KARACHI: A bullish trend was witnessed at Pakistan Stock Exchange Thursday with increasing trading volumes on the back of across-the-board aggressive buying, mainly by local investors coupled with institutional support. The market opened on strong positive note and remained in green throughout the session and closed with healthy gains.
The benchmark KSE-100 Index surged by 591.27 points or 1.33 percent closed at intra-day highest level of 44,928.83 points. Trading activity also improved significantly as total daily volumes on ready counter increased to 415.634 million shares as compared to 344.135 million shares traded on Wednesday while total daily traded value increased to Rs 9.675 billion against previous day’s Rs 7.779 billion.
BRIndex100 added 58.98 points or 1.32 percent to close at 4,517.79 points with total daily turnover of 369.902 million shares.
BRIndex30 increased by 388.75 points or 2.44 percent to close at 16,332.67 points with total daily trading volumes of 268.862 million shares.
The foreign investors however remained on the selling side and withdrew $3.816 million from Pakistan capital market. Total market capitalization increased by Rs 101 billion to Rs 7.582 trillion. Out of total 362 active scrips, 273 closed in positive and only 75 in negative while the value of 14 stocks remained unchanged. K-Electric was the volume leader with 56.072 million shares and gained Rs 0.03 to close at Rs 3.14 followed by Treet Corp that increased by Rs 2.20 to close at Rs 33.93 with 34.449 million shares. Telecard Limited closed at its upper circuit of Rs 14.17, up Rs 1.00 with 27.292 million shares.
Nestle Pakistan and Bata Pak were the top gainers increasing by Rs 321.73 and Rs 141.43 respectively to close at Rs 5,821.73 and Rs 2,426.43 while Allawasaya Textile and Wyeth Pak were the top losers declining by Rs 101.04 and Rs 51.90 respectively to close at Rs 1,246.22 and Rs 2,007.70.
An analyst at Arif Habib Limited said that the market witnessed positive momentum along with improved trading volumes. The KSE-100 Index stayed in green zone. As investors seems to be optimistic on ground of decline in international oil prices and expectation of upcoming good financial results in cement stocks. On the flip side activity remained healthy in 3rd tier stocks
Sectors contributing to the performance include Technology (up 118.2 points), Fertilizer (up 87.1 points), Banks (up 67.7 points) and Cement (up 41.0 points).
BR Automobile Assembler Index gained 46.47 points or 0.5 percent to close at 9,353.53 points with total turnover of 1.865 million shares.
BR Cement Index increased by 62.04 points or 1.14 percent to close at 5,506.53 points with 22.713 million shares.
BR Commercial Banks Index inched up 69.07 points or 0.7 percent to close at 9,913.01 points with 20.087 million shares.
BR Power Generation and Distribution Index added 47.44 points or 0.81 percent to close at 5,892.16 points with 60.796 million shares. BR Oil and Gas Index closed at 3,787.25 points, up 25.68 points or 0.68 percent with 7.297 million shares.
BR Tech. & Comm. Index surged by 137.59 points or 3.98 percent to close at 3,591.22 points with 60.237 million shares.
Mubashir Anis Naviwala at JS Global Capital said that uptrend continued in the market and KSE-100 Index closed at the 44,929 level, gaining 591 points.
Traded volumes stood at 415 million shares where KEL (up 1.0 percent), TREET (up 6.9 percent), TELE (up 7.6 percent), GGL (up 6.5 percent) and AGL (up 7.1 percent) cumulatively contributed 39 percent to the total volumes.
Copyright Business Recorder, 2022