KARACHI: Pakistan Stock Exchange on Monday witnessed a bullish trend and closed on strong positive note with extremely healthy gains on the back of strong interest of local investors coupled with institutional support.
The benchmark KSE-100 Index recorded very impressive single-day gains of 4,411.27 points or 4.03 percent and closed at 113,924.42 points. The index hit 114,189.72 points intra-day high, however closed at slightly lower level due to profit taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 857.835 million shares as compared to 754.917 million shares traded on last Friday. The daily traded value on the ready counter increased to Rs 50.549 billion against previous session’s Rs 39.424 billion.
BRIndex100 increased by 519.98 points or 4.43 percent to close at 12,246.49 points with total daily turnover of 744.569 million shares.
BRIndex30 soared by 2008.74 points or 5.52 percent to close at 38,385.38 points with total daily trading volumes of 501.112 million shares.
Foreign investors however remained on the selling side and withdrew $2.524 million from the local equity market. Total market capitalization increased by Rs 487 billion to Rs 14.445 trillion. Out of total 463 active scrips, 361 closed in positive and only 62 in negative while the value of 40 stocks remained unchanged.
WorldCall Telecom was the volume leader with 71.053 million shares and inched up by Rs 0.12 to close at Rs 1.72 followed by Cnergyico that gained Rs 0.88 to close at Rs 6.79 with 66.471 million shares. Pak Elektron increased by Rs 1.94 to close at Rs 40.73 with 38.651 million shares.
Reliance Cotton Spinning Mills and Rafhan Maize Products Company were the top gainers increasing by Rs 69.00 and Rs 59.87 respectively to close at Rs 759.00 and Rs 9,250.00 while Unilever Pakistan Foods and Sapphire Textile Mills were the top losers declining by Rs 299.80 and Rs 46.70 respectively to close at Rs 21,100.00 and Rs 1,188.30.
An analyst at Topline Securities said that the benchmark index saw a notable increase, closing at 113,924 points, marking a gain of 4,411 points, or 4.03 percent.
The market continued its recovery following last week’s losses, driven by speculation that the selling by local funds has subsided.
Key contributors to the upward movement included OGDC, ENGRO, FFC, PSO, and DAWH, which together accounted for a significant plus 1,554 points of the index’s overall rise.
BR Automobile Assembler Index increased by 654.68 points or 3.23 percent to close at 20,901.02 points with total turnover of 10.899 million shares.
BR Cement Index gained 256.2 points or 2.33 percent to close at 11,235.48 points with 68.165 million shares.
BR Commercial Banks Index added 770.48 points or 2.82 percent to close at 28,109.34 points with 50.086 million shares.
BR Power Generation and Distribution Index surged by 732.26 points or 4.02 percent to close at 18,941.07 points with 56.046 million shares.
BR Oil and Gas Index surged by 725.37 points or 5.89 percent to close at 13,046.14 points with 108.780 million shares.
BR Tech. & Comm. Index closed at 5,700.46 points, up 286.61 points or 5.29 percent with 159.255 million shares.
Ali Najib at Insight Securities said PSX resumed the new week with an excitement as bulls marched every nook and corner of the market during the trading hours ultimately led the day to close at 113,924 points, up by 4.03 percent or 4,411 points.
Across-the=board buying has been witnessed post last week correction of over 10 percent. Investors’ sentiment was on the roof during the whole day which resulted into the aforesaid rally.
Again Fertilizer, OMC and E&P led the show with notable stocks such as OGDC, ENGRO, FFC, PSO and DAWH contributing significantly to the index’s movement, adding a combined 1,554 points positively.
Copyright Business Recorder, 2024
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