KARACHI: Pakistan Stock Exchange on Thursday achieved historic milestone crossing 100,000 mark for the first time in its history and closed at new highest-ever level with aggressive participation of investors coupled with institutional support.
“The rally comes amidst signs of cooling inflation and declining interest rates, which have boosted market liquidity and fueled unprecedented gains,” experts said.
The benchmark KSE-100 Index surged by 813.52 points or 0.82 percent and crossed 100,000 historic level to close at its highest-ever level of 100,082.77 points. The index hit 100,540.29 points intra-day highest ever level, however closed at slightly lower level due to profit taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 1,164.794 million shares as compared to 1,057.104 million shares traded on Wednesday. The daily traded value on the ready counter increased to Rs 39.776 billion against previous session’s Rs 39.556 billion.
BRIndex100 increased by 117.17 points or 1.1 percent to clsoe at 10,775.72 points with total daily turnover of 946.461 million shares.
BRIndex30 soared by 902.84 points or 2.88 percent to close at 32,234.15 points with total daily trading volumes of 599.689 million shares.
Foreign investors however remained on the selling side and withdrew $5.029 million from the local equity market. Total market capitalization increased by Rs 139 billion to Rs 12.716 trillion. Out of total 452 active scrips, 290 closed in positive and 118 in negative while the value of 44 stocks remained unchanged.
Bank of Punjab was the volume leader with 179.225 million shares and increased by Rs 1.00 to close at Rs 8.85 followed by K-Electric that gained Rs 0.25 to close at Rs 5.40 with 64.868 million shares. Bank Makramah inched up by Rs 0.05 to close at Rs 2.73 with 60.297 million shares.
Unilever Pakistan Foods and Service Industries Limited were the top gainers increasing by Rs 126.71 and Rs 51.21 respectively to close at Rs 19,494.84 and Rs 1,226.69 while Rafhan Maize Products Company and PIA Holding Company LimitedB were the top losers declining by Rs 110.75 and Rs 21.70 respectively to close at Rs 7,878.00 and Rs 880.58.
An analyst at Topline Securities said that the KSE-100 Index closed at an all-time high of 100,083, recording a gain of 814 points or 0.82 percent.
The market sustained its bullish momentum, reaching an intraday high of 100,540. Investor confidence was bolstered by declining T-Bill yields, reduced political uncertainty, and a rally in leveraged companies supported by falling KIBOR rates.
Major contributors to the index’s surge included PPL, HBL, OGDC, LUCK, and TRG, which collectively added 629 points to the index.
BR Automobile Assembler Index gained 101.95 points or 0.55 percent to close at 18,784.13 points with total turnover of 4.956 million shares.
BR Cement Index surged by 396.83 points or 3.99 percent to close at 10,335.71 points with 94.323 million shares.
BR Commercial Banks Index declined by 428.65 points or 1.5 percent to close at 28,228.78 points with 293.289 million shares.
BR Power Generation and Distribution Index lost 30.3 points or 0.18 percent to close at 16,417.98 points with 75.590 million shares.
BR Oil and Gas Index increased by 262.19 points or 2.72 percent to close at 9,908.71 points with 124.503 million shares.
BR Tech. & Comm. Index soared by 164.7 points or 3.47 percent to close at 4,914.91 points with 153.258 million shares.
Mubashir Anis Naviwala at JS Global Capital said that the benchmark KSE-100 Index achieved a historic milestone,
surpassing the 100,000 mark for the first time and reaching an intraday high of 100,540. Leading the activity were BOP, KEL, BML, PACE and HASCOL.
Strong investor confidence, driven by improving macroeconomic fundamentals and declining fixed-income yields, the equity market is likely to maintain its bullish momentum, he said.
Copyright Business Recorder, 2024
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