KARACHI: Pakistan Stock Exchange Monday opened on slightly negative note due to selling on investor concerns over increasing coronavirus cases in the country.
However, the market turned bullish and closed on strong positive note with healthy gains as the investors became optimistic due to the highest-ever textile exports in the first half of FY22, declining coal prices in international market and expectations of foreign inflows.
The benchmark KSE-100 Index surged by 541.98 points or 1.20 percent to close at 45,887.63 points. Trading activity also improved as daily volumes on ready counter increased to 356.967 million shares as compared to 242.263 million shares traded on previous session. Daily traded value on the ready counter increased to Rs 11.870 billion from Rs 7.933 billion on last trading session.
BRIndex100 gained 70.89 points or 1.52 percent to close at 4,732.71 points with total daily turnover of 289.579 million shares.
BRIndex30 increased by 373.75 points or 1.94 percent to close at 19,644.01 points with total daily trading volumes of 213.573 million shares.
Foreign investors also remained net buyers of shares worth $942,313. Total market capitalization increased by Rs 82 billion to Rs 7.854 trillion. Out of total 383 active scrips, 243 closed in positive and 112 in negative while the value of 28 stocks remained unchanged.
Unity Foods (R3) was the volume leader with 33.211 million shares and gained Rs 0.41 to close at Rs 2.43 followed by WorldCall Telecom that closed at Rs 2.32, up Rs 0.04 with 30.072 million shares.
Colgate Palmolive and Unilever Foods were the top gainers increasing by Rs 168.00 and Rs 150.00 respectively to close at Rs 2450.00 and Rs 19500.00 while Sapphire Fiber and Gatron Industries were the top losers declining by Rs 73.75 and Rs 42.44 respectively to close at Rs 916.00 and Rs 523.56.
An analyst at Arif Habib Limited said that the market stayed in the bullish zone as investors became optimistic due to the highest ever textile exports during the first half of FY22. The market opened under pressure as fears uplifted due to corona virus rising cases in Pakistan. After one hour of market opening, traders took aggressive bet on tech stocks.
Rally in banking sector was observed due to the expectation of foreign inflows. Cement sector stayed in the green zone due to the decline in international coal prices. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.
Sectors contributing to the performance include Banks (up 205 points), Power (up 70 points), Cement (up 64 points), Misc (up 56 points) and Technology (up 49 points).
BR Automobile Assembler Index inched up by 13.83 points or 0.16 percent to close at 8,590.58 points with total turnover of 1.354 million shares.
BR Cement Index gained 91.59 points or 1.58 percent to close at 5,897.55 points with 10.434 million shares.
BR Commercial Banks Index increased by 199.28 points or 2.01 percent to close at 10,101.32 points with 27.498 million shares.
BR Power Generation and Distribution Index surged by 143.66 points or 2.43 percent to close at 6,054.09 points with 12.879 million shares. BR Oil and Gas Index closed at 3,864.53 points, up 2.57 points or 0.07 percent with 9.906 million shares.
BR Tech. & Comm. Index added 63.63 points or 1.52 percent to close at 4,255.06 points with 113.449 million shares.
Neelam Naz at JS Global Capital said that KSE-100 closed in the green zone at 45,888, up 542 points. Major positive contributors to the index were HUBC, PSEL, MCB, TRG and HBL, whereas, major volume leaders were WTL (up 1.8 percent), HUMNL (up 4.2 percent), TRG (up 3.2 percent), TELE (down 0.7 percent) and TREET (up 4.6 percent).
Copyright Business Recorder, 2022