KARACHI: Pakistan Stock Exchange on Wednesday witnessed a bullish trend and hit historic highest-ever levels on the back of healthy buying, mainly by local investors coupled with institutional support. The benchmark KSE-100 Index crossed 86,000 psychological level and closed at new highest-ever level of 86,205.66 points with net gains of 365.32 points or 0.43 percent. The index hit 86,513.46 points intraday high during the session.
Trading activity also improved as daily volumes on ready counter increased to 474.333 million shares as compared to 422.107 million shares traded on Tuesday. The daily traded value on the ready counter increased to Rs 26.942 billion against previous session’s Rs 24.467 billion.
BRIndex100 added 53.16 points or 0.58 percent to close at 9,204.75 points with total daily turnover of 399.542 million shares.
BRIndex30 increased by 483.47 points or 1.78 percent to close at 27,717.32 points with total daily trading volumes of 253.782 million shares.
Foreign investors however remained net sellers of shares worth $315,306. The market capitalization increased by Rs 41 billion to Rs 11.269 trillion. Out of total 445 active scrips, 227 closed in positive and 150 in negative while the value of 68 stocks remained unchanged.
The Searle Company was the volume leader with 26.011 million shares and surged by Rs 5.29 to close at Rs 63.32 followed by Hub Power Company that increased by Rs 2.90 to close at Rs 101.73 with 24.345 million shares. Hum Network gained Rs 0.14 to close at Rs 14.24 with 22.574 million shares.
Unilever Pakistan Foods and Rafhan Maize Products Company were the top gainers increasing by Rs 156.55 and Rs 138.57 respectively to close at Rs 17,634.00 and Rs 7,259.71 while Hallmark Company and Sapphire Textile Mills were the top losers declining by Rs 88.51 and Rs 62.07 respectively to close at Rs 796.55 and Rs 1,146.41.
An analyst at Topline Securities said that the KSE-100 Index soared to a record-breaking 86,205 points, fuelled by investor optimism following the successful Shanghai Cooperation Organisation (SCO) summit.
The summit heightened expectations of regional political and economic stability, strengthening market confidence. This positive sentiment, combined with robust corporate earnings, ignited a broad-based rally across multiple sectors.
LPL, NPL, and NCPL hit their upper circuit limits after news broke that the government will release outstanding amount and also proposed four “take and pay” options for 18 Independent Power Producers (IPPs) established under the Power Generation Policies of 1994 and 2002. This development further uplifted sentiment in the power sector, adding momentum to the market’s rally.
Major contributors to the index’s rise included PPL, HUBC, PSO, OGDC, and SEARL, which collectively added 368 points.
BR Automobile Assembler Index added 119.96 points or 0.69 percent to close at 17,452.81 points with total turnover of 12.919 million shares.
BR Cement Index gained 36.98 points or 0.45 percent to close at 8,273.06 points with 41.779 million shares.
BR Commercial Banks Index declined by 245.32 points or 0.99 percent to close at 24,602.35 points with 20.416 million shares.
BR Power Generation and Distribution Index surged by 405.46 points or 2.88 percent to close at 14,466.67 points with 62.882 million shares.
BR Oil and Gas Index increased by 144.07 points or 1.71 percent to close at 8,546.67 points with 41.978 million shares.
BR Tech. & Comm. Index closed at 3,992.06 points, down 1.35 points or 0.03 percent with 64.216 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed record high in the earnings season rally at PSX as investors weigh easing political noise and speculations over economic commitments in the SCO summit.
He said slump in bond yields, and Government deliberation on privatisation of SOEs played a catalyst role in bullish activity in PSX.
Copyright Business Recorder, 2024
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