KARACHI: Pakistan Stock Exchange on Wednesday witnessed a remarkable recovery and recorded highest-ever single-day increase to hit a historic high.
The market opened on strong positive note and remained in green zone throughout the session due to reviving investor interest after easing political situation in the country.
The benchmark KSE-100 Index recorded highest-ever single-day increase of 4,695.09 points or 4.96 percent and crossed 99,000 historic level to close at its highest-ever level of 99,269.25 points. The index hit 99,549.81 points intraday high, however closed slightly lower due to profit-taking in some stocks.
The daily trading volumes on ready counter stood at 1,057.104 million shares as compared to 1,116.324 million shares traded on Tuesday. The daily traded value on the ready counter declined to Rs 39.556 billion against previous session’s Rs 43.291 billion.
BRIndex100 soared by 569.24 points or 5.64 percent to close at 10,658.55 points with total daily turnover of 825.151 million shares.
BRIndex30 increased by 1,822.48 points or 6.18 percent to close at 31,331.31 points with total daily trading volumes of 502.989 million shares.
Foreign investors however remained on the selling side and withdrew $6.757 million from the local equity market. The market capitalization increased by Rs 525 billion to Rs 12.577 trillion. Out of total 453 active scrips, 356 closed in positive and only 52 in negative while the value of 45 stocks remained unchanged.
Bank of Punjab was the volume leader with 114.966 million shares and increased by Rs 1.00 to close at Rs 7.85 followed by Hascol Petroleum that declined by Rs 1.00 to close at Rs 12.59 with 106.286 million shares. K-Electric gained Rs 0.50 to close at Rs 5.15 with 91.200 million shares.
Unilever Pakistan Foods and Rafhan Maize Products Company were the top gainers increasing by Rs 348.78 and Rs 175.27 respectively to close at Rs 19,368.13 and Rs 7,988.75 while Pakistan Services Limited and Sapphire Textile Mills were the top losers declining by Rs 50.29 and Rs 26.35 respectively to close at Rs 827.72 and Rs 1,151.64.
An analyst at Topline Securities said that the bulls staged a remarkable recovery in the session as the KSE-100 Index soared to an intraday high of plus 4,975 points, recording the largest single-day gain in its history. This impressive rally followed Tuesday’s sharp downturn. The market’s positive sentiment was largely driven by the opposition party’s decision to end its protest in the capital city late last night.
This shift marked a complete reversal from Tuesday’s turmoil, where the benchmark KSE-100 Index experienced its biggest single-day drop, plunging by 3,800 points. In an extraordinary recovery, the market rebounded with a gain of 4,975 points, fully offsetting and surpassing the previous session’s losses.
The trading floor witnessed robust buying activity, with the index-heavy banking sector leading the charge. Other significant contributors included automobile assemblers, oil and gas exploration companies, oil marketing companies (OMCs), and power generation firms.
Top contributors to the index’s upward trajectory were FFC, HBL, SYS, BAHL, and PPL, collectively adding 1,546 points.
BR Automobile Assembler Index added 426.57 points or 2.34 percent to close at 18,682.18 points with total turnover of 5.551 million shares.
BR Cement Index increased by 602.22 points or 6.45 percent to close at 9,938.88 points with 63.097 million shares.
BR Commercial Banks Index surged by 1,239.28 points or 4.52 percent to close at 28,657.43 points with 263.620 million shares.
BR Power Generation and Distribution Index soared by 839.07 points or 5.38 percent to close at 16,448.28 points with 110.359 million shares.
BR Oil and Gas Index gained 494.27 points or 5.4 percent to close at 9,646.52 points with 173.344 million shares.
BR Tech. & Comm. Index closed at 4,750.21 points, up 268.64 points or 5.99 percent with 89.195 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed to new all time high led by scrips across the board after PTI end protests in the capital easing political noise and concerns for security unrest.
He said upbeat economic indicators, speculations over likely lower CPI inflation for November 2024 and Pak-Rupee stability played a catalytic role in bullish activity.
Copyright Business Recorder, 2024
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