KARACHI: Pakistan Stock Exchange on Friday witnessed a positive trend on the back of healthy buying on available attractive low levels.
The benchmark KSE-100 Index surged by 485.68 points or 0.62 percent and closed at 78,225.98 points. The index hit 78,434.17 points intraday high, however closed at lower level due to profit-taking in some stocks.
Trading activity also improved as daily volumes on ready counter increased to 443.483 million shares as compared to 278.986 million shares traded on Thursday. The daily traded value on the ready counter increased to Rs 20.497 billion against previous session’s Rs 13.094 billion.
BRIndex100 added 89.13 points or 1.08 percent to close at 8,315.84 points with daily turnover of 369.250 million shares.
BRIndex30 increased by 418.58 points or 1.64 percent to close at 25,898.21 points with total daily trading volumes of 258.323 million shares.
Foreign investors however remained net sellers of shares worth $679,644. Total market capitalization increased by Rs 29 billion to Rs 10.373 trillion. Out of total 439 active scrips, 236 closed in positive and 142 in negative while the value of 61 stocks remained unchanged.
Cnergyico PK was the volume leader with 66.993 million shares and gained Rs 0.55 to close at Rs 4.00 followed by The Organic Meat Company that surged by Rs 4.00 to close at Rs 44.67 with 18.623 million shares. Pak Elektron increased by Rs 1.13 to close at Rs 26.81 with 17.306 million shares.
Nestle Pakistan and PIA Holding Company LimitedB were the top gainers increasing by Rs 129.67 and Rs 64.68 respectively to close at Rs 7,029.67 and Rs 991.65 while Reliance Cotton Spinning Mills and Rafhan Maize Products Company were the top losers declining by Rs 69.17 and Rs 65.00 respectively to close at Rs 650.83 and Rs 7,400.00.
An analyst at Topline Securities said the market largely traded in positive zone during the trading session to close at 78,226 level (up by 0.62 percent).
Major positive contribution to the index came from HUBC, HBL, UBL, OGDC and NATF, as they cumulatively contributed plus 253 points to the index. On the other hand BAHL, PSEL, MTL, FFC and DAWH lost value to weigh down on the index by minus 151 points.
BR Automobile Assembler Index increased by 127.01 points or 0.68 percent to close at 18,858.74 points with total turnover of 21.441 million shares.
BR Cement Index lost 23.35 points or 0.31 percent to close at 7,472.22 points with 42.439 million shares.
BR Commercial Banks Index inched up by 74.22 points or 0.33 percent to close at 22,248.48 points with 25.649 million shares.
BR Power Generation and Distribution Index surged by 289.83 points or 1.62 percent to close at 18,222.93 points with 19.213 million shares.
BR Oil and Gas Index increased by 71.14 points or 1.09 percent to close at 6,626.77 points with 14.443 million shares.
BR Tech. & Comm. Index closed at 3,953.02 points, up 46.95 points or 1.2 percent with 42.678 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed sharply higher amid upbeat data on CPI inflation at 11.1 percent YoY in July 2024, likely to further reduce SBP policy rates. Cement sector battered after Government of Punjab revised rates of royalty to 6.0 percent per ton on cement and clinker.
He said Pak rupee recovery amid surge in FX reserves, FM affirmation on IMF executive board approval of $7.0 billion EFF by this month end and reports of surge in exports by 12 percent YoY in July 2024 played a catalyst role in bullish close at PSX.
Copyright Business Recorder, 2024
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