KARACHI: Pakistan Stock Exchange Monday witnessed a bullish trend on the back of aggressive buying as investors gained confidence over clarity on the political grounds and PKR’s sharp recovery against the US dollar.
The market opened in the positive zone and remained in green throughout the day with increasing trading activities as volumes climbed significantly in the main board.
The benchmark KSE-100 Index surged by 531.33 points or 1.31 percent and crossed 41,000 crucial level to close at 41,151.54 points. The index hit 41,196.63 points intraday high.
Trading activity also improved as total daily volumes increased to 213.024 million shares as compared to 165.291 million shares traded on last Friday while total daily traded value on ready counter increased to Rs 9.516 billion against previous session’s Rs 6.873 billion.
BRIndex100 added 70.9 points or 1.75 percent to close at 4,120.45 points with total daily turnover of 199.493 million shares.
BRIndex30 increased by 413.46 points or 2.75 percent to close at 15,471.51 points with total daily trading volumes of 153.274 million shares.
Foreign investors were also on the buying side with net fresh inflow of $2.251 million. The market capitalization increased by Rs 72 billion to Rs 6.761 trillion. Out of total 326 active scrips, 224 closed in positive and only 79 in negative while the value of 23 stocks remained unchanged.
TRG Pak was the volume leader with 27.472 million shares and surged by Rs 8.60 to close at Rs 126.65 followed by Cnergyico PK that gained Rs 0.12 to close at Rs 4.93 with 17.366 million shares. Unity Foods increased by Rs 1.26 and closed at Rs 23.06 with 15.404 million shares.
Premium Textile and Pak Tobacco were the top gainers increasing by Rs 55.89 and Rs 55.00, respectively to close at Rs 854.89 and Rs 845.00 while Nestle Pakistan and Sapphire Textile were the top losers declining by Rs 105.00 and Rs 69.26 respectively to close at Rs 5,600.00 and Rs 1,104.74.
An analyst at Arif Habib Limited said that the bulls dominated at PSX throughout the day. The market opened in the positive zone as Pak rupee made a sharp recovery against US Dollar. Investors gained confidence over clarity on the political grounds as volumes climbed significantly in the main board. Hefty volumes were also recorded in the 3rd tier stocks.
Sectors contributing to the performance include Technology (up 111.8 points), Power (up 104.4 points), Cement (up 78.9 points), OMCs (up 34.8 points) and Banks (up 33.5 points).
BR Automobile Assembler Index gained 80.07 points or 0.88 percent to close at 9,155.69 points with total turnover of 1.022 million shares.
BR Cement Index increased by 117.41 points or 2.72 percent to close at 4,439.38 points with 31.369 million shares.
BR Commercial Banks Index inched up by 30.29 points or 0.36 percent to close at 8,452.81 points with 4.708 million shares.
BR Power Generation and Distribution Index surged by 225.5 points or 4.08 percent to close at 5,753.34 points with 24.270 million shares.
BR Oil and Gas Index added 13.72 points or 0.38 percent to close at 3,625.32 points with 12.587 million shares.
BR Tech. & Comm. Index closed at 4,130.06 points, up 140.23 points or 3.51 percent with 49.256 million shares.
An analyst at Topline Securities said that Pakistan equities closed green where benchmark KSE-100 Index settled at 41,151 level, up 1.31 percent. The day kicked off on a positive note over declining international commodities prices and strengthening rupee over dollar led the market to make an intraday high of 576 points.
Major positive contributor in the trading session was TRG solely contributed 97 points to the Index. Furthermore, HUBC was up 5.56 percent as investor expecting dividend in upcoming board meeting due on October 03, 2022. Cements sector was also in limelight where LUCK, CHCC, PIOC, DGKC and MLCF closed higher.
Copyright Business Recorder, 2022