KARACHI: Pakistan Stock Exchange on Monday witnessed extremely bullish trend and closed on strong positive note with impressive healthy gains due to aggressive buying mainly by local investors coupled with institutional support.
The benchmark KSE-100 index surged by massive 3,907.82 points or 3.51 percent and crossed 115,000 level to close at 115,259.00 points. During the session, the index hit 115,422.34 points intra-day high, however closed at slightly lower level due to profit taking in some stocks.
Trading activities also improved significantly as total daily volumes on ready counter increased to 1,059.020 million shares as compared to 815.920 million shares traded on last Friday while total daily traded value on the ready counter increased to Rs 40.889 billion against previous session’s Rs 32.917 billion.
BRIndex100 soared by 396.29 points or 3.31 percent to close at 12,384.80 points with total daily turnover of 936.856 million shares.
BRIndex30 increased by 1,232.99 points or 3.32 percent to close at 38,388.70 points with total daily trading volumes of 636.690 million shares.
The foreign investors however remained net sellers of shares worth $642,245. Total market capitalization increased by Rs 432 billion to Rs 14.558 trillion. Out of total 465 active scrips, 333 closed in positive and only 84 in negative while the value of 48 stocks remained unchanged.
Cnergyico PK was the volume leader with 125.613 million shares and gained Re 0.92 to close at Rs 7.44 followed by WorldCall Telecom that inched up by Re 0.12 to close at Rs 1.83 with 111.551 million shares. Bank of Punjab increased by Re 0.99 to close at Rs 10.47 with 84.182 million shares.
Unilever Pakistan Foods and Rafhan Maize Products Company were the top gainers increasing by Rs 351.23 and Rs 92.12 respectively to close at Rs 21,133.87 and Rs 8,980.56 while Khyber Textile Mills and PIA Holding Company Limited were the top losers declining by Rs 60.39 and Rs 58.78 respectively to close at Rs 578.73 and Rs 832.28.
An analyst at Topline Securities said the Pakistan Stock Exchange staged a powerful bullish run, with the KSE-100 Index soaring by 3,907 points (up 3.51 percent) to close at 115,258 level.
This upward momentum was fuelled by optimism surrounding anticipated increases in equity fund allocations by local institutions ahead of the new-year. Adding further impetus was a statement from the finance minister over the weekend, suggesting a potential decline in interest rate to single-digit levels in the future. While the ultimate decisions lie with the Monetary Policy Committee, the Minister’s remarks boosted market confidence and optimism about the economic outlook.
Major contributors to the index’s rise included HBL, DAWH, MCB, ENGRO, and MARI, collectively adding 1,265 points to the day’s performance.
BR Automobile Assembler Index gained 162.28 points or 0.79 percent to close at 20,756.04 points with total turnover of 5.858 million shares.
BR Cement Index increased by 474.61 points or 4.41 percent to close at 11,230.00 points with 64.132 million shares.
BR Commercial Banks Index surged by 1,551.77 points or 5.51 percent to close at 29,719.84 points with 173.942 million shares.
BR Power Generation and Distribution Index soared by 459.97 points or 2.56 percent to close at 18,412.58 points with 58.579 million shares.
BR Oil and Gas Index soared by 409.88 points or 3.26 percent to close at 12,976.62 points with 82.378 million shares.
BR Tech & Comm Index closed at 5,805.87 points, up 183.14 points or 3.26 percent with 203.596 million shares.
Ali Najib at Insight Securities said the KSE-100 index was moving very fast near year end to demonstrate the maximum performance in CY24 as reflected by the massive rally.
Bulls didn’t pay any respect to 112,000, 113,000, 114,000 and 115,000 levels as investors sentiment was on the roof throughout the trading hours. Wide-ranging buying was observed across multiple sectors assisted the benchmark index to establish epic bullish show.
ADR Tax resolution over the weekend, further cooling off on the inflation front as DEC CPI is expected to land at around 4.5-4.9 percent and continuous conversion from fixed income to equity funds can be accredited to today’s rally.
Banks, Fertilizer, E&P, Technology and Power were the key sectors observed fresh flow in them. Consequently, HBL, DAWH, MCB, ENGRO, MARI, MEBL, BAHL and SYS saw major buying interest as they contributed plus 1,856 points.
Copyright Business Recorder, 2024
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