KARACHI: A bullish trend continued as the Pakistan Stock Exchange on Thursday hit historic highest-ever level on the back of local investors’ interest coupled with institutional support.
The benchmark KSE-100 Index surged by 754.76 points or 0.92 percent and closed at highest-ever level of 82,721.77 points. The index hit 82,958.74 points intraday highest ever level however closed at lower level due to profit taking in some stocks.
The daily trading volumes on ready counter stood at 319.879 million shares as compared to 360.987 million shares traded on Wednesday. The daily traded value on the ready counter increased to Rs 16.414 billion against previous session’s Rs 15.391 billion.
BRIndex100 added 123.14 points or 1.43 percent to close at 8,733.01 points with total daily turnover of 250.235 million shares.
BRIndex30 increased by 173.18 points or 0.66 percent to close at 26,220.39 points with total daily trading volumes of 151.146 million shares.
Foreign investors however remained net sellers of shares worth $3.114 million. The market capitalization increased by Rs 50 billion to Rs 10.782 trillion. Out of total 448 active scrips, 207 closed in positive and 185 in negative while the value of 56 stocks remained unchanged.
WorldCall Telecom was the volume leader with 23.243 million shares and closed at Rs 1.20, down Rs 0.01 followed by Fauji Cement that lost Rs 0.26 to close at Rs 27.15 with 21.628 million shares. Fauji Fertilizer Bin Qasim increased by Rs 2.98 to close at Rs 52.83 with 15.264 million shares.
Unilever Pakistan Foods and Hoechst Pakistan were the top gainers increasing by Rs 204.20 and Rs 89.97 respectively to close at Rs 17,500.00 and Rs 2,100.00 while Sapphire Textile Mills and Sapphire Fibres were the top losers declining by Rs 54.22 and Rs 40.00 respectively to close at Rs 1,163.17 and Rs 1,270.00.
An analyst at Topline Securities said that Pakistan’s stock market maintained its upward momentum as the KSE-100 Index surged 0.92 percent, closing at 82,721, adding 754 points. FFC (up 8.1 percent) from the Fertilizer Sector gained to close highest ever on back of improved Urea sales in September 2024.
Key drivers of the index were FFC, EFERT, PPL, BAFL, and FFBL, collectively adding 615 points. On the downside, MARI, TRG, MCB, and ATRL subtracted a cumulative 223 points.
BR Automobile Assembler Index increased by 97.71 points or 0.58 percent to close at 17,074.84 points with total turnover of 4.163 million shares.
BR Cement Index added 72.94 points or 0.9 percent to close at 8,156.21 points with 58.089 million shares.
BR Commercial Banks Index gained 79.79 points or 0.34 percent to close at 23,384.16 points with 18.233 million shares.
BR Power Generation and Distribution Index decreased by 65.16 points or 0.39 percent to close at 16,458.40 points with 16.022 million shares.
BR Oil and Gas Index lost 10.41 points or 0.14 percent to close at 7,587.63 points with 22.054 million shares.
BR Tech. & Comm. Index closed at 3,849.73 points, down 1.87 points or 0.05 percent with 45.848 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed all time high after massive fall in Treasury Bond yields, rising FX reserves and upbeat data on exports rising by 14.11 percent year-on-year for July-September 2024.
He said surging global crude oil prices, institutional interest ahead of quarter earnings season, and Pak Rupee stability played a catalyst role in bullish close.
Copyright Business Recorder, 2024
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