KARACHI: A bull run continued as Pakistan Stock Exchange on Thursday hit new highest-ever levels with impressive gains on the back of strong interest of local investors coupled with institutional support.
The benchmark KSE-100 Index surged by 3,134.63 points or 2.98 percent and closed at its new highest-ever level of 108,238.97 points. The index hit 108,345.99 points intra-day highest ever levels however closed slightly lower due to profit taking in some stocks.
The daily trading volumes on ready counter stood at 1,647.134 million shares as compared to 1,749.316 million shares traded on Wednesday. The daily traded value on the ready counter increased to Rs 63.229 billion against previous session’s Rs 50.416 billion.
BRIndex100 increased by 356.64 points or 3.16 percent to close at 11,645.54 points with total daily turnover of 1,421.685 million shares.
BRIndex30 soared by 1,247.5 points or 3.65 percent to close at 35,387.48 points with total daily trading volumes of 892.319 million shares.
Foreign investors however remained on the selling side and withdrew $4.792 million from the local equity market. Total market capitalization increased by Rs 389 billion to Rs 13.745 trillion. Out of total 473 active scrips, 307 closed in positive and 129 in negative while the value of 37 stocks remained unchanged.
Bank of Punjab was the volume leader with 163.462 million shares and increased by Rs 1.00 to close at Rs 10.09 followed by WorldCall Telecom that lost Rs 0.02 to close at Rs 1.59 with 150.476 million shares. Cnergyico PK gained Rs 0.02 to close at Rs 6.87 with 86.659 million shares.
Unilever Pakistan Foods and Sapphire Fibres Limited were the top gainers increasing by Rs 481.08 and Rs 101.64 respectively to close at Rs 20,681.08 and Rs 1,214.02 while Hafiz Limited and Fateh Sports Wear Limited were the top losers declining by Rs 24.27 and Rs 11.20 respectively to close at Rs 238.23 and Rs 100.77.
An analyst at Topline Securities said the PSX witnessed another exhilarating trading session as the bullish momentum continued unabated. The benchmark KSE-100 Index surged to an intraday high of 3,241 points, fuelled by heightened investor confidence and robust market sentiment surrounding expectations of a substantial rate cut in the upcoming monetary policy meeting, scheduled for December 16, 2024.
Record-breaking volumes underscored the day’s intense trading activity, reflecting broad-based participation across sectors. The rally was predominantly driven by relentless buying from local mutual funds, which acted as the primary catalyst for sustaining the bull run.
Blue-chip stocks and high-capitalization sectors spearheaded the advance, with major contributions from MARI, FFC, HUBC, UBL, PPL, and LUCK, collectively adding 1,303 points to the index’s stellar performance.
BR Automobile Assembler Index increased by 595.97 points or 3.06 percent to close at 20,064.99 points with total turnover of 15.184 million shares.
BR Cement Index soared by 464.87 points or 4.18 percent to close at 11,592.87 points with 106.343 million shares.
BR Commercial Banks Index added 785.07 points or 2.7 percent to close at 29,838.80 points with 277.484 million shares.
BR Power Generation and Distribution Index surged by 786.6 points or 4.59 percent to close at 17,921.23 points with 90.904 million shares.
BR Oil and Gas Index gained 427.47 points or 4.09 percent to close at 10,872.58 points with 156.930 million shares.
BR Tech. & Comm. Index inched up by 101.54 points or 1.97 percent to close at 5,256.26 points with 277.232 million shares.
Mubashir Anis Naviwala at JS Global Capital said the KSE-100 index witnessed strong buying activity throughout the day as the index reached 108,346 points level during the session.
Significant buying witnessed across key sectors including Oil & Gas, Banking, Fertilizer and Power driven by growing investor confidence with anticipation of a potential rate cut in the upcoming Monetary Policy Meeting.
Most actively traded stocks of the day were BOP, WTL, CNERGY and SSGC.
Copyright Business Recorder, 2024
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