KARACHI: Pakistan Stock Exchange (PSX) on Friday achieved a new historic milestone and hit highest ever levels on the back of aggressive buying mainly by local investors coupled with institutional support.
The benchmark KSE-100 index surged by 771.19 points or 0.83 percent and crossed 93,000 historic level for the first time in its history to close at highest ever level of 93,291.68 points. During the session, the index hit 93,514.56 points highest ever level however closed at slightly lower level due to profit taking in some stocks.
Trading activities also improved as total daily volumes on ready counter increased to 763.255 million shares as compared to 678.788 million shares traded on Thursday while total daily traded value on the ready counter increased to Rs 30.206 billion against previous session’s Rs 24.827 billion.
BRIndex100 soared by 121.06 points or 1.23 percent to close at 9,957.36 points with total daily turnover of 655.429 million shares.
BRIndex30 increased by 769.84 points or 2.57 percent to close at 30,770.05 points with total daily trading volumes of 440.237 million shares.
The foreign investors however remained on the selling side and withdrew $2.518 million from the local equity market. Total market capitalization increased by Rs 101 billion to Rs 11.977 trillion. Out of total 446 active scrips, 243 closed in positive and 146 in negative while the value of 57 stocks remained unchanged.
Bank of Punjab was the volume leader with 66.481 million shares and gained Re 0.19 to close at Rs 6.76 followed by WorldCall Telecom that inched up by Re 0.04 to close at Rs 1.27 with 51.311 million shares. Pak Elektron increased by Rs 1.56 to close at Rs 26.86 with 44.159 million shares.
Hoechst Pakistan and Unilever Pakistan Foods were the top gainers increasing by Rs 172.93 and Rs 113.00 respectively to close at Rs 2,574.00 and Rs 19,099.99 while Pakistan Engineering Company and Shifa International Hospitals were the top losers declining by Rs 42.29 and Rs 33.81 respectively to close at Rs 707.96 and Rs 338.96.
An analyst at Topline Securities said that the KSE-100 Index continued its momentum to close at 93,292 level (up by 0.83 percent), as decline in yields on fixed income instrument and improvement in macroeconomic indicators continue to garner investor interest.
Pakistan inward workers’ remittances for the month of October 2024 came in at $3.052 billion (up by 24 percent YoY & 7.0 percent MoM).
Traded value wise ATRL PA (Rs 2.25 billion), OGDC PA (Rs 2.0 billion), PSO PA (Rs 1.98 billion), HUBC PA (Rs 1.76 billion) and PPL PA (Rs 1.28 billion) dominated the activity.
Investor interest in ATRL PA can be attributed to Corporate Briefing Session conducted by company where they stated that have raised sales tax issue with SIFC, which has given the petroleum industry a deadline to resolve it by November 10, 2024. Management is confident that the sales tax issue will be resolved and that they will sign the agreement.
BR Automobile Assembler Index soared by 202.52 points or 1.05 percent to close at 19,557.78 points with total turnover of 11.749 million shares.
BR Cement Index lost 41.18 points or 0.4 percent to close at 10,211.38 points with 76.696 million shares.
BR Commercial Banks Index decreased by 87.18 points or 0.35 percent to close at 24,803.35 points with 89.404 million shares.
BR Power Generation and Distribution Index surged by 411.48 points or 2.57 percent to close at 16,430.99 points with 49.565 million shares.
BR Oil and Gas Index increased by 223.35 points or 2.49 percent to close at 9,201.31 points with 59.568 million shares.
BR Tech & Comm Index gained 22.5 points or 0.49 percent to close at 4,581.87 points with 118.579 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks at new all time high amid bull-run in global equities and MSCI revised higher standard index weight at 4.4 percent inviting foreign interest.
He said falling bank lending rates and Government bond yields played a catalyst role in record bullish activity at PSX.
Copyright Business Recorder, 2024
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