KARACHI: Pakistan Stock Exchange on Wednesday witnessed a bullish trend and hit highest-ever level in its history on the back of aggressive buying by local and foreign investors coupled with institutional support.
The benchmark KSE-100 Index surged by 869.77 points or 1.30 percent and crossed 67,000 psychological level to close at highest-ever level in its history at 67.756.04 points. The index hit 67,873.22 points intraday high for the first time in its history 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 361.823 million shares as compared to 239.650 million shares traded on Tuesday. The daily traded value on the ready counter increased to Rs 11.901 billion against previous session’s Rs 8.940 billion.
BRIndex100 soared by 92.18 points or 1.34 percent to close at 6,994.97 points with total daily turnover of 318.052 million shares.
BRIndex30 increased by 407.44 points or 1.83 percent to close at 22,709.20 points with total daily trading volumes of 192.848 million shares.
Foreign investors also remained net buyers of shares worth $2.318 million. The market capitalization increased by Rs 60 billion to Rs 9.452 trillion. Out of total 340 active scrips, 208 closed in positive and 108 in negative while the value of 24 stocks remained unchanged.
P.I.A.C. (A) was the volume leader with 38.235 million shares however declined by Rs 1.86 to close at Rs 25.22 followed by Flying Cement that increased by Rs 0.89 to close at Rs 8.79 with 21.459 million shares. WorldCall Telecom gained Rs 0.03 to close at Rs 1.38 with 20.977 million shares.
Hallmark Company Limited and Lucky Cement Limited were the top gainers increasing by Rs 43.21 and Rs 36.47, respectively to close at Rs 619.28 and Rs 798.66 while Hoechst Pakistan Limited and Shahmurad Sugar Mills were the top losers declining by Rs 49.50 and Rs 28.54, respectively to close at Rs 1,250.50 and Rs 541.46.
An analyst at Topline Securities said that Pakistan equities kicked off the day on a positive note as the KSE-100 Index made an intraday high 67,873 (up 986.95 points) and managed to close at 67,756.03, gaining 869.77 points.
Undoubtedly, it was the Cement Sector that stole the spotlight, spearheading the market’s upward trajectory. Investors opted for buying in stocks like MLCF (up 7.5 percent), FCCL (up 7.5 percent) and DGKC (up 7.5 percent) which managed to close on their respective upper caps.
Steel Sector followed the footsteps of cement where ISL (up 6.70 percent), MUGHAL (up 5.05 percent), ASTL (up 3.97 percent) and INIL (up 3.56 percent) closed in the green trajectory.
BR Automobile Assembler Index gained 59.54 points or 0.38 percent to close at 15,883.45 points with total turnover of 17.910 million shares.
BR Cement Index surged by 370 points or 5.73 percent to close at 6,822.51 points with 73.302 million shares.
BR Commercial Banks Index inched up by 13.12 points or 0.07 percent to close at 17,527.24 points with 27.231 million shares.
BR Power Generation and Distribution Index closed at 14,754.96 points, down 0.15 points with 13.786 million shares.
BR Oil and Gas Index increased by 82.31 points or 1.37 percent to close at 6,095.76 points with 20.688 million shares.
BR Tech. & Comm. Index added 22.83 points or 0.62 percent to close at 3,718.13 points with 47.809 million shares.
Muhammad Shuja Qureshi at JS Global Capital said the KSE-100 Index gained 870 points to close at the record high level of 67,756 points. Cement sector led the rally with increase in both local and export dispatches in March. As a result, CHCC, DGKC, FCCL, MLCF, and PIOC closed limit up.
Sentiment was further lifted with gains in blue chip stocks namely EFERT, ENGRO, OGDC, and PPL.
Market turnover improved to 362 million shares, where PIAA (down 6.9 percent), FLYNG (up 11 percent), WTL (up 2.2 percent), POWER (up 0.9 percent), and CNERGY (down 1.8 percent) were the volume leaders.
Copyright Business Recorder, 2024
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