KARACHI: Bullish trend continued and Pakistan Stock Exchange (PSX) on Tuesday hit historic new highest ever levels on the back of aggressive buying mainly by local investors coupled with institutional support.
The benchmark KSE-100 index increased by 409.06 points or 0.48 percent and closed at highest ever level of 86,466.58 points. During the session, the index hit 86,846.04 points intra-day highest ever level, however closed slightly lower due to profit taking in some stocks.
Trading activities also improved as total daily volumes on ready counter increased to 722.209 million shares as compared to 474.949 million shares traded on Monday while total daily traded value on the ready counter increased to Rs 25.024 billion against previous session’s Rs 19.659 billion.
BRIndex100 gained 15.82 points or 0.17 percent to close at 9,223.29 points with total daily turnover of 626.750 million shares.
BRIndex30 surged by 205.8 points or 0.75 percent to close at 27,766.08 points with total daily trading volumes of 451.093 million shares.
The foreign investors however remained net sellers of shares worth $1.608 million. Total market capitalization increased by Rs 62 billion to Rs 11.352 trillion. Out of total 451 active scrips, 231 closed in positive and 149 in positive while the value of 71 stocks remained unchanged.
K-Electric was the volume leader with 224.204 million shares and gained Re 0.50 to close at Rs 4.23 followed by WorldCall Telecom that inched up by Re 0.02 to close at Rs 1.25 with 30.203 million shares. Fauji Foods lost Re 0.25 to close at Rs 9.11 with 26.100 million shares.
Unilever Pakistan Foods and Siemens (Pakistan) Engineering were the top gainers increasing by Rs 426.19 and Rs 84.15 respectively to close at Rs 18,166.83 and Rs 925.66 while Pakistan Tobacco Company and Rafhan Maize Products Company were the top losers declining by Rs 71.69 and Rs 71.20 respectively to close at Rs 1,088.11 and Rs 7,361.88.
An analyst at Topline Securities said that the KSE-100 index experienced a strong bullish momentum, reaching an intraday high of plus 788 points before closing at 86,466, a gain of 409 points or 0.48 percent.
This positive movement was driven by institutional buying and better-than-expected corporate earnings.
SYS from the Technology Sector surged 7.41 percent after announcing its 3Q2024 results, reporting an EPS of Rs 7.51, surpassing expectations.
KEL led the market in trading volume with a notable 224 million shares traded, reflecting a significant 13.16 percent increase. This was fuelled by material news, as NEPRA approved the generation tariff for all its power plants for the period after June 2023.
The major contributors to the index’s rise were SYS, LUCK, HUBC, ATRL, and KEL, which collectively added 380 points.
BR Automobile Assembler Index increased by 262.76 points or 1.47 percent to close at 18,166.03 points with total turnover of 13.794 million shares.
BR Cement Index soared by 161.16 points or 1.91 percent to close at 8,613.34 points with 43.614 million shares.
BR Commercial Banks Index lost 9.92 points or 0.04 percent to close at 24,484.42 points with 38.725 million shares.
BR Power Generation and Distribution Index surged by 273.75 points or 1.86 percent to close at 15,017.20 points with 254.196 million shares.
BR Oil and Gas Index inched down by 0.64 points or 0.01 percent to close at 8,361.58 points with 19.997 million shares.
BR Tech & Comm Index added 170.23 points or 4.26 percent to close at 4,163.84 points with 85.117 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed at an all time high in the earnings season amid upbeat data for $119 million current account surplus in September 2024 and $771 million FDI in the first quarter of FY25 surging by 48 percent YoY.
He said surging global crude oil prices, Government interest payment waivers on terminated IPPs and easing political noise played a catalyst role in record close at PSX.
Copyright Business Recorder, 2024
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