KARACHI: A bullish trend continued as Pakistan Stock Exchange on Monday hit historic highest-ever levels on the back of aggressive buying by local and foreign investors coupled with institutional support as falling bond yields and expectations of lower inflation fueled optimism.
The benchmark KSE-100 Index surged by 1,378.34 points or 1.65 percent and closed at highest-ever level of 84,910.30 points. The index crossed 85,000 level for the first time in its history to hit 85,047.81 points intraday highest-ever level 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 449.507 million shares as compared to 381.529 million shares traded on last Friday while total daily traded value on the ready counter increased to Rs 30.196 billion against previous session’s Rs 20.523 billion.
BRIndex100 soared by 155.33 points or 1.76 percent to close at 8,980.18 points with total daily turnover of 387.910 million shares.
BRIndex30 increased by 650.8 points or 2.43 percent to close at 27,419.90 points with total daily trading volumes of 244.735 million shares.
Foreign investors also remained net buyers of shares worth $2.820 million. The market capitalization increased by Rs 198 billion to Rs 11.077 trillion. Out of total 448 active scrips, 218 closed in positive and 167 in negative while the value of 63 stocks remained unchanged.
PPL was the volume leader with 40.779 million shares and surged by Rs 8.09 to close at Rs 126.69 followed by Hub Power Co that declined by Rs 3.64 to close at Rs 121.70 with 28.080 million shares. Fauji Cement increased by Rs 1.05 to close at Rs 28.00 with 23.127 million shares.
Hoechst Pakistan and Pakistan Tobacco Company were the top gainers increasing by Rs 185.20 and Rs 85.77 respectively to close at Rs 2,285.20 and Rs 1,027.45 while Bhanero Textile Mills and Hallmark Company were the top losers declining by Rs 82.27 and Rs 43.04 respectively to close at Rs 966.73 and Rs 1,132.30.
An analyst at Topline Securities said that the KSE-100 Index soared to an impressive close at 84,910, jumping by 1,378 points or 1.65 percent. This surge was driven by falling bond yields and an expected sharp drop in inflation, igniting a wave of optimism in the market.
Key players like OGDC, PPL, FFC, POL, and ENGRO fuelled the rally, contributing a remarkable plus 752 points to the index.
BR Automobile Assembler Index lost 24.62 points or 0.14 percent to close at 17,062.41 points with total turnover of 4.004 million shares.
BR Cement Index gained 50.61 points or 0.61 percent to close at 8,367.56 points with 52.421 million shares.
BR Commercial Banks Index increased by 260.88 points or 1.11 percent to close at 23,852.43 points with 29.471 million shares.
BR Power Generation and Distribution Index declined by 300.93 points or 1.81 percent to close at 16,305.55 points with 45.986 million shares.
BR Oil and Gas Index surged by 385.78 points or 4.94 percent to close at 8,193.82 points with 85.426 million shares.
BR Tech. & Comm. Index added 40.93 points or 1.05 percent to close at 3,936.72 points with 54.834 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed at all-time high led by blue chip oil scrips amid speculations in the earnings season. PPL $6.0 million inflows for close out settlement with Iraq Midland Oil triggered the rally.
He said surging global crude oil prices, slump in banking lending rates and Government deliberation on privatisation of SOEs played a catalyst role in bullish activity in PSX.
Copyright Business Recorder, 2024
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