KARACHI: Pakistan Stock Exchange on Thursday witnessed a bullish trend and hit a new historic highest ever level on the back of aggressive buying by local and foreign investors coupled with institutional support.
The benchmark KSE-100 Index surged by 660.75 points or 0.98 percent and crossed 68,000 psychological level for the first time in history to close at highest-ever level of 68,416.78 points. The index hit 68,439.37 points intraday high, which was also highest ever intraday high level.
Trading activity also improved as daily volumes on ready counter increased to 388.751 million shares as compared to 361.823 million shares traded on Wednesday. The daily traded value on the ready counter increased to Rs 17.882 billion against previous session’s Rs 11.901 billion.
BRIndex100 added 64.61 points or 0.92 percent to close at 7,059.58 points with total daily turnover of 347.931 million shares.
BRIndex30 increased by 287.62 points or 1.27 percent to close at 22,996.82 points with total daily trading volumes of 250.121 million shares.
Foreign investors also remained net buyers of shares worth $1.068 million. The market capitalization increased by Rs 92 billion to Rs 9.544 trillion. Out of total 334 active scrips, 204 closed in positive and 108 in negative while the value of 22 stocks remained unchanged.
Ahsan Mehanti at Arif Habib Corporation said stocks closed all time high on strong earnings outlook.
He said expected SBP policy easing and $1.0 billion Saudi Reko Diq deal next month, along with OGDC and PPL share offerings and surging global crude oil prices played catalyst role in bullish close in the earnings season at PSX.
P.I.A.C. (A) was the volume leader with 47.200 million shares and increased by Rs 0.97 to close at Rs 26.19 followed by Cnergyico PK that gained Rs 0.34 to close at Rs 4.60 with 29.719 million shares. PPL surged by Rs 2.10 to close at Rs 110.17 with 21.170 million shares.
Hoechst Pakistan Limited and Shahmurad Sugar Mills were the top gainers increasing by Rs 49.50 and Rs 40.61 respectively to close at Rs 1,300.00 and Rs 582.07 while Rafhan Maize Products Company and Nestle Pakistan were the top losers declining by Rs 80.00 and Rs 33.44 respectively to close at Rs 8,200.00 and Rs 7,566.89.
An analyst at Topline Securities said that the second consecutive positive session was observed at the exchange as the KSE-100 Index gained 661 points to close at 68,417 level (up by 0.98 percent).
Investor interest was observed in Pharmaceutical Sector on news that Lahore High Court on April 02, 2024, has disposed of the case in favor of the pharmaceutical industry and the stay order against deregulation of Maximum Retail Price (MRPs) of drugs has been vacated, multiple companies from the sector gained to close at their respective upper limit.
Major positive contribution to the index came from MEBL, OGDC, DAWH, SYS and PPL, as they cumulatively contributed plus 303 points to the index.
BR Automobile Assembler Index gained 70.05 points or 0.44 percent to close at 15,953.50 points with total turnover of 9.414 million shares.
BR Cement Index declined by 110.76 points or 1.62 percent to close at 6,711.75 points with 25.098 million shares.
BR Commercial Banks Index surged by 214.53 points or 1.22 percent to close at 17,741.77 points with 30.493 million shares.
BR Power Generation and Distribution Index soared by 99.08 points or 0.67 percent to close at 14,854.04 points with 21.121 million shares.
BR Oil and Gas Index increased by 84.42 points or 1.38 percent to close at 6,180.18 points with 36.239 million shares.
BR Tech. & Comm. Index added 40.72 points or 1.1 percent to close at 3,758.85 points with 47.577 million shares.
Muhammad Shuja Qureshi at JS Global Capital said the market closed at another record-high level of 68,417, gaining 661 points.
Pharmaceutical stocks led the rally as Lahore High Court vacated the order against deregulation of MRPs of nonessential drugs. As a result ABOT, AGP, HALEON, and SEARL closed limit up.
Buying was also witnessed in the Auto, Refinery, and Oil & Gas sectors with GAL and NRL closing at their respective upper locks. On the other hand, cement and steel stocks saw profit-taking.
Copyright Business Recorder, 2024
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