KARACHI: Pakistan Stock Exchange on Thursday witnessed a bullish trend and hit new highest-ever level with healthy gains on the back of aggressive buying, mainly by local investors coupled with institutional support.
The benchmark KSE-100 Index surged by 594.34 points or 0.89 percent and crossed 67,000 psychological barrier to close at its new highest ever level of 67,142.12 points. During the session, the index hit 67,246.03 points intra-day high level for the first time in its history.
Trading activities also improved as total daily volumes on ready counter increased to 421.118 million shares as compared to 354.597 million shares traded on Wednesday while total daily traded value on the ready counter increased to Rs 16.159 billion against previous session’s Rs 11.884 billion.
BRIndex100 soared by 68.84 points or 1.0 percent to close at 6,943.66 points with total daily turnover of 373.959 million shares.
BRIndex30 increased by 262.15 points or 1.16 percent to close at 22,827.11 points with total daily trading volumes of 241.082 million shares.
Foreign investors however remained net sellers of shares worth $932,747. The market capitalization increased by Rs 84 billion to Rs 9.430 trillion. Out of total 352 active scrips, 212 closed in positive and 111 in negative while the value of 29 stocks remained unchanged.
P.T.C.L. was the volume leader with 55.715 million shares and increased by Rs 1.11 to close at Rs 18.42 followed by Lotte Chemical that inched up by Rs 0.03 to close at Rs 19.56 with 27.228 million shares. Telecard Limited gained Rs 0.05 to close at Rs 9.29 with 25.547 million shares.
Rafhan Maize Products Company and Bata Pakistan were the top gainers increasing by Rs 125.00 and Rs 58.00 respectively to close at Rs 8,175.00 and Rs 1,739.00 while Unilever Pakistan Foods and Nestle Pakistan were the top losers declining by Rs 600.00 and Rs 34.67 respectively to close at Rs 21,000.00 and Rs 7,600.33.
An analyst at Topline Securities said that the KSE-100 index continued its upward trajectory, reaching an intraday high of plus 698.25 points and an intraday low of minus 143.16 points before settling at 67,142.12 level, marking a significant increase of 594.34 points.
The market optimism is buoyed by the reform agenda, alongside anticipation for a forthcoming IMF program, fostering a favourable market outlook. SIFC remains steadfast in its commitment to reform, notably through the privatization of PIA and other state-owned entities. To drive this agenda forward, SIFC is convening a three-day meeting with the newly appointed Executive Committee, under the leadership of PM Shahbaz Sharif.
Investors strategically augmented their equity portfolios by acquiring blue-chip stocks across diverse sectors. Notably, the Power, Banking, and Fertilizer sectors positively influenced the index, with BAHL, ENGRO, MCB, PPL, and LUCK collectively contributing 208 points. Conversely, profit-taking was observed in SYS, ABL, and SRVI, resulting in a cumulative loss of 31 points.
BR Automobile Assembler Index gained 53.93 points or 0.35 percent to close at 15,649.52 points with total turnover of 6.179 million shares.
BR Cement Index surged by 105.42 points or 1.64 percent to close at 6,534.03 points with 9.906 million shares.
BR Commercial Banks Index increased by 187.42 points or 1.09 percent to close at 17,339.83 points with 36.204 million shares.
BR Power Generation and Distribution Index inched up by 37.53 points or 0.25 percent to close at 14,868.04 points with 22.000 million shares.
BR Oil and Gas Index added 43.06 points or 0.71 percent to close at 6,132.12 points with 21.353 million shares.
BR Tech. & Comm. Index soared by 30.73 points or 0.83 percent to close at 3,753.51 points with 127.494 million shares.
Mubashir Anis Naviwala at JS Global Capital said the KSE-100 Index reached an all-time high, and closed with a notable gain of 594 points at 67,142 level. Significant interest was seen in sectors like Banking, Cement and Fertilizer sectors.
PTC (up 6.4 percent), LOTCHEM (up 0.2 percent), TELE (up 0.5 percent), WTL (down 0.8 percent) and TPLP (up 9.4 percent) were among the top volume leaders.
Copyright Business Recorder, 2024
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