KARACHI: A bullish trend continued on Thursday as the Pakistan Stock Exchange hit historic highest ever intra-day level during the session and closed on strong positive note with healthy gains on the back of fresh buying, mainly by local investors coupled with institutional support.
The benchmark KSE-100 Index surged by 997.95 points or 1.24 percent and closed at 81,459.29 points. The index crossed 82,000 points historic level to hit 82,003.58 points intra-day high however closed at lower level due to profit taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 459.037 million shares as compared to 400.195 million shares traded on Wednesday while total daily traded value on the ready counter increased to Rs 18.610 billion against previous session’s Rs 15.904 billion.
BRIndex100 increased by 117.36 points or 1.39 percent to close at 8,571.82 points with total daily turnover of 343.151 million shares.
BRIndex30 gained 30.65 points or 0.11 percent to close at 27,275.75 points with total daily trading volumes of 216.503 million shares.
Foreign investors however remained on the selling side and withdrew $4.564 million from the local equity market. Total market capitalization increased by Rs 55 billion to Rs 10.665 trillion. Out of total 469 active scrips, 239 closed in negative and 145 in positive while the value of 85 stocks remained unchanged.
Kohinoor Spining was the volume leader with 35.184 million shares however declined by Rs 0.82 to close at Rs 8.01 followed by K-Electric that lost Rs 0.06 to close at Rs 3.99 with 23.819 million shares. WorldCall Telecom closed at Rs 1.33, down Rs 0.03 with 22.930 million shares.
Unilever Pakistan Foods and Lucky Core Industries were the top gainers increasing by Rs 141.10 and Rs 60.73 respectively to close at Rs 17,508.33 and Rs 1,075.91 while Hallmark Company and Siemens (Pakistan) Engineering were the top losers declining by Rs 77.07 and Rs 46.55 respectively to close at Rs 822.91 and Rs 479.57.
An analyst at Topline Securities said that Pakistan’s stock market is on the verge of reaching the 82,000 level for the first time in history, propelled by key economic reports suggesting that the economy is stabilizing, as well as expectations of interest rate cuts by the central bank after the government unexpectedly rejected all bids for Market Treasury Bills.
This upward momentum was largely driven by FFC, EFERT, MEBL, MCB, and OGDC, which collectively contributed plus 690 points to the index.
BR Automobile Assembler Index lost 54.07 points or 0.32 percent to close at 16,954.52 points with total turnover of 5.723 million shares.
BR Cement Index increased by 96.9 points or 1.25 percent to close at 7,842.13 points with 35.414 million shares.
BR Commercial Banks Index surged by 396.88 points or 1.81 percent to close at 22,341.69 points with 25.728 million shares.
BR Power Generation and Distribution Index gained 16.27 points or 0.09 percent to close at 18,829.85 points with 46.225 million shares.
BR Oil and Gas Index added 62.2 points or 0.81 percent to close at 7,724.53 points with 31.665 million shares.
BR Tech. & Comm. Index declined by 77.83 points or 1.92 percent to close at 3,979.08 points with 71.113 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed bullish amid bull-run in global equities and robust data on $75 million current account surplus in August 2024.
He said surging global crude oil prices after US Federal Reserve cut in interest rates, imminent approval of $7.0 billion new IMF EFF played a catalyst role in bullish close.
Copyright Business Recorder, 2024
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