KARACHI: Pakistan Stock Exchange continued its bullish trend and hit new highest-ever levels on the back of aggressive buying, mainly by local investors coupled with institutional support on expectations of further cut in interest rate after declining inflation and improving macroeconomic indicators.
The benchmark KSE-100 Index surged by 1,867.61 points or 1.63 percent and crossed 116,000 level for the first time in its history to close at its highest-ever level of 116,169.41 points. The index hit 116,681.59 points intra-day highest ever level, however closed slightly lower due to profit taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 1,470.661 million shares as compared to 1,118.570 million shares traded on last Friday while total daily traded value on the ready counter increased to Rs 66.628 billion against previous session’s Rs 59.511 billion.
BRIndex100 soared by 244.59 points or 2.02 percent to close at 12,346.97 points with total daily turnover of 1,279.988 million shares.
BRIndex30 increased by 1,140.74 points or 3.01 percent to close at 39,100.00 points with total daily trading volumes of 942.130 million shares.
Foreign investors however remained on the selling side and withdrew $3.478 million from the local equity market. Total market capitalization increased by Rs 224 billion to Rs 14.811 trillion. Out of total 477 active scrips, 246 closed in positive and 194 in negative while the value of 37 stocks remained unchanged.
WorldCall Telecom was the volume leader with 403.228 million shares and gained Rs 0.13 to close at Rs 1.92 followed by Cnergyico PK that inched up by Rs 0.11 to close at Rs 7.12 with 59.584 million shares. Pak Refinery increased by Rs 2.72 to close at Rs 36.52 with 54.776 million shares.
Nestle Pakistan and Rafhan Maize Products Company were the top gainers increasing by Rs 163.27 and Rs 108.58 respectively to close at Rs 7,586.36 and Rs 8,999.09 while Unilever Pakistan Foods and Khyber Textile Mills were the top losers declining by Rs 154.99 and Rs 64.63 respectively to close at Rs 20,820.00 and Rs 720.32.
An analyst at Topline Securities said that the KSE-100 Index reached a historic high of 116,691, marking an impressive gain of 1,868 points, or 1.63 percent.
The market continued its strong upward momentum, extending its record-breaking rally as investors anticipated the upcoming monetary policy review. This was further bolstered by significant buying activity from local institutions, with the index hitting an intraday peak of 116,682 level.
The rise in the index was primarily driven by strong performances from MARI, FFC, PPL, OGDC, and HUBC, which collectively contributed plus 1,749 points.
BR Automobile Assembler Index increased by 370.78 points or 1.81 percent to close at 20,828.77 points with total turnover of 19.777 million shares.
BR Cement Index gained 6.18 points or 0.05 percent to close at 11,973.43 points with 84.518 million shares.
BR Commercial Banks Index declined by 371.49 points or 1.33 percent to close at 27,484.58 points with 64.492 million shares.
BR Power Generation and Distribution Index soared by 590.81 points or 3.26 percent to close at 18,690.71 points with 65.383 million shares.
BR Oil and Gas Index surged by 774.89 points or 5.98 percent to close at 13,743.01 points with 121.777 million shares.
BR Tech. & Comm. Index lost 4.92 points or 0.09 percent to close at 5,677.10 points with 510.082 million shares.
Ali Najib at Insight Securities said the PSX had a shopping day where investors chose to cherry pick blue-chip stocks ahead of Monetary Policy Announcement for next two months.
The KSE-100 Index resumed the week with strong opening of over 1,000 points positive. The bullish sentiment continued throughout the trading hours and PSX called the day at 116,169 levels (plus 1,868 points; up 1.63 percent).
E&P, Fertilizer, Power and Refinery sector stocks led the show as MARI, FFC, OGDC, PPL and HUBC contributed plus 1,750 points.
Copyright Business Recorder, 2024
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