KARACHI: Pakistan Stock Exchange maintained its bullish trend and hit new highest-ever levels on Wednesday on the back of investors strong interest on expectations of further decrease in interest rate in the upcoming monetary policy meeting.
The benchmark KSE-100 Index surged by 545.26 points or 0.51 percent and closed at its new highest-ever level of 105,104.34 points. The index hit 105,473.56 points intraday highest-ever level, however closed at slightly lower level due to profit-taking in some stocks.
The daily trading volume on ready counter stood at 1,749.316 million shares as compared to 1,766.474 million shares traded on Tuesday. The daily traded value on the ready counter declined to Rs 50.416 billion against previous session’s Rs 56.624 billion.
BRIndex100 gained 73.05 points or 0.65 percent to close at 11,288.90 points with total daily turnover of 1,546.190 million shares.
BRIndex30 increased by 489.6 points or 1.45 percent to close at 34,139.98 points with total daily trading volumes of 1,035.634 million shares.
The foreign investors however remained on the selling side and withdrew $2.257 million from the local equity market. Total market capitalization increased by Rs 104 billion to Rs 13.356 trillion. Out of total 467 active scrips, 258 closed in positive and 180 in negative while the value of 29 stocks remained unchanged.
WorldCall Telecom was the volume leader with 257.531 million shares and gained Rs 0.14 to close at Rs 1.61 followed by Cnergyico PK that inched up by Rs 0.13 to close at Rs 6.85 with 213.200 million shares. Pak Int. Bulk Terminal increased by Rs 0.41 to close at Rs 8.57 with 89.650 million shares.
Unilever Pakistan Foods and Hoechst Pakistan were the top gainers increasing by Rs 334.89 and Rs 53.32 respectively to close at Rs 20,200.00 and Rs 2,748.57 while Sapphire Fibres and Service Industries were the top losers declining by Rs 87.62 and Rs 51.40 respectively to close at Rs 1,112.38 and Rs 1,430.37.
An analyst at Topline Securities said that the market maintained its bullish momentum, reaching an intraday high of 105,474 points. Persistent buying by local institutions, coupled with high trading volumes, reflected strong investor confidence, fuelled by expectations of a declining interest rate in the upcoming Monetary Policy Meeting.
Major contributors to the index’s surge included MARI, HUBC, AIRLINK, MTL, and PSO, collectively adding 442 points to the index.
BR Automobile Assembler Index increased by 290.22 points or 1.51 percent to close at 19,469.02 points with total turnover of 8.874 million shares.
BR Cement Index gained 80.68 points or 0.73 percent to close at 11,128.00 points with 137.334 million shares.
BR Commercial Banks Index declined by 198.94 points or 0.68 percent to close at 29,053.73 points with 95.200 million shares.
BR Power Generation and Distribution Index surged by 481.61 points or 2.89 percent to close at 17,134.63 points with 74.073 million shares.
BR Oil and Gas Index soared by 170.33 points or 1.66 percent to close at 10,445.11 points with 101.400 million shares.
BR Tech. & Comm. Index added 85.29 points or 1.68 percent to close at 5,154.72 points with 421.890 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed to new all-time high led by oil and energy sectors amid upbeat data on POL sales surging by 15 percent YoY, cement sales surging by 5.6 percent YoY in November 2024.
He said imminent SBP policy rate cut next week, Pak-Rupee stability, upbeat economic indicators on exports, trade deficit and external account played catalytic role in record close at PSX.
Copyright Business Recorder, 2024
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