KARACHI: Pakistan Stock Exchange on Wednesday made a new history and hit new highest-ever levels on the back of healthy buying on improving economic situation in the country.
The benchmark KSE-100 Index crossed 72,000 level for the first time in its history and closed at its highest-ever level of 72,051.89 points with healthy gains of 692.49 points or 0.97 percent.
The index hit 72,467.02 points intraday highest-ever level however closed at slightly lower due to profit-taking in some stocks.
The daily trading volumes on ready counter stood at 599.401 million shares as compared to 655.935 million shares traded on Tuesday. The daily traded value on the ready counter stood at Rs 24.459 billion against previous session’s Rs 24.485 billion.
BRIndex100 added 58.62 points or 0.79 percent to close at 7,492.86 points with total daily turnover of 548.952 million shares.
BRIndex30 increased by 338.37 points or 1.4 percent to close at 24,558.16 points with total daily trading volumes of 392.774 million shares.
The market capitalization increased by Rs 65 billion to Rs 9.969 trillion. Out of total 382 active scrips, 218 closed in positive and 139 in negative while the value of 25 stocks remained unchanged.
Pak Int. Bulk Terminal was the volume leader with 54.513 million shares and gained Rs 0.38 to close at Rs 7.01 followed by K-Electric that inched up by Rs 0.09 to close at Rs 4.14 with 40.123 million shares. Air Link Communication increased by Rs 5.42 to close at Rs 78.34 with 25.939 million shares.
Unilever Pakistan Foods and Hallmark Company were the top gainers increasing by Rs 153.49 and Rs 69.64 respectively to close at Rs 20,627.99 and Rs 998.21 while Pakistan Tobacco Company and Sapphire Textile Mills were the top losers declining by Rs 73.04 and Rs 59.63 respectively to close at Rs 965.96 and Rs 1,265.37.
An analyst at Topline Securities said that the KSE-100 Index surged, experiencing an intraday high of plus 1,055 points and a low of minus 107.61 points before settling at 72,051 (a 0.97 percent increase). This surge, propelled by positive shifts in market sentiment in the back drop off anticipation in economic metrics such as foreign exchange reserves and inflation trends, has ignited expectations of forthcoming monetary easing.
Various sectors, including Cement, Banking, Power, and Automobiles, contributed significantly to this ascent, with notable contributions from companies like LUCK, HUBC, HBL, MTL, and SYS, collectively adding 369 points. Conversely, profit-taking was observed in companies like MEBL, PAKT, and PSEL, resulting in a cumulative loss of 85 points.
In the banking sector, MCB and BAFL disclosed their financial results, with MCB reporting EPS of Rs 15.04 and BAFL Rs 6.31 earnings higher than industry expectations, accompanied by cash dividends of Rs9.0 and Rs2.0 per share, respectively.
BR Automobile Assembler Index surged by 535.57 points or 3.12 percent to close at 17,686.38 points with total turnover of 16.974 million shares.
BR Cement Index increased by 195.23 points or 2.75 percent to close at 7,297.84 points with 58.351 million shares.
BR Commercial Banks Index gained 36.63 points or 0.2 percent to close at 18,806.54 points with 45.424 million shares.
BR Power Generation and Distribution Index soared by 261.18 points or 1.67 percent to close at 15,872.85 points with 55.656 million shares.
BR Oil and Gas Index inched up by 29.27 points or 0.45 percent to close at 6,564.33 points with 21.375 million shares.
BR Tech. & Comm. Index added 91.78 points or 2.39 percent to close at 3,924.70 points with 104.085 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that the KSE-100 index gained 692 points to close at a record-high level of 72,052 points. Technology Sector led the rally with OCTOPUS hitting its upper lock very early in the day. AVN also closed limit up.
Cement and Steel stocks continued their upward journey as investors anticipate a rate cut in next Monday’s MPC meeting.
Refinery sector remained under pressure as PRL announced a loss in third quarter.
The market turnover reduced to 599 million shares, where PIBTL (up 5.7 percent), KEL (up 2.2 percent), AIRLINK (up 7.4 percent), WTL (up 1.5 percent) and TELE (up 1.7 percent) were the volume leaders.
Copyright Business Recorder, 2024
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