KARACHI: Pakistan Stock Exchange on Monday witnessed bullish trend and closed on strong positive note with healthy gains due to renewed investor confidence after formation of new federal government.
The benchmark KSE-100 index surged by 626.04 points or 0.96 percent and closed at 65,951.73 points. During the session, the index crossed 66,000 psychological level to hit 66,007.44 points intra-day high, however closed at slightly lower level due to profit taking in some stocks.
Trading activities also improved as total daily volumes on ready counter increased to 472.862 million shares as compared to 344.227 million shares traded on last Friday while total daily traded value on the ready counter increased to Rs 16.282 billion against previous session’s Rs 13.385 billion.
BRIndex100 added 72.88 points or 1.09 percent to close at 6,789.59 points with total daily turnover of 429.693 million shares.
BRIndex30 increased by 560.6 points or 2.49 percent to close at 23,077.50 points with total daily trading volumes of 345.601 million shares.
The foreign investors also remained net buyers of shares worth $2.420 million. Total market capitalization increased by Rs 90 billion to Rs 9.402 trillion. Out of total 358 active scrips, 184 closed in positive and 153 in negative while the value of 21 stocks remained unchanged.
Kohinoor Spining was the volume leader with 67.438 million shares and gained Re 0.32 to close at Rs 5.68 followed by WorldCall Telecom that inched up by Re 0.08 to close at Rs 1.37 with 60.210 million shares. K-Electric closed at Rs 5.02, up Re 0.15 with 36.839 million shares.
Mari Petroleum Company and Bhanero Textile Mills were the top gainers increasing by Rs 68.45 and Rs 55.62 respectively to close at Rs 2,530.50 and Rs 1,050.00 while Rafhan Maize Products Company and Philip Morris Pakistan were the top losers declining by Rs 213.28 and Rs 40.33 respectively to close at Rs 8,636.72 and Rs 731.67.
An analyst at Topline Securities said that the KSE-100 index sustained its upward momentum from the previous week, reaching an intraday high of plus 681.75 points and an intraday low of plus 206.90 points before closing at 65,951.72, marking a gain of 626.04 points.
In a significant political development, Shehbaz Sharif was elected as Prime Minister for the second time by the National Assembly, garnering 201 votes.
Furthermore, the International Monetary Fund (IMF) has proposed a doubling of taxes for both salaried and non-salaried individuals to the Federal Board of Revenue. Additionally, it recommends raising the General Sales Tax rate to 18 percent for various essential items such as unprocessed food, stationery, medicines, and POL products.
Amid rumors suggesting government efforts to alleviate the gas circular debt, OGDC (up 7.14 percent) and PPL (up 5.98 percent) from the E&P sector closed in the green zone.
BR Automobile Assembler Index inched up by 17.64 points or 0.11 percent to close at 15,558.16 points with total turnover of 6.516 million shares.
BR Cement Index gained 69.75 points or 1.07 percent to close at 6,602.98 points with 20.348 million shares.
BR Commercial Banks Index lost 66.68 points or 0.4 percent to close at 16,722.13 points with 37.673 million shares.
BR Power Generation and Distribution Index increased by 183.07 points or 1.29 percent to close at 14,428.19 points with 44.517 million shares.
BR Oil and Gas Index surged by 235.22 points or 3.84 percent to close at 6,357.74 points with 54.961 million shares.
BR Tech & Comm Index added 59.05 points or 1.58 percent to close at 3,788.72 points with 121.790 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that the KSE-100 index breached the psychological resistance of 66,000 during the trading session but eventually closed at 65,952, gaining 626 points. Major interest was seen in the E&P sector.
Traded volume stood at 473 million shares where KOSM (up 6.0 percent), WTL (up 6.2 percent), KEL (up 3.1 percent), PTC (up 6.1 percent) and OGDC (up 7.2 percent) were the volume leaders.
Copyright Business Recorder, 2024
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