KARACHI: The record breaking trend continued on Pakistan Stock Exchange as the market hit new historic highest-ever level on Friday on the back of investosr strong interest coupled with institutional support.
The benchmark KSE-100 Index surged by 1,047.98 points or 1.18 percent and closed at new highest-ever level of 89,993.97 points. The index crossed 90,000 historic level to hit 90,593.61 points intraday highest-ever level however closed at slightly lower level due to profit-taking in some stocks.
The daily trading volumes on ready counter stood at 695.544 million shares as compared to 757.648 million shares traded on Thursday while total daily traded value on the ready counter increased to Rs 37.873 billion against previous session’s Rs 36.047 billion.
BRIndex100 increased by 67.86 points or 0.71 percent to close at 9,653.93 points with total daily turnover of 586.682 million shares.
BRIndex30 closed at 28,713.18 points, down 78.06 points or 0.27 percent with total daily trading volumes of 377.895 million shares.
The market capitalization increased by Rs 97 billion to Rs 11.689 trillion. Out of total 457 active scrips, 222 closed in negative and 181 in positive while the value of 54 stocks remained unchanged.
Fauji Foods was the volume leader with 57.561 million shares and gained Rs 0.78 to close at Rs 10.01 followed by K-Electric that lost Rs 0.24 to close at Rs 4.58 with 41.399 million shares. Sui Southern Gas Company increased by Rs 1.03 to close at Rs 11.98 with 38.036 million shares.
Rafhan Maize Products Company and Unilever Pakistan Foods were the top gainers increasing by Rs 371.44 and Rs 229.44 respectively to close at Rs 7,400.00 and Rs 18,685.00 while Sapphire Textile Mills and Nestle Pakistan were the top losers declining by Rs 73.47 and Rs 59.84 respectively to close at Rs 1,101.53 and Rs 6,565.12.
Ahsan Mehanti at Arif Habib Corporation said stocks closed to new all-time high led by selected blue chip scrips in oil, banking and fertilizer sectors on strong financial results and expected major cut in SBP key policy rate next week.
He said FM affirmation for privatisation of SOEs, rationalising PSDP, $1.0 billion sought for IMF climate fund, and falling lending rates played a catalyst role in bullish activity in PSX.
BR Automobile Assembler Index declined by 183.89 points or 1.02 percent to close at 17,892.59 points with total turnover of 9.604 million shares.
BR Cement Index surged by 350.21 points or 3.83 percent to close at 9,484.00 points with 91.855 million shares.
BR Commercial Banks Index increased by 298.73 points or 1.2 percent to close at 25,277.32 points with 33.384 million shares.
BR Power Generation and Distribution Index plunged by 463.06 points or 3.0 percent to close at 14,990.52 points with 61.282 million shares.
BR Oil and Gas Index soared by 148.43 points or 1.74 percent to close at 8,664.20 points with 120.077 million shares.
BR Tech. & Comm. Index decreased by 69.66 points or 1.63 percent to close at 4,199.67 points with 88.170 million shares.
“Continuing its momentum KSE-100 Index extended its gain by 1.18 percent to close at 89,994 level, just shy of 90,000 psychological level,” an analyst at Topline Securities said.
Good corporate result announcements also provided stimulus to the market – where PSO (highest traded value wise scrip – Rs.5.09 billion) from the OMC Sector announced its 3Q2024 result announcement in at Rs 8.46, which was better than street estimate on account lower than expected inventory losses; following the result announcement it garnered investor interest to close at Rs 224.98 (up by 9.58 percent).
Copyright Business Recorder, 2024
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