KARACHI: Pakistan Stock Exchange on Thursday witnessed a bullish trend and closed on strong positive note on the back of fresh buying on attractive, low levels.
The benchmark KSE-100 Index increased by 356.88 points or 0.46 percent and closed at 78,349.66 points. During the session, the index hit 78,513.86 points intraday high, however closed on lower level due to profit-taking in some stocks.
Trading activity however remained low as total daily volumes on ready counter decreased to 599.820 million shares as compared to 636.024 million shares traded on Wednesday while total daily traded value on the ready counter increased to Rs 20.409 billion against previous session’s Rs 16.267 billion.
BRIndex100 gained 20.81 points or 0.25 percent to close at 8,323.99 points with total daily turnover of 465.557 million shares.
BRIndex30 added 185.97 points or 0.7 percent to close at 26,717.94 points with total daily trading volumes of 262.442 million shares.
Foreign investors also remained net buyers of shares worth $440,100. Total market capitalization increased by Rs 43 billion to Rs 10.447 trillion. Out of total 449 active scrips, 227 closed in positive and 166 in negative while the value of 56 stocks remained unchanged.
Symmetry Group was the volume leader with 64.297 million shares and increased by Rs 1.00 to close at Rs 8.57 followed by National Bank of Pakistan that surged by Rs 4.73 to close at Rs 57.53 with 42.591 million shares. Kohinoor Spining gained Rs 0.25 to close at Rs 11.69 with 41.140 million shares.
Unilever Pakistan Foods and Colgate Palmolive Pakistan were the top gainers increasing by Rs 241.02 and Rs 87.97 respectively to close at Rs 17,581.02 and Rs 1,218.17 while Al-Abbas Sugar Mills and Mari Petroleum Company were the top losers declining by Rs 29.22 and Rs 21.56 respectively to close at Rs 565.79 and Rs 3,368.32.
An analyst at Topline Securities said the Pakistan stock market surged by 357 points, or 0.46 percent, ending the day at a strong 78,350 level. The index exhibited notable volatility, reaching a peak of 78,514 and dipping to 78,017 points during the session.
The rally was fuelled by significant gains in heavyweights such as MTL, ENGRO, NBP, COLG, and HUBC, contributing to a substantial 427 point increase.
BR Automobile Assembler Index surged by 701.27 points or 4.23 percent to close at 17,298.89 points with total turnover of 18.612 million shares.
BR Cement Index inched up by 2.06 points or 0.03percent to close at 7,365.69 points with 35.026 million shares.
BR Commercial Banks Index gained 8.01 points or 0.04 percent to close at 22,071.70 points with 72.912 million shares.
BR Power Generation and Distribution Index increased by 92.11 points or 0.5 percent to close at 18,615.66 points with 15.242 million shares.
BR Oil and Gas Index added 2.6 points or 0.04 percent to close at 7,082.90 points with 30.687 million shares.
BR Tech. & Comm. Index lost 7.48 points or 0.18 percent to close at 4,048.84 points with 143.182 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed bullish on Moody’s Ratings upgrade to Caa2 and raising outlook to positive on reduced default risk.
He said falling bond yields and greater certainty on Pakistan external source financing ahead of IMF board approving EFF of $7.0 billion played a catalyst role in bullish close.
Copyright Business Recorder, 2024
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