KARACHI: Pakistan Stock Exchange on Friday opened on a strong positive note and hit new historic highest levels however selling pressure after mid-session minimized its gains as the investors opted to book profit on available margins.
The benchmark KSE-100 Index increased by 469.83 points or 0.48 percent to close at its new highest-ever level of 97,798.23 points. The index crossed 99,000 historic level to hit 99,623.04 points intraday high.
Trading activity also improved as daily volumes on ready counter surged to 1,249.092 million shares as compared to 969.907 million shares traded on Thursday. The daily traded value on the ready counter increased to Rs 45.475 billion against previous session’s Rs 35.167 billion.
BRIndex100 gained 38.48 points or 0.37 percent to close at 10,445.15 points with total daily turnover of 1,019.566 million shares.
BRIndex30 closed at 31,189.45 points, down 523.86 points or 1.65 percent with total daily trading volumes of 663.301 million shares.
The market capitalization declined by Rs 7 billion to Rs 12.518 trillion. Out of total 449 active scrips, 296 closed in negative and 112 in positive while the value of 41 stocks remained unchanged.
WorldCall Telecom was the volume leader with 177.135 million shares and gained Rs 0.01 to close at Rs 1.39 followed by K-Electric that lost Rs 0.08 to close at Rs 5.31 with 124.131 million shares. Hascol Petroleum declined by Rs 1.16 to close at Rs 11.23 with 105.013 million shares.
Nestle Pakistan and PIA Holding Company LimitedB were the top gainers increasing by Rs 83.69 and Rs 78.04 respectively to close at Rs 6,700.00 and Rs 998.24 while Unilever Pakistan Foods and Abbott Laboratories Pakistan were the top losers declining by Rs 85.01 and Rs 61.72 respectively to close at Rs 19,015.00 and Rs 1,023.10.
An analyst at Topline Securities said that rally was observed at the Exchange led by Banking Sector as the index gained to make an intraday high of plus 2,295 points (up by 2.36 percent) largely on rumor that Pakistan bankers association has tabled removal of MDR on savings deposits for conventional banks.
Some profit taking was observed later during the day as investor`s factored in the fact that aforementioned rumor has not been confirmed by the authorities.
Top contribution to the index came from Banking Sector as MEBL, BAHL, MCB, HBL, BAFL and HMB cumulatively contributed plus 1,139 points to the index. Traded value wise HBL (Rs.2.8 billion), PSO (Rs.2.3 billion), MARI (Rs.2.1 billion), FFC (Rs.1.93 billion) and OGDC (Rs 1.74 billion) dominated the activity.
BR Automobile Assembler Index plunged by 245.66 points or 1.27 percent to close at 19,067.00 points with total turnover of 14.602 million shares.
BR Cement Index declined by 153.19 points or 1.5 percent to close at 10,030.35 points with 42.069 million shares.
BR Commercial Banks Index surged by 1,511.8 points or 5.95 percent to close at 26,912.42 points with 152.139 million shares.
BR Power Generation and Distribution Index lost 84.39 points or 0.51 percent to close at 16,397.75 points with 145.852 million shares.
BR Oil and Gas Index decreased by 85.98 points or 0.88 percent to close at 9,682.46 points with 176.914 million shares.
BR Tech. & Comm. Index fell by 139.19 points or 2.93 percent to close at 4,611.34 points with 242.071 million shares.
“After crossing the 99,000 barrier and arriving at an all-time intraday high, market witnessed a volatile session today with a high and low level of 99,623 and 97,471, respectively,” Mubashir Anis Naviwala at JS Global Capital said.
Trading volumes stood at 1,249 million shares. Banking stocks remained the key sectors performing. WTL, KEL, HASCOL, FFL, and TBL were the volumes leaders.
Copyright Business Recorder, 2024
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