KARACHI: Pakistan Stock Exchange Friday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of aggressive buying in almost all sectors.

The benchmark KSE-100 Index surged by 614.24 points or 1.45 percent and closed at 42,857.57 points.

Trading activity also improved significantly as total daily volumes on ready counter increased to 373.855 million shares as compared to 281.734 million shares traded Thursday while total daily traded value on ready counter increased to Rs 10.613 billion against previous day’s Rs 7.795 billion.

KSE-100 snaps 5-session winning streak, closes 0.59% lower

BRIndex100 gained 67.5 points or 1.6 percent to close at 4,276.47 points with total daily turnover of 326.656 million shares.

BRIndex30 increased by 358.55 points or 2.32 percent to close at 15,794.67 points with total daily trading volumes of 234.287 million shares.

Foreign investors also remained net buyers of shares worth $186,729. Total market capitalization increased by Rs 90 billion to Rs 7.173 trillion. Out of total 357 active scrips, 261 closed in positive and only 81 in negative while the value of 15 stocks remained unchanged.

Cnergyico PK was the volume leader with 49.760 million shares and gained Rs 0.30 to close at Rs 5.69 followed by WorldCall Telecom that inched up by Rs 0.04 to close at Rs 1.34 with 28.358 million shares. Pak Refinery increased by Rs 1.35 to close at Rs 19.46 with 27.001 million shares.

Sapphire Fiber and Sapphire Textile were the top gainers increasing by Rs 74.80 and Rs 74.16 respectively to close at Rs 1,127.80 and Rs 1,062.94 while Nestle Pakistan and Gatron Industries were the top losers declining by Rs 200.00 and Rs 21.09, respectively to close at Rs 5,900.00 and Rs 340.01.

An analyst at Arif Habib Limited said that the market opened in the positive zone although investors’ participation remained dull throughout the opening session. The bulls made a comeback in the second session for value hunting across the board after Pakistan received the letter of intent from the International Monetary Fund for the extended fund facility. Main board volumes continued to remain healthy although hefty volumes were witnessed in the 3rd tier stocks.

Sectors contributing to the performance include Banks (up 149.3 points), E&P (up 115.2 points), Automobile Assemblers (up 46.3 points), Fertilizer (up 40.3 points) and OMCs (up 37.5 points).

BR Automobile Assembler Index surged by 265.8 points or 2.78 percent to close at 9,843.68 points with total turnover of 4.244 million shares.

BR Cement Index inched up by 24.19 points or 0.57 percent to close at 4,238.79 points with 13.436 million shares.

BR Commercial Banks Index gained 137.5 points or 1.55 percent to close at 8,995.50 points with 17.313 million shares.

BR Power Generation and Distribution Index added 112.47 points or 1.96 percent to close at 5,841.11 points with 24.573 million shares.

BR Oil and Gas Index increased by 97.62 points or 2.46 percent to close at 4,057.88 points with 44.919 million shares.

BR Tech. & Comm. Index closed at 3,700.01 points, up 53.45 points or 1.47 percent with 52.884 million shares.

An analyst at Topline Securities said that positive session was observed at the bourse as the KSE-100 Index gained 614 points to close at 42,858 level, up by 1.45 percent.

The positivity in market can be attributed to another development on IMF front on news that Pakistan has received Letter of Intent (LOI) from the lender inching closer towards the revival of stalled program.

Major contribution to the index came from HBL, OGDC, MTL, MEBL, POL and PPL, as they cumulatively contributed 288 points to the index.

Copyright Business Recorder, 2022