KARACHI: Pakistan Stock Exchange (PSX) on Tuesday closed on strong positive note with healthy gains on the back of local investor interest coupled with institutional support.
The benchmark KSE-100 index surged by 578.96 points or 0.68 percent and closed at 85,840.34 points. During the session, the index hit 85,893.99 points intra-day high and 84,856.21 points intra-day low levels.
Total daily trading volumes on ready counter stood at 422.107 million shares as compared to 477.642 million shares traded on Monday while total daily traded value on the ready counter increased to Rs 24.467 billion against previous session’s Rs 23.474 billion.
BRIndex100 added 84.11 points or 0.93 percent to close at 9,151.59 points with total daily turnover of 345.866 million shares.
BRIndex30 increased by 208.33 points or 0.77 percent to close at 27,233.85 points with total daily trading volumes of 212.611 million shares.
The foreign investors however remained on the selling side and withdrew $1.365 from the local equity market. Total market capitalization increased by Rs 64 billion to Rs 11.228 trillion. Out of total 443 active scrips, 202 closed in positive and 174 in negative while the value of 67 stocks remained unchanged.
PTCL was the volume leader with 37.868 million shares and gained Re 0.36 to close at Rs 15.73 followed by Hub Power Co that inched up by Re 0.52 to close at Rs 98.83 with 33.284 million shares. Kohinoor Spining increased by Re 0.73 to close at Rs 7.59 with 22.458 million shares.
Unilever Pakistan Foods and Pakistan Engineering Company were the top gainers increasing by Rs 126.95 and Rs 75.64 respectively to close at Rs 17,477.45 and Rs 876.30 while Hallmark Company and Sapphire Fibres were the top losers declining by Rs 98.34 and Rs 93.20 respectively to close at Rs 885.06 and Rs 1,255.65.
An analyst at Topline Securities said that the trading session witnessed a pullback in the Fertilizer and Exploration & Production (E&P) sectors; however, investor enthusiasm remained high due to the ongoing SCO summit, with many anticipating new investment opportunities.
Key contributors to the index included MARI, EFERT, OGDC, ATRL, and FFC, which together added 425 points.
BR Automobile Assembler Index increased by 221.19 points or 1.29 percent to close at 17,332.85 points with total turnover of 8.752 million shares.
BR Cement Index lost 1.27 points or 0.02 percent to close at 8,236.08 points with 21.107 million shares.
BR Commercial Banks Index added 113.34 points or 0.46 percent to close at 24,847.67 points with 18.362 million shares.
BR Power Generation and Distribution Index gained 60.26 points or 0.43 percent to close at 14,061.21 points with 81.627 million shares.
BR Oil and Gas Index surged by 141.01 points or 1.71 percent to close at 8,402.60 points with 23.602 million shares.
BR Tech & Comm Index closed at 3,993.41 points, up 28.11 points or 0.71 percent with 76.968 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed bullish in the earning season rally at PSX led blue chip scrips as investor weigh strong earnings outlook and diplomatic gains in the SCO summit.
He said easing political noise after opposition called off protests, rupee stability and Government deliberations over CPEC Phase II played a catalyst role in positive close.
Copyright Business Recorder, 2024
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