KARACHI: A bullish trend continued as Pakistan Stock Exchange on Friday hit new highest-ever levels with healthy gains on the back of strong interest of local investors coupled with institutional support.
The benchmark KSE-100 Index surged by 814.98 points or 0.75 percent and closed its new highest-ever level of 109,053.95 points. The index hit 109,478.09 points intraday highest ever level however closed at slightly lower level due to profit-taking in some stocks.
Trading activity also improved as daily volumes on ready counter increased to 1,697.842 million shares as compared to 1,647.134 million shares traded on Thursday. The daily traded value on the ready counter declined to Rs 57.487 billion against previous session’s Rs 63.229 billion.
BRIndex100 gained 70.33 points or 0.6 percent to close at 11,715.87 points with total daily turnover of 1,508.430 million shares.
BRIndex30 soared by 94.38 points or 0.27 percent to close at 35,481.86 points with total daily trading volumes of 1,046.784 million shares.
The market capitalization increased by Rs 110 billion to Rs 13.855 trillion. Out of total 468 active scrips, 233 closed in positive and 200 in negative while the value of 35 stocks remained unchanged.
WorldCall Telecom was the volume leader with 368.901 million shares and gained Rs 0.16 to close at Rs 1.75 followed by Bank of Punjab that increased by Rs 0.75 to close at Rs 10.84 with 115.553 million shares. Cnergyico PK closed at the previous session’s closing level of Rs 6.87 without any change with 93.624 million shares.
Rafhan Maize Products Company and Sapphire Fibres Limited were the top gainers increasing by Rs 422.41 and Rs 55.98 respectively to close at Rs 8,512.85 and Rs 1,270.00 while Unilever Pakistan Foods and Pakistan Tobacco Company were the top losers declining by Rs 64.41 and Rs 23.06 respectively to close at Rs 20,616.67 and Rs 1,266.07.
“Continuing its momentum the KSE-100 Index extended its gain by 815 points (up 0.75 percent) to close at 109,036 level,” an analyst at Topline Securities said, adding that this gain can be attributed to news that Saudi Arabia has agreed to extend the $3 billion deposit held in the State Bank of Pakistan (SBP) for another year offering essential assistance to Pakistan’s foreign exchange reserves.
Robust activity was observed at the exchange largely led by intuitional buying; as traded volume and value for the day stood at 1.70 billion shares and Rs 57 billion ($205 million).
Traded value wise UBL (Rs 5.09 billion), MARI (Rs 2.3 billion), ENGRO (Rs 2.25 billion), SEARL (Rs 2.08 billion) and PAEL (Rs 2.05 billion) dominated the activity. Point wise top contribution to the index came from ENGRO, UBL, MEBL, DAWH and MARI cumulatively contributed plus 956 points to the index
BR Automobile Assembler Index lost 81.27 points or 0.41 percent to close at 19,983.72 points with total turnover of 17.999 million shares.
BR Cement Index declined by 180.74 points or 1.56 percent to close at 11,412.13 points with 103.121 million shares.
BR Commercial Banks Index surged by 519.51 points or 1.74 percent to close at 30,358.31 points with 223.544 million shares.
BR Power Generation and Distribution Index decreased by 173.04 points or 0.97 percent to close at 17,748.19 points with 73.304 million shares.
BR Oil and Gas Index inched down by 2.52 or 0.02 percent to close at 10,870.06 points with 84.347 million shares.
BR Tech. & Comm. Index increased by 69.86 points or 1.33 percent to close at 5,326.12 points with 522.929 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks witnessed bullish trend led by oil and banking sectors amid speculations ahead of SBP key policy rate announcement next week and FM assurance to cover slippages over IMF targets before first review under EFF.
He said $3.0 billion Saudi Fund deposit rollover supporting FX reserves, Pak-Rupee stability and upbeat economic indicators played a catalytic role in new record at PSX.
Copyright Business Recorder, 2024
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