KARACHI: Pakistan Stock Exchange on Wednesday witnessed a bullish trend and closed on positive note with healthy gains on the back of fresh buying by local and foreign investors coupled with institutional support.
The benchmark KSE-100 Index surged by 335.07 points or 0.43 percent and crossed 78,000 psychological level to close at 78,275.65 points. The index hit 78,679.50 points intraday high however closed at lower level due to profit-taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 469.756 million shares as compared to 292.186 million shares traded on Tuesday while total daily traded value on the ready counter increased to Rs 19.777 billion against previous session’s Rs 11.414 billion.
BRIndex100 gained 46.8 points or 0.57 percent to close at 8,292.31 points with total daily turnover of 377.113 million shares.
BRIndex30 increased by 129.52 points or 0.49 percent to close at 26,543.95 points with total daily trading volumes of 266.309 million shares.
Foreign investors also remained net buyers of shares worth $1.770 million. Total market capitalization increased by Rs 7 billion to Rs 10.297 trillion. Out of total 454 active scrips, 248 closed in positive and 149 in negative while the value of 57 stocks remained unchanged.
WorldCall Telecom was the volume leader with 57.647 million shares however lost Rs 0.04 to close at Rs 1.24 followed by K-Electric that gained Rs 0.15 to close at Rs 4.58 with 37.639 million shares. Pervez Ahmed Co closed at Rs 1.79, down Rs 0.50 with 31.130 million shares.
Mehmood Textile Mills and Sazgar Engineering Works were the top gainers increasing by Rs 35.05 and Rs 18.23 respectively to close at Rs 534.00 and Rs 838.57 while Nestle Pakistan and Pakistan Engineering Company were the top losers declining by Rs 242.35 and Rs 61.08 respectively to close at Rs 6,914.00 and Rs 627.26.
An analyst at Topline Securities said that the KSE-100 index experienced a positive session as investors showed confidence that the budget will likely pass in the upcoming National Assembly sessions. The index peaked with an intraday gain of 739 points, closing at 78,275 points, marking a 0.43 percent increase.
In the Oil & Gas Exploration (E&P) Sector, OGDC saw a significant rise of 4.87 percent following news that the cabinet approved a payment of Rs 82 billion in its favor.
Major contributors to the index’s upward movement included FFC, OGDC, BAHL, PPL, and EFERT, collectively adding 486 points. Conversely, HBL, NESTLE, MEBL, NBP, and MUGHAL together detracted 105 points from the index.
BR Automobile Assembler Index gained 30.09 points or 0.18 percent to close at 16,918.71 points with total turnover of 9.903 million shares.
BR Cement Index inched down by 7.86 points or 0.1 percent to close at 7,689.99 points with 20.896 million shares.
BR Commercial Banks Index lost 43.68 points or 0.2 percent to close at 22,028.86 points with 28.156 million shares.
BR Power Generation and Distribution Index added 92.93 points or 0.47 percent to close at 19,796.68 points with 58.322 million shares.
BR Oil and Gas Index increased by 100.22 points or 1.55 percent to close at 6,579.06 points with 51.545 million shares.
BR Tech. & Comm. Index closed at 3,939.74 points, down 18.58 points or 0.47 percent with 109.766 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks showed sharp recovery as investor weigh Government deliberation on privatisation of SOEs after PM assurance to hold PIA bidding process in August 2024.
He said the rupee recovery amid approval of $535 million WB financing and speculations ahead of fiscal year end close, IMF new loan talks due next month and easing SBP policy rates played a catalyst role in bullish activity in PSX.
Copyright Business Recorder, 2024
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