KARACHI: Pakistan Stock Exchange Monday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of across-the-board buying by local and foreign investors.

The benchmark KSE-100 Index surged by 439.27 points or 1.00 percent to cross 44,000 psychological level to close at 44,339.95 points. Daily trading volumes on ready counter stood at 238.453 million shares as compared to 252.204 million shares traded on previous session.

BRIndex100 gained 64.47 points or 1.43 percent to close at 4,573.32 points with a turnover of 206.379 million shares.

BRIndex30 increased by 596.37 points or 3.22 percent to close at 19,097.67 points with total daily trading volumes of 152.545 million shares.

Foreign investors also remained net buyers of shares worth $2.241 million. Total market capitalization increased by Rs 61 billion to Rs 7.580 trillion. Out of total 343 active scrips, 248 closed in positive and only 76 in negative while the value of 19 stocks remained unchanged.

TRG Pak was the volume leader with 25.677 million shares and increased by Rs 7.98 to close at Rs 114.41 followed by WorldCall Telecom that gained Rs 0.04 to close at Rs 2.19 with 17.456 million shares.

Sanofi-Aventis and Lucky Cement were the top gainers increasing by Rs 39.65 and Rs 19.16, respectively to close at Rs 568.35 and Rs 693.74 while Bata Pak and Sapphire Textile were the top losers declining by Rs 44.65 and Rs 36.87 respectively to close at Rs 2000.00 and Rs 852.01.

An analyst at Arif Habib Limited said that the KSE-100 Index continued its bullish trend as investor confidence boosted up from last week OMO injection creating stability in the market.

Profit-taking occurred in the first trading hour then market stayed in the green zone throughout the day. Bullish trend was observed, mainly in the cement and steel sector.

In technology sector, TRG made the journey to north by hitting circuit as the BoDs has decided to continue to work towards further maximizing value and capital returns of its proceeds for the company and its shareholders. TRGP further requested TRGI to directly or indirectly provide value, benefit or liquidity to its shareholders. It was further decided to park TRGP’s portion of the liquid assets in a separate wholly owned subsidiary of TRGI (SPV) which will time to time purchase shares of TRG from the stock market. Moreover, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include Cements (up 101 points), Technology and Communication (up 88 points), Fertilizer (up 58 points), Commercial Banks (up 35 points) and E&P (up 30 points).

BR Automobile Assembler Index increased by 143.02 points or 1.72 percent to close at 8,472.75 points with total turnover of 3.909 million shares.

BR Cement Index surged by 136.11 points or 2.41 percent to close at 5,781.84 points with 20.853 million shares.

BR Commercial Banks Index gained 46.08 points or 0.48 percent to close at 9,746.32 points with 22.830 million shares.

BR Power Generation and Distribution Index added 67.41 points or 1.25 percent to close at 5,470.12 points with 6.097 million shares.

BR Oil and Gas Index inched up by 24.99 points or 0.66 percent to close at 3,794.82 points with 11.003 million shares.

BR Tech. & Comm. Index closed at 4,127.15 points, up 107.15 points or 2.67 percent with 72.958 million shares.

An analyst at Topline Securities said that Pakistan equities closed on positive note where benchmark KSE-100 Index settled at 44,339 level, up 1.0 percent). Investors cheered the interesting move by the central bank as they conducted a 7 and 63 days OMO injection last week on Friday which give a signal of stability to market.

Major contribution came from TRG where the company notified the exchange that TRG international will transfer the portion of liquid asset of TRG Pakistan in a wholly owned subsidiary of TRGI (SPV).

This SPV will, as soon as practicable, utilize all or part of these liquid assets to purchase shares of TRGP from the market from time to time which led the stock to close at its upper limit (up 7.5 percent).

Further investors interest was witnessed in Cements sector where LUCK, CHCC and DGKC were the major gainers.

Copyright Business Recorder, 2021