KARACHI: Pakistan Stock Exchange on Thursday achieved another historic milestone and hit new highest-ever levels with impressive gains and increased trading volumes on the back of strong interest of local investors coupled with institutional support due to expectation of further interest rate cut after declining inflation and improving macroeconomic indicators.
The benchmark KSE-100 Index crossed 114,000 historic level for the first time and closed at its highest-ever level of 114,180.51 points, with impressive gains of 3,370.29 points, which was third highest ever single day increase in its history.
The index hit 114,408.62 points intraday highest ever level, however closed slightly lower due to profit-taking in some stocks.
Due to investors’ strong participation, trading activity also improved as total daily volumes on ready counter increased to 1,469.558 million shares as compared to 1,080.023 million shares traded on Wednesday. The daily traded value on the ready counter increased to Rs 67.278 billion against previous session’s Rs 47.139 billion.
BRIndex100 increased by 392.55 points or 3.33 percent to close at 12,164.73 points with total daily turnover of 1,271.094 million shares.
BRIndex30 soared by 1,196.11 points or 3.27 percent to close at 37,780.12 points with total daily trading volumes of 841.358 million shares.
Foreign investors however remained on the selling side and withdrew $4.245 million from the local equity market. Total market capitalization increased by Rs 366 billion to Rs 14.517 trillion. Out of total 464 active scrips, 299 closed in positive and 132 in negative while the value of 33 stocks remained unchanged.
WorldCall Telecom was the volume leader with 232.925 million shares and gained Rs 0.14 to close at Rs 1.79 followed by Cnergyico PK that inched up by Rs 0.10 to close at Rs 7.21 with 80.186 million shares. Pak Int. Bulk Terminal increased by Rs 1.00 to close at Rs 9.07 with 70.681 million shares.
Nestle Pakistan and Rafhan Maize Products Company were the top gainers increasing by Rs 199.92 and Rs 149.12 respectively to close at Rs 7,355.19 and Rs 8,750.00 while Macter International and Hallmark Company were the top losers declining by Rs 30.16 and Rs 24.24 respectively to close at Rs 424.69 and Rs 800.53.
An analyst at Topline Securities said the stock market extended its historic rally as euphoria gripped investors following a significant decline in T-bill auction yields. This development fuelled aggressive buying across the board, driving the market to new heights.
The remarkable performance highlights sustained optimism, with the market now rallying an astounding 185 percent over the past 18 months. The broad-based buying saw blue-chip and growth stocks in key sectors like fertilizer, E&Ps, and technology leading the charge, reflecting robust investor confidence amid a shifting macroeconomic environment.
Top contributors to the index’s rise included FFC, MARI, PPL, PSO, ENGRO, and OGDC, collectively adding 2,028 points to the benchmark index.
BR Automobile Assembler Index decreased by 98.45 points or 0.48 percent to close at 20,361.39 points with total turnover of 6.380 million shares.
BR Cement Index lost 23.59 points or 0.2 percent to close at 11,926.46 points with 76.426 million shares.
BR Commercial Banks Index gained 121.77 points or 0.42 percent to close at 29,000.32 points with 68.201 million shares.
BR Power Generation and Distribution Index increased by 320.29 points or 1.78 percent to close at 18,265.48 points with 81.643 million shares.
BR Oil and Gas Index surged by 698.93 points or 5.95 percent to close at 12,452.83 points with 144.149 million shares.
BR Tech. & Comm. Index soared by 173.56 points or 3.14 percent to close at 5,696.21 points with 351.811 million shares.
Ali Najib at Insight Securities said that the PSX had “A big bull day”, as the KSE-100 Index witnessed a robust rally of 3,370 points.
The day resumed on a positive note and remained in the green zone throughout the day. Cooling off on the political landscape on the backdrop of the government and opposition party agreed on unconditional dialogues to resolve issues and further decline in the yields the T-bills auction are the two significant catalyst of the aforesaid massive showdown at PSX.
Fertilizer, E&P, Technology, OMC and Power were the key sectors which contributed positively as FFC, MARI, PPL, PSO, ENGRO, OGDC & SYS saw buying interest in them and gained 2,199 points.
Copyright Business Recorder, 2024
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