KARACHI: Pakistan Stock Exchange on Thursday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of aggressive buying on attractive low levels.
The benchmark KSE-100 Index surged by 759.73 points or 0.99 percent and closed at 77,874.22 points. The index hit 77,969.27 points intra-day high, 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 493.090 million shares as compared to 447.531 million shares traded on Wednesday. The daily traded value on the ready counter increased to Rs 25.846 billion against previous session’s Rs 18.388 billion.
BRIndex100 added 69.17 points or 0.84 percent to close at 8,255.17 points with total daily turnover of 410.676 million shares.
BRIndex30 increased by 642.76 points or 2.54 percent to close at 25,978.63 points with total daily trading volumes of 310.276 million shares.
Foreign investors also remained net buyers of shares worth $216,582. The market capitalization increased by Rs 99 billion to Rs 10.402 trillion. Out of total 434 active scrips, 198 closed in negative and 182 in positive while the value of 54 stocks remained unchanged.
Kohinoor Spining was the volume leader with 93.863 million shares however lost Rs 0.02 to close at Rs 5.82 followed by Fauji Fertilizer Bin Qasim that increased by Rs 3.02 to close at Rs 45.69 with 33.971 million shares. Air Link Communication surged by Rs 9.20 to close at Rs 120.54 with 25.146 million shares.
Mari Petroleum Company and Mehmood Textile Mills were the top gainers increasing by Rs 259.89 and Rs 57.13 respectively to close at Rs 2,858.76 and Rs 662.13 while Reliance Cotton Spinning Mills and Hallmark Company were the top losers declining by Rs 47.99 and Rs 21.85 respectively to close at Rs 542.46 and Rs 367.90.
An analyst at Topline Securities said Pakistan equities commenced the day with sideways movements. In the initial trading hours, KSE-100 Index saw investors’ cheery picking in cyclical sector stocks post-Wednesday’s T-bills Auction where above expected fall in yields across all tenures brought cement, steel and autos onto investors’ radar.
However, big surprise of the day was following MARI result that was higher than expectations. The bonus announcement was a massive surprise for investors that help stock price to hit upper circuit in the matter of couple of minutes and also made the stock highest positive contributor of the day by adding 221 points. OGDC and PPL (stocks from the same sector) also follow suit MARI’s price action as they contributed 193 and 74 points, respectively and helped index to close the day at 77,874 (up 760 points or 0.99 percent).
BR Automobile Assembler Index inched up by 12.27 points or 0.07 percent to close at 18,833.44 points with total turnover of 14.039 million shares.
BR Cement Index increased by 135.76 points or 1.87 percent to close at 7,408.25 points with 28.680 million shares.
BR Commercial Banks Index gained 94.95 points or 0.44 percent to close at 21,861.51 points with 18.700 million shares.
BR Power Generation and Distribution Index added 111.28 points or 0.62 percent to close at 17,951.00 points with 26.299 million shares.
BR Oil and Gas Index surged by 291.19 points or 4.43 percent to close at 6,862.88 points with 48.438 million shares.
BR Tech. & Comm. Index inched up by 37.02 points or 0.93 percent to close at 4,001.98 points with 60.622 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed sharply higher as investor weigh fall in Government treasury bond yields, and strong corporate earnings and payouts in the oil sector.
He said bull-run in global equities, SBP assurance for external sector manageable amid debt rollovers, FM affirmation on economic stability and positive evaluation of credit rating agencies and expected IMF board approval for EFF this month played a catalyst role in bullish close.
Copyright Business Recorder, 2024
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