63.821 million shares.
BR Oil and Gas Index gained 117.00 points or 1.96 percent to close at 6,079.39 points with 67.414 million shares.
BR Tech. & Comm. Index decreased by 29.82 points or 0.79 percent to close at 3,735.54 points with 73.138 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that the market opened positive and hit an intraday high of 64,802 points. Major investor interest was seen in Cements, Banking and E&P sectors.
Traded volume stood at 424 million shares where KEL (up 2.3 percent), HASCOL (up 0.4 percent), KOSM (up 0.2 percent), UNITY (up 3.9 percent) and TELE (down 3.5 percent) were the highest contributors. Political clarity was a key reason for the positive sentiment.
Copyright Business Recorder, 2024
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