KARACHI: Bullish trend continued on Pakistan Stock Exchange on Wednesday due to healthy buying mainly by local investors coupled with institutional support.
The benchmark KSE-100 index surged by 409.92 points or 0.52 percent and closed at 79,397.01 points. During the session, the index hit 79,704.37 points intra-day high, however closed at lower level due to profit taking in some stocks.
Trading activities also improved as total daily volumes on ready counter increased to 386.980 million shares as compared to 316.245 million shares traded on Tuesday however total daily traded value on the ready counter declined to Rs 14.899 billion against previous session’s Rs 17.074 billion.
BRIndex100 added 61.78 points or 0.74 percent to close at 8,406.21 points with total daily turnover of 292.619 million shares.
BRIndex30 increased by 106.02 points or 0.4 percent to close at 26,453.43 points with total daily trading volumes of 144.843 million shares.
The foreign investors however remained net sellers of shares worth $186,116. Total market capitalization increased by Rs 47 billion to Rs 10.547 trillion. Out of total 430 active scrips, 228 closed in positive and 155 in negative while the value of 47 stocks remained unchanged.
Silk Bank was the volume leader with 36.867 million shares and inched up by Rs 0.10 to close at Rs 1.10 followed by Hascol Petroleum that gained by Rs 0.61 to close at Rs 6.69 with 25.777 million shares. PIA Holding Company increased by Rs 0.68 to close at Rs 16.31 with 17.163 million shares.
Nestle Pakistan and Hoechst Pakistan were the top gainers increasing by Rs 70.00 and Rs 48.65 respectively to close at Rs 7,020.00 and Rs 1,598.86 while Rafhan Maize Products Company and Bata Pakistan were the top losers declining by Rs 95.87 and Rs 50.28 respectively to close at Rs 7,506.66 and Rs 1,729.72.
An analyst at Topline Securities said that the Pakistan stock market exhibited positive momentum, with the index reaching a high of 79,704 points earlier in the day before closing at 73,397 points. This marks an increase of 409 points or 0.52 percent.
Throughout the day, stocks such as FFC, MEBL, TRG, FABL, and EFERT contributed positively, collectively adding 300 points to the index. Conversely, UBL, HUBC, and DAWH had a negative impact, collectively subtracting 110 points.
BR Automobile Assembler Index decreased by 62.86 points or 0.34 percent to close at 18,349.38 points with total turnover of 23.114 million shares.
BR Cement Index inched up by 11.83 points or 0.15 percent to close at 7,787.42 points with 16.616 million shares.
BR Commercial Banks Index increased by 253.7 points or 1.12 percent to close at 22,814.47 points with 66.194 million shares.
BR Power Generation and Distribution Index declined by 194.09 points or 1.04 percent to close at 18,443.21 points with 9.762 million shares.
BR Oil and Gas Index gained 24.44 points or 0.37 percent to close at 6,711.10 points with 38.528 million shares.
BR Tech & Comm Index added 45.39 points or 1.1 percent to close at 4,170.91 points with 48.285 million shares.
Mubashir Anis Naviwala at JS Global Capital said that bullish activity continued at PSX amid the expectation of a further reduction in policy rate by the central bank in its upcoming monetary policy meeting due to be announced on July 29, 2024. Buying was seen mainly in the Technology and Fertilizer stocks.
Copyright Business Recorder, 2024
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