KARACHI: A bullish trend continued as Pakistan Stock Exchange on Wednesday hit new highest-ever level, however failed to sustain this level due to foreign selling in the second half that eroded almost all intraday gains.
The benchmark KSE-100 Index crossed 86,000 historic level to hit 86,451.43 points intraday highest-ever level, however could not sustain this level due to profit-taking and closed at 85,669.28 points, up just 5.30 points or 0.01 percent. Trading activity further improved as total daily volumes on ready counter increased to 596.052 million shares as compared to 506.565 million shares traded on Tuesday. The daily traded vale on the ready counter declined to Rs 31.341 billion against previous session’s Rs 33.049 billion.
BRIndex100 lost 2.45 points or 0.03 percent to close at 9,091.06 points with total daily turnover of 501.192 million shares.
BRIndex30 gained 60.86 points or 0.22 percent to close at 27,378.84 points with total daily trading volumes of 349.963 million shares.
Foreign investors however remained on the selling side and withdrew $11.238 million from the local equity market. Total market capitalization increased by Rs 2 billion to Rs 11.174 trillion. Out of total 448 active scrips, 208 closed in positive and 172 in negative while the value of 68 stocks remained unchanged.
K-Electric was the volume leader with 55.799 million shares and gained Rs 0.21 to close at Rs 3.98 followed by Hub Power Co that increased by Rs 1.50 to close at Rs 113.42 with 39.666 million shares. P.T.C.L. surged by Rs 1.15 to close at Rs 13.20 with 32.226 million shares.
Lucky Core Industries and Hallmark Company were the top gainers increasing by Rs 114.32 and Rs 102.50 respectively to close at Rs 1,257.56 and Rs 1,348.03 while Nestle Pakistan and Hoechst Pakistan were the top losers declining by Rs 75.24 and Rs 54.13 respectively to close at Rs 6,790.00 and Rs 2,335.87.
An analyst at Topline Securities said that the KSE-100 Index closed at 85,669, up 5.0 points or 0.1 percent.
The session experienced significant volatility, peaking at 86,451 and dipping to 85,444, largely due to profit-taking and the index’s inability to sustain levels above 86,000. The market was primarily supported by local institutions’ buying activity.
Key contributors to the index included MCB, LCI, BAHL, HUBC, and HBL, which collectively added 292 points. However, negative movements from FFC, EFERT, and POL deducted 215 points from the index.
BR Automobile Assembler Index gained 24.49 points or 0.14 percent to close at 17,253.04 points with total turnover of 8.704 million shares.
BR Cement Index decreased by 67.53 points or 0.81 percent to close at 8,254.63 points with 33.160 million shares.
BR Commercial Banks Index surged by 294.73 points or 1.21 percent to close at 24,702.26 points with 71.643 million shares.
BR Power Generation and Distribution Index increased by 241.9 points or 1.57 percent to close at 15,610.53 points with 106.363 million shares.
BR Oil and Gas Index declined by 104.54 points or 1.26 percent to close at 8,183.08 points with 36.450 million shares.
BR Tech. & Comm. Index inched up by 6.84 points or 0.17 percent to close at 3,963.72 points with 101.638 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed to a new all time high led by banking scrips after SBP revised per party exposure limits for SMEs, and reports of $2.8 billion record remittances in September 2024.
He said midsession pressure remained on falling global crude oil prices, and foreign outflows. “Easing political noise and speculations in the earning season played a catalyst role in positive close.”
Copyright Business Recorder, 2024
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