KARACHI: A bullish trend continued as Pakistan Stock Exchange on Thursday and the PSX hit new highest-ever levels 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 684.25 points or 0.84 percent and closed at new highest ever level of 81,839.86 points. The index hit 81,909.95 points intraday highest-ever level, 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 470.310 million shares as compared to 441.338 million shares traded during previous session. The daily traded value on the ready counter declined to Rs 25.349 billion against previous session’s Rs 27.228 billion.
BRIndex100 added 75.08 points or 0.87 percent to close at 8,710.57 points with total daily turnover of 369.418 million shares.
BRIndex30 increased by 247.09 points or 0.9 percent to close at 27,787.44 points with total daily trading volumes of 256.838 million shares.
Foreign investors also remained net buyers of shares worth $1.457 million. Total market capitalization increased by Rs 127 billion to Rs 10.854 trillion. Out of total 457 active scrips, 242 closed in positive and 155 in negative while the value of 60 stocks remained unchanged.
Pak Elektron was the volume leader with 47.990 million shares and increased by Rs 1.47 to close at Rs 28.65 followed by PIA Holding Company that inched up by Rs 0.24 to close at Rs 19.25 with 25.362 million shares. P.T.C.L. gained Rs 0.69 to close at Rs 13.70 with 25.028 million shares.
Rafhan Maize Products Company and PIA Holding Company LimitedB were the top gainers increasing by Rs 130.00 and Rs 80.87 respectively to close at Rs 7,730.00 and Rs 1,037.30 while Pakistan Tobacco Company and Data Agro Limited were the top losers declining by Rs 69.75 and Rs 34.90 respectively to close at Rs 944.50 and Rs 332.49.
An analyst at Topline Securities said the Pakistan stock market showed strong momentum, achieving a new peak for the KSE-100 Index. The index reached a high of 81,910 points earlier in the day before settling at 81,840 points, reflecting an increase of 684 points or 0.84 percent.
The market’s positive movement was driven by sectors such as Fertilizer, Exploration & Production (E&P), Banking, and Auto, supported by companies like ENGRO, UBL, OGDC, MTL, and MEBL, collectively contributing plus 423 points.
BR Automobile Assembler Index surged by 289.72 points or 1.58 percent to close at 18,631.37 points with total turnover of 13.237 million shares.
BR Cement Index inched up by 30.59 points or 0.38 percent to close at 7,998.81 points with 17.118 million shares.
BR Commercial Banks Index gained 113.34 points or 0.49 percent to close at 23,395.50 points with 33.177 million shares.
BR Power Generation and Distribution Index decreased by 123.65 points or 0.62 percent to close at 19,717.98 points with 21.808 million shares.
BR Oil and Gas Index added 95.84 points or 1.42 percent to close at 6,852.94 points with 29.881 million shares.
BR Tech. & Comm. Index increased by 99.37 points or 2.35 percent to close at 4,319.45 points with 111.283 million shares.
Mubashir Anis Naviwala at JS Global Capital said bulls continued to dominate PSX as investors were optimistic over improved economic outlook taking index to an all-time high level of 81,910 points (plus 754). Mostly buying was seen in Tech and Auto sectors. KSE-100 index eventually closed the day at the 81,840 level (up 684 points).
Volume leaders include PAEL (48.0 million shares), PIAHCLA (25.4 million shares), PTC (25.0 million shares), FFBL (23.5 million shares) and WTL (17.3 million shares).
Copyright Business Recorder, 2024
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