KARACHI: Investors at Pakistan Stock Exchange on Monday warmly welcomed the new coalition government in the country as a bull-run witnessed since start of the session and the market registered historic high with tremendous trading volumes.

The market opened on a strong positive note due to clarity on political front. Strong appreciation in PKR against US$ also invited healthy buying in all sectors. The PKR gained against the dollar with PKR/USD closing at 183.3 in the interbank.

Buying was seen from local and foreign investors coupled with institutional support that kept the index in green zone throughout the day where majority of stocks registered healthy gains while over two dozen stocks hit their upper circuits during the session.

The benchmark KSE-100 Index posted highest ever single day gain (in terms of points) of 1,700.38 points or 3.83 percent and closed above 46,000 psychological at 46,144.95 points. The index opened 964 points or 2.0 percent up and hit 46,215.54 points intra-day high level.

Muhammad Sohail, leading analyst and CEO of Topline Securities said that the PSX made new history where the KSE-100 Index posted historic single day gain in term of index points. He said that the KSE-100 Index gained 1,700 points in a single day which is a new record in the history of PSX.

Trading activity also tremendously improved as total daily trading volumes on ready counter surged to 557.672 million shares as compared to 227.885 million shares traded on previous session while total daily traded value increased to Rs 13.362 billion against previous session’s Rs 6.785 billion.

BRIndex100 increased by 216.51 points or 4.87 percent to close at 4,660.23 points with total daily turnover of 508.457 million shares. BRIndex30 surged by 1344.04 points or 8.45 percent to close at 17,258.12 points with total daily trading volumes of 377.494 million shares.

Foreign investors also remained net buyers of shares worth $1.430 million. The market capitalization increased by Rs 236 billion to Rs 7.710 trillion. Out of total 386 active scrips, 330 closed in positive and only 45 in negative while the value of 11 stocks remained unchanged.

WorldCall Telecom was the volume leader with 140.797 million shares and gained Rs 0.40 to close at Rs 2.13 followed by Cnergyico PK that closed at Rs 6.00, up Rs 0.80 with 40.149 million shares. Fauji Cement increased by Rs 0.76 to close at Rs 17.86 with 18.176 million shares.

Bata Pak and Rafhan Maize were the top gainers increasing by Rs 145.19 and Rs 100.00 respectively to close at Rs 2,484.39 and Rs 11,500.00 while Gatron Industries and Mithchells Fruit were the top losers declining by Rs 30.23 and Rs 9.21, respectively to close at Rs 471.67 and Rs 118.82.

An analyst at Arif Habib Limited said that bullish momentum was recorded due to clarity over political unrest and appreciation of Pak rupee against dollar.

The market celebrated the long-awaited clarity as KSE-100 Index posted historic single day gain in terms of index points.

Across-the-board rally was witnessed regardless of foreign selling spree. Main board activity remained healthy. Moreover, market even witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include Banks (up 385.4 points), Cement (up 228.5 points), Technology (up 199.3 points), Fertilizer (up 129.8 points) and E&P’s (up 117.1 points).

BR Automobile Assembler Index increased by 230.96 points or 2.46 percent to close at 9,618.35 points with total turnover of 2.288 million shares.

BR Cement Index surged by 303.72 points or 5.94 percent to close at 5,414.69 points with 46.694 million shares.

BR Commercial Banks Index gained 373.41 points or 3.73 percent to close at 10,387.45 points with 31.495 million shares.

BR Power Generation and Distribution Index added 239.14 points or 4.17 percent to close at 5,973.32 points with 19.891 million shares.

BR Oil and Gas Index inched up by 122.83 points or 3.31 percent to close at 3,837.38 points with 27.362 million shares.

BR Tech. & Comm. Index closed at 3,859.23 points, up 255.32 points or 7.08 percent with 193.015 million shares.

Neelam Naz at JS Global Capital said that the benchmark KSE-100 Index saw a buoyant day closing above the psychological barrier of 46,000 amid political clarity over the weekend.

Total traded volume stood at 557 million shares where WTL (up 23 percent), CNERGY (up 15 percent), FCCL (up 4.4 percent), HUMNL (up 9.1 percent) and PIBTL (up 17 percent) were the highest contributors.

More than 25 stocks hit their upper circuit during the day where LUCK, HUBC, HBL, MEBL and TRG contributed almost 387 points to the index. Rupee also gained against the dollar with PKR/USD closing at 183.3 in the interbank.

Copyright Business Recorder, 2022