KARACHI: The record-breaking trend continued on Pakistan Stock Exchange on Thursday and the market hit new highest ever levels for the first time in its history on the back of investor strong interest and aggressive buying on expectations over improving economic situation and more foreign inflows in the country.
The benchmark KSE-100 Index surged by 2,094.76 points or 2.73 percent and crossed historic 78,000 level for the first time in its history to close at highest-ever level of 78,801.53 points. During the session, the index hit 78,890.37 points intra-day high, however closed at slightly lower level due to profit taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 452.637 million shares as compared to 395.897 million shares traded during previous session while total daily traded value on the ready counter declined to Rs 20.675 billion against previous session’s Rs 21.366 billion.
BRIndex100 increased by 268.34 points or 3.34 percent to close at 8,309.98 points with total daily turnover of 372.121 million shares.
BRIndex30 soared by 401.87 points or 1.57 percent to close at 25,928.04 points with total daily trading volumes of 194.910 million shares.
Foreign investors however remained net sellers of shares worth $2.005 million. Total market capitalization increased by Rs 243 billion to Rs 10.421 trillion. Out of total 447 active scrips, 256 closed in positive and 133 in negative while the value of 58 stocks remained unchanged.
Silk Bank was the volume leader with 53.586 million shares and gained Rs 0.23 to close at Rs 1.09 followed by K-Electric that inched up by Rs 0.10 to close at Rs 4.72 with 23.109 million shares. Habib Bank Limited increased by Rs 9.55 to close at Rs 121.92 with 20.943 million shares.
Rafhan Maize Products Company and Ismail Industries were the top gainers increasing by Rs 86.62 and Rs 63.93 respectively to close at Rs 7,706.92 and Rs 1,443.93 while Bhanero Textile Mills and Faisal Spinning Mills were the top losers declining by Rs 75.99 and Rs 17.00 respectively to close at Rs 994.59 and Rs 280.00.
An analyst at Topline Securities said that the KSE-100 index opened on a positive note and made an all time high of 78,890 (up 2,183 points) to close at 78,801 level.
This positive run of the index was mainly driven by the banking sector where UBL, MCB, HBL, BAHL, ABL and FABL closed at their respective upper circuit contributing plus 1,086 points to the index.
Moreover, on the news front, the global ratings agency Fitch stated that the federal budget for 2024-25 enhances the likelihood of securing an IMF deal.
From the textile sector ILP and KTML closed on upper circuit on back of the news that the Prime Minister Shehbaz Sharif has announced a reduction of Rs10.69 per unit in the electricity price for industries.
BR Automobile Assembler Index gained 47.99 points or 0.28 percent to close at 17,173.99 points with total turnover of 5.092 million shares.
BR Cement Index increased by 110.85 points or 1.4 percent to close at 8,015.09 points with 30.194 million shares.
BR Commercial Banks Index surged by 1584.31 points or 7.52 percent to close at 22,660.53 points with 149.089 million shares.
BR Power Generation and Distribution Index added 81.87 points or 0.45 percent to close at 18,300.10 points with 31.241 million shares.
BR Oil and Gas Index soared by 41.26 points or 0.63 percent to close at 6,632.80 points with 28.815 million shares.
BR Tech. & Comm. Index inched up by 13.92 points or 0.34 percent to close at 4,057.34 points with 68.693 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed all time high on strong economic outlook.
He said Fitch ratings projections for prospect of the IMF deal, narrow fiscal deficit, reduced external pressures, current account deficit reduced to 0.3 percent GDP and investor speculations over surge in SOEs dividends and Government privatisation proceeds in FY25 played catalyst role in record close.
Copyright Business Recorder, 2024
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