KARACHI: Pakistan Stock Exchange on Thursday achieved historic milestone and hit highest-ever level on the back of strong interest of local investors coupled with institutional support on optimism after cut in interest rate, decreasing inflation and improving macroeconomic indicators.
With this bullish trend, Pakistan stock market has become the second best performing market in the world.
The benchmark KSE-100 Index crossed 97,000 historic level for the first time and closed at its highest-ever level of 97,328.40 points, recording an impressive increase of 1,781.94 points or 1.87 percent. The index hit 97,437.15 points intraday highest level, however closed at slightly lower level due to profit-taking in some stocks.
The daily trading volumes on the ready counter stood at 969.907 million shares as compared to 1,138.411 million shares traded on Wednesday while total daily traded value on the ready counter stood at Rs 35.167 billion against previous session’s Rs 37.481 billion.
BRIndex100 soared by 219.96 points or 2.16 percent to close at 10,406.67 points with total daily turnover of 780.660 million shares.
BRIndex30 increased by 377.06 points or 1.2 percent to close at 31,713.31 points with total daily trading volumes of 415.033 million shares.
Foreign investors however remained on the selling side and withdrew $3.662 million from the local equity market. Total market capitalization increased by Rs 197 billion to Rs 12.525 trillion. Out of total 457 active scrips, 249 closed in positive and 167 in negative while the value of 41 stocks remained unchanged.
WorldCall Telecom was the volume leader with 95.563 million shares and gained Rs 0.10 to close at Rs 1.38 followed by Pace (Pak) Limited that inched up by Rs 0.32 to close at Rs 5.81 with 51.499 million shares. Kohinoor Spining lost Rs 0.58 to close at Rs 8.40 with 48.260 million shares.
Pakistan Services Limited and Haleon Pakistan Limited were the top gainers increasing by Rs 80.17 and Rs 80.13 respectively to close at Rs 882.84 and Rs 882.45 while Rafhan Maize Products Company and Nestle Pakistan Limited were the top losers declining by Rs 137.27 and Rs 74.86 respectively to close at Rs 7,956.29 and Rs 6,616.31.
An analyst at Topline Securities said that the market demonstrated a bullish trajectory, reaching an intraday high of 97,437 level.
Investor confidence was boosted following the Army Chief’s meeting with the business community. Additionally, aggressive buying in the fertilizer sector, particularly in FFC and FFBL, contributed to the positive momentum.
Key contributors to the index’s upward movement included FFC, EFERT, ENGRO, FFBL, and OGDC, which collectively added 1,196 points to the index.
BR Automobile Assembler Index gained 76.96 points or 0.4 percent to close at 19,312.66 points with total turnover of 8.532 million shares.
BR Cement Index added 51.19 points or 0.51 percent to close at 10,183.54 points with 38.892 million shares.
BR Commercial Banks Index soared by 106.86 points or 0.42 percent to close at 25,400.62 points with 30.163 million shares.
BR Power Generation and Distribution Index lost 20.67 points or 0.13 percent to close at 16,482.14 points with 60.509 million shares.
BR Oil and Gas Index increased by 104.99 points or 1.09 percent to close at 9,768.44 points with 76.136 million shares.
BR Tech. & Comm. Index fell by 15.74 points or 0.33 percent to close at 4,750.53 points with 157.321 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed bullish led by scrips across-the-board as investors weigh drop in government bonds yield and robust economic data for current account surplus, remittances, exports and FDI.
He said surging forex reserves and speculations over Government decisions on economic reforms, and privatization played catalytic role in record surge at PSX.
Copyright Business Recorder, 2024
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