KARACHI: Pakistan Stock Exchange continued its bullish trend and hit new highest-ever levels on Monday on the back of strong interest of both local and foreign investors coupled with institutional support on optimism of further cut in interest rate after significant decrease in inflation and improving macroeconomic indicators.
The benchmark KSE-100 Index surged by 916.44 points or 0.84 percent and closed at its new highest-ever level of 109,970.39 points. Although, the market opened on negative note due to selling pressure and dropped into negative zone to hit 107,625.92 points intraday low, however, witnessed strong recovery on the back of healthy buying by local and foreign investors and institutions and turned bullish to hit 110,358.85 points intra-day highest-ever level during the session.
The daily trading volumes on ready counter stood at 1,597.868 million shares as compared to 1,697.842 million shares traded last Friday. The daily traded value on the ready counter increased to Rs 60.251 billion against previous session’s Rs 57.487 billion.
BRIndex100 gained 33.6 points or 0.29 percent to close at 11,749.47 points with total daily turnover of 1,355.386 million shares.
BRIndex30 increased by 689.47 points or 1.94 percent to close at 36,171.33 points with total daily trading volumes of 926.491 million shares.
Foreign investors also remained net buyers of shares worth $1.445 million. The market capitalization increased by Rs 172 billion to Rs 14.027 trillion. Out of total 467 active scrips, 278 closed in positive and 158 in negative while the value of 31 stocks remained unchanged.
K-Electric was the volume leader with 164.514 million shares and gained Rs 0.42 to close at Rs 6.16 followed by WorldCall Telecom that inched up by Rs 0.08 to close at Rs 1.83 with 161.906 million shares. Cnergyico PK closed at Rs 7.13, up Rs 0.26 with 113.022 million shares.
Nestle Pakistan and Sazgar Engineering Works were the top gainers increasing by Rs 671.59 and Rs 95.01 respectively to close at Rs 7,387.52 and Rs 1,156.40 while Lucky Core Industries and Thal Limited were the top losers declining by Rs 47.84 and Rs 21.39 respectively to close at Rs 1,094.88 and Rs 442.39.
An analyst at Topline Securities said the KSE-100 Index closed at an all-time high of 109,970, recording a gain of 916 points, or 0.84 percent. The market opened with concerns over ADRs, reflecting a negative sentiment with a decline of 1,424 points. However, as local institutions entered the market, it reversed course and moved into positive territory, reaching an intraday high of 110,359.
Major contributors to the index’s surge included MARI, LUCK, SYS, ENGRO, and SEARL, which collectively added 910 points to the index.
BR Automobile Assembler Index surged by 988.69 points or 4.95 percent to close at 20,972.41 points with total turnover of 20.079 million shares.
BR Cement Index increased by 349.77 points or 3.06 percent to close at 11,761.90 points with 122.012 million shares.
BR Commercial Banks Index declined by 961.33 points or 3.17 percent to close at 29,396.98 points with 141.889 million shares.
BR Power Generation and Distribution Index gained 281.61 points or 1.59 percent to close at 18,029.80 points with 182.717 million shares.
BR Oil and Gas Index soared by 316.91 points or 2.92 percent to close at 11,186.97 points with 112.616 million shares.
BR Tech. & Comm. Index added 195.34 points or 3.67 percent to close at 5,521.46 points with 327.845 million shares.
Muhammad Hasan Athar at JS Global Capital said the KSE-100 Index maintained its bullish momentum, rising by 916 points (up 0.8 percent) to close at 109,970 level.
He said investor confidence was fueled by improving macroeconomic indicators, including a 7-year low inflation rate of 4.9 percent and growing expectations of interest rate reductions. KEL, WTL, CNERGY, and BOP emerged as the most actively traded stocks of the day.
“The market sentiment received an additional boost as Saudi Arabia extended a $3.0 billion deposit with Pakistan for another year and formalized seven MoUs into contracts worth $560 million. However, banking stocks came under pressure amidst concerns over potential tax reforms.”
Copyright Business Recorder, 2024
Comments
Comments are closed.