KARACHI: Pakistan Stock Exchange extended its record breaking rally and hit new highest-ever levels with healthy gains on the back of investor strong interest on their expectation over improving macroeconomic indicators and further cut in interest rate. The benchmark KSE-100 Index surged by 1,078.15 points or 1.19 percent and closed at its highest-ever level of 91,938.01 points. During the session, the index crossed historic 92,000 psychological level to hit 92,159.08 points intra-day highest ever level however closed at lower level due to profit taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 589.546 million shares as compared to 465.865 million shares traded on last Friday while total daily traded value on the ready counter increased to Rs 29.959 billion against previous session’s Rs 23.089 billion.
BRIndex100 soared by 73.63 points or 0.76 percent to close at 9,767.78 points with total daily turnover of 517.906 million shares.
BRIndex30 increased by 239.65 points or 0.82 percent to close at 29,399.93 points with total daily trading volumes of 306.164 million shares.
Foreign investors however remained on the selling side and withdrew $1.870 million from the local equity market. Total market capitalization increased by Rs 102 billion to Rs 11.809 trillion. Out of total 445 active scrips, 258 closed in positive and 140 in negative while the value of 47 stocks remained unchanged.
Power Cement was the volume leader with 56.698 million shares and gained Rs 0.97 to close at Rs 7.12 followed by K-Electric that inched up by Rs 0.18 to close at Rs 4.85 with 38.931 million shares. Maple Leaf Cement increased by Rs 2.75 to close at Rs 41.53 with 36.957 million shares.
Indus Motor Company and Rafhan Maize Products Company were the top gainers increasing by Rs 70.50 and Rs 63.75 respectively to close at Rs 1,989.28 and Rs 7,505.35 while Bela Automotives and Blessed Textiles were the top losers declining by Rs 40.59 and Rs 23.20 respectively to close at Rs 365.31 and Rs 226.80.
An analyst at Topline Securities said Pakistan stocks continued their remarkable ascent, extending their record-breaking rally as investors eagerly awaited the forthcoming monetary policy review.
The key contributors to this surge included SYS, LUCK, CHCC, HUBC, and ENGRO, which collectively added 611 points.
BR Automobile Assembler Index added 355.14 points or 1.96 percent to close at 18,440.89 points with total turnover of 6.528 million shares.
BR Cement Index surged by 467.64 points or 4.82 percent to close at 10,176.26 points with 159.072 million shares.
BR Commercial Banks Index declined by 134.19 points or 0.53 percent to close at 25,024.89 points with 38.940 million shares.
BR Power Generation and Distribution Index increased by 312.41 points or 2.04 percent to close at 15,594.66 points with 66.205 million shares.
BR Oil and Gas Index gained 7.39 points or 0.08 percent to close at 8,939.12 points with 62.181 million shares.
BR Tech. & Comm. Index soared by 264.18 points or 6.01 percent to close at 4,657.04 points with 81.683 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that the KSE-100 index soared to an all-time high of 91,938, closing with an impressive gain of 1,078 points.
The market started strong, reaching an intraday peak of 92,159, driven by significant investor interest in the Cement, Energy & Power, and Fertilizer sectors. Notable volume leaders included POWER, KEL, MLCF, WTL, and PPL.
Copyright Business Recorder, 2024
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