KARACHI: Pakistan Stock Exchange on Thursday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of aggressive buying on investor optimism that fuelled by expectations of a positive outcome from the meeting with the International Monetary Fund (IMF).
The benchmark KSE-100 Index surged by 1,015.82 points or 1.59 percent and crossed 65,000 psychological level to close at 65,064.27 points. The index hit 65,205.82 points intraday high, however closed at slightly lower level due to profit-taking in some stocks.
Trading activity also improved as daily volumes on ready counter increased to 315.247 million shares as compared to 252.751 million shares traded on Wednesday. The daily traded value on the ready counter increased to Rs 10.487 billion against Wednesday’s Rs 9.247 billion.
BRIndex100 added 120.15 points or 1.82 percent to close at 6,715.37 points with daily turnover of 279.638 million shares.
BRIndex30 increased by 692.24 points or 3.13 percent to close at 22,805.83 points with total daily trading volumes of 226.059 million shares.
Foreign investors however remained net sellers of shares worth $108,194. Total market capitalization increased by Rs 139 billion to Rs 9.246 trillion. Out of total 336 active scrips, 248 closed in positive and only 72 in negative while the value of 16 stocks remained unchanged.
WorldCall Telecom was the volume leader with 42.747 million shares and gained Rs 0.08 to close at Rs 1.35 followed by Cnergyico PK that inched up by Rs 0.46 to close at Rs 5.09 with 36.111 million shares. Kohinoor Spinning increased by Rs 0.54 to close at Rs 4.79 with 19.583 million shares.
Mari Petroleum Company and Nestle Pakistan were the top gainers increasing by Rs 72.51 and Rs 69.12, respectively to close at Rs 2,430.11 and Rs 7,500.00 while Ismail Industries and Philip Morris Pakistan were the top losers declining by Rs 90.00 and Rs 18.60, respectively to close at Rs 1,110.00 and Rs 710.10.
An analyst at Topline Securities said the trading session in Pakistan equities concluded reaching 65,064, marking a 1.59 percent increase or 1,016 points. The intraday high and low were recorded at 64,080 and 65,206 points, respectively.
Investor optimism was fuelled by expectations of a positive outcome from the meeting with the International Monetary Fund (IMF). Additionally, the PIB auction held on Wednesday indicated a bond market inclination towards an anticipated interest rate cut in the April if not in March 18th.
As a result, OGDC, PPL, MARI, MEBL, and PSO collectively contributed 366 points to the index.
BR Automobile Assembler Index surged by 334.38 points or 2.2 percent to close at 15,528.06 points with total turnover of 7.037 million shares.
BR Cement Index gained 109.00 points or 1.68 percent to close at 6,607.66 points with 7.969 million shares.
BR Commercial Banks Index inched up by 43.53 points or 0.27 percent to close at 16,406.69 points with 19.444 million shares.
BR Power Generation and Distribution Index closed at 14,410.56 points, up 216.29 points or 1.52 percent with 26.770 million shares.
BR Oil and Gas Index increased by 194.77 points or 3.26 percent to close at 6,178.19 points with 30.468 million shares.
BR Tech. & Comm. Index added 117.34 points or 3.22 percent to close at 3,765.56 points with 86.015 million shares.
Mubashir Anis Naviwala at JS Global Capital said the KSE-100 Index recorded a gain of 1,016 points, closing at the 65,064 level.
Notable volume leaders included WTL (up 6.3 percent), CNERGY (up 9.9 percent), KOSM (up 13 percent), KEL (up 5.7 percent) and PRL (up 6.1 percent).
Copyright Business Recorder, 2024
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