KARACHI: Pakistan Stock Exchange continued its bullish trend and hit new highest-ever level on the back of aggressive buying, mainly by local investors coupled with institutional support on optimism after falling of inflation to 78-month low and improving macroeconomic indicators.
The benchmark KSE-100 Index surged by 1,917.63 points or 1.89 percent and closed at its new highest-ever level of 103,274.95 points. The index hit 103,386.47 points intra-day highest-ever level, however closed slightly lower due to profit taking in some stocks.
Trading activity also improved significantly as daily volumes on ready counter increased to 1,556.252 million shares as compared to 915.509 million shares traded on last Friday. The daily traded value on the ready counter increased to Rs 47.097 billion against previous session’s Rs 35.978 billion.
BRIndex100 increased by 194.73 points or 1.79 percent to close at 11,095.98 points with total daily turnover of 1,342.305 million shares.
BRIndex30 soared by 600.41 points or 1.84 percent to close at 33,254.58 points with total daily trading volumes of 964.996 million shares.
Foreign investors however remained on the selling side and withdrew $2.774 million from the local equity market. Total market capitalization increased by Rs 222 billion to Rs 13.107 trillion. Out of total 462 active scrips, 339 closed in positive and only 85 in negative while the value of 38 stocks remained unchanged.
WorldCall Telecom was the volume leader with 213.514 million shares and gained Rs 0.09 to close at Rs 1.46 followed by Cnergyico PK increased by Rs 1.00 to close at Rs 5.72 with 196.907 million shares. Fauji Foods closed at Rs 13.62, up Rs 0.96 with 68.325 million shares.
Unilever Pakistan Foods and Service Industries Limited were the top gainers increasing by Rs 270.00 and Rs 134.94 respectively to close at Rs 19,800.01 and Rs 1,484.30 while Ismail Industries Limited and Pakistan Tobacco Company were the top losers declining by Rs 38.28 and Rs 20.23 respectively to close at Rs 1,599.82 and Rs 1,214.96.
An analyst at Topline Securities said bulls dominated the day as KSE-100 Index gained 1,918 (up 1.89 percent) to close at 103,275 level. This positivity in the market can be attributed to Pakistan CPI falling below 5 percent for the month of November to clock in at 4.9 percent (versus Oct 2024 CPI of 7.2 percent) - lowest reading in 78 months.
Record participation was observed, as the traded value of Rs.47 billion was highest after May 2017. Traded value wise OGDC (Rs 3.84 billion), PPL (Rs 1.93 billion), PSO (Rs 1.44 billion), SEARL (Rs.1.39 billion) and DGKC (Rs.1.26 billion) dominated the activity.
Top contribution point wise came from ENGRO, FFC, MEBL and FCCL, as they cumulatively contributed plus 617 points to the index. Investor interest was observed in cement sector as it gained 4.7 percent basis, on expectation of higher dispatch numbers for the month of November where declining interest rate have started providing stimulus to the sector.
BR Automobile Assembler Index increased by 228.71 points or 1.21 percent to close at 19,200.46 points with total turnover of 8.232 million shares.
BR Cement Index surged by 509.49 points or 4.91 percent to close at 10,882.66 points with 132.222 million shares.
BR Commercial Banks Index soared by 400.5 points or 1.39 percent to close at 29,144.18 points with 122.065 million shares.
BR Power Generation and Distribution Index gained 151.17 points or 0.92 percent to close at 16,638.83 points with 79.780 million shares.
BR Oil and Gas Index inched up by 16.43 points or 0.16 percent to close at 10,053.40 points with 177.405 million shares.
BR Tech. & Comm. Index added 114.05 points or 2.31 percent to close at 5,056.98 points with 303.372 million shares.
Mubashir Anis Naviwala at JS Global Capital said that the KSE-100 Index closed at 103,275, gaining 1,917 points, bolstered by improving macroeconomic indicators and heightened expectations of further monetary easing.
For context, CPI arrived at 4.9 percent for November 2024 – lowest since last 6.5 years further boosting the market sentiments. Traded volumes showed significant improvement, reaching 1,556 million shares. Top volume leaders included WTL, CNERGY, FFL, KEL and SSGC.
Copyright Business Recorder, 2024
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