KARACHI: After a negative opening, Pakistan Stock Exchange Thursday turned bullish and closed on strong positive note with healthy gains on the back of aggressive buying in almost all sectors.
The market ended a week-long negative momentum as investors rejoiced over much-needed clarity on the political front, experts said.
The benchmark KSE-100 Index surged by 529.05 points or 1.26 percent and closed at 42,541.71 points. During the session, the KSE-100 Index hit 42,606.14 points intraday high and 41,900.72 points intraday low.
Trading activity also improved significantly as total daily volumes on ready counter increased to 347.068 million shares as compared to 240.046 million shares traded on Wednesday while total daily traded value increased to Rs 9.042 billion against previous day’s Rs 7.570 billion.
BRIndex100 gained 70.49 points or 1.69 percent to close at 4,234.12 points with total daily turnover of 320.216 million shares.
BRIndex30 increased by 651.81 points or 4.38 percent to close at 15,518.55 points with total daily trading volumes of 250.338 million shares.
Foreign investors however remained net sellers of shares worth $955,772. Total market capitalization increased by Rs 66 billion to Rs 7.066 trillion. Out of total 351 active scrips, 263 closed in positive and only 63 in negative while the value of 25 stocks remained unchanged.
Pak Refinery was the volume leader with 35.663 million shares and increased by Rs 1.24 to close at Rs 17.88 followed by Cnergyico PK that closed at Rs 5.59, up Rs 0.30 with 19.647 million shares. Telecard Limited gained Rs 0.94 to close at Rs 11.70 with 18.443 million shares.
Siemens Pak and Philip Morris Pak were the top gainers increasing by Rs 45.00 and Rs 38.87 respectively to close at Rs 645.00 and Rs 580.00 while Colgate Palmolive and Indus Motor Co were the top losers declining by Rs 76.71 and Rs 18.43 respectively to close at Rs 2123.28 and Rs 1268.17.
An analyst at Topline Securities said Pakistan equities closed on a positive note where benchmark KSE-100 Index settled at 42,542 level, up 1.26 percent.
After a sideways opening, market spiked up where market make an intraday high of plus 595 points as Imran Khan warns the government to announce the elections and dissolve the assemblies within 6 days otherwise he will bring another long march to Islamabad.
Major positivity came from Technology sector where SYS, TRG and AVN closed higher follow suit by Financial and Cement sector.
BR Automobile Assembler Index gained 130.86 points or 1.36 percent to close at 9,747.03 points with total turnover of 2.053 million shares.
BR Cement Index increased by 98.93 points or 2.35 percent to close at 4,306.08 points with 25.864 million shares.
BR Commercial Banks Index added 61.35 points or 0.65 percent to close at 9,477.30 points with 19.911 million shares.
BR Power Generation and Distribution Index inched up by 43.29 points or 0.84 percent to close at 5,217.66 points with 10.748 million shares.
BR Oil and Gas Index closed at 3,578.20 points, up 31.57 points or 0.89 percent with 13.310 million shares.
BR Tech. & Comm. Index surged by 189.72 points or 5.95 percent to close at 3,376.93 points with 81.137 million shares. An analyst at Arif Habib Limited said that the market ended a week-long negative momentum as the investors rejoiced over much-needed clarity on the political front.
Despite opening in the red zone bulls took over as investors got vital confidence over the opposition party calling off the long march. Positive momentum was witnessed across the board as investors opted for value buying throughout the day.
Healthy volumes were witnessed in the market although 3rd tier stocks were more active.
Sectors contributing to the performance include Technology (up 347.1 points), Cement (up 73.7 points), Banks (up 63.1 points), Fertilizer (up 32.1 points) and OMC (up 29.5 points).
Copyright Business Recorder, 2022