PSX stages recovery

KARACHI: Pakistan Stock Exchange on Tuesday witnessed a positive trend due to fresh buying on attractive, low levels.

The benchmark KSE-100 Index increased by 106.85 points or 0.14 percent and closed at 77,191.34 points. The index hit 77,746.56 points intraday high and 77,035.96 points intraday low.

The daily trading volumes on ready counter increased to 600.896 million shares as compared to 501.191 million traded on Monday while total daily traded value on the ready counter declined to Rs 17.127 billion against previous session’s Rs 21.057 billion.

BRIndex100 inched up by 19.96 points or 0.24 percent to close at 8,205.97 points with total daily turnover of 480.603 million shares.

BRIndex30 gained 54.28 points or 0.21 percent to close at 25,380.68 points with total daily trading volumes of 316.218 million shares.

Foreign investors also remained net buyer of shares worth $1.385 million. Total market capitalization increased by Rs 16 billion to Rs 10.285 trillion. Out of total 443 active scrips, 206 closed in positive and 176 in negative while the value of 61 stocks remained unchanged.

Kohinoor Spinning was the volume leader with 147.513 million shares and increased by Rs 0.69 to close at Rs 6.10 followed by Yousuf Weaving that inched up by Rs 0.02 to close at Rs 4.16 with 53.670 million shares. Hascol Petroleum gained Rs 0.28 to close at Rs 6.56 with 41.384 million shares.

Nestle Pakistan and Sapphire Fibres were the top gainers increasing by Rs 148.69 and Rs 109.60, respectively to close at Rs 6,997.21 and Rs 1,589.70 while Unilever Pakistan Foods and JDW Sugar Mills were the top losers declining by Rs 165.50 and Rs 25.78 respectively to close at Rs 17,685.00 and Rs 485.47.

An analyst at Topline Securities said that Pakistan equities experienced recovery in the trading session, mirroring the trends of international markets. However, this resurgence was short-lived. The index reached an intraday high of plus 662 points (up 0.86 percent) before closing at 77,193, marking a modest gain of 0.14 percent.

HUBC from the power sector gained on the back of the news that the Chinese automotive giant BYD is set to make its official entry into the Pakistani market with a grand brand launch scheduled for August 17, 2024.

Throughout the day, stocks such as SYS, HUBC, PSEL, HMB, and HBL contributed positively, collectively adding 242 points to the index. Conversely, BAHL, LUCK, and PSO had a negative impact, collectively subtracting 159 points.

BR Automobile Assembler Index surged by 111.85 points or 0.6 percent to close at 18,622.99 points with total turnover of 18.748 million shares.

BR Cement Index declined by 100.6 points or 1.37 percent to close at 7,226.99 points with 35.785 million shares.

BR Commercial Banks Index gained 69.18 points or 0.32 percent to close at 21,859.93 points with 16.252 million shares.

BR Power Generation and Distribution Index increased by 89.84 points or 0.51 percent to close at 17,815.14 points with 17.170 million shares.

BR Oil and Gas Index inched up by 7.97 points or 0.12 percent to close at 6,547.36 points with 50.836 million shares.

BR Tech. & Comm. Index added 58.82 points or 1.52 percent to close at 3,922.70 points with 84.811 million shares.

“Attractive levels and a recovery in global capital markets brought bulls back to the trading floor on Tuesday, driving the index to a high of 77,746 points (plus 662 points),” Mohammed Waqar Iqbal at JS Global Capital said.

The buying was mostly seen in Auto and Tech stocks. However, profit-taking ensued at higher levels due to global political tensions, leading the benchmark KSE-100 index to close at 77,191 points (up 107 points).

Copyright Business Recorder, 2024