KARACHI: A bullish trend continued on Pakistan Stock Exchange Tuesday on the back of reviving investor interest on expectation of positive outcome of Pakistan-IMF negotiations.
The benchmark KSE-100 Index hit 41,767.67 points intraday high and due to profit-taking in some stocks, closed at slightly lower at 41,522.76 points with a net gain of 331.99 points or 0.81 percent.
Trading activity also improved as daily volumes on ready counter increased to 296.595 million shares as compared to 176.726 million shares traded Monday. The daily traded value on ready counter increased to Rs 12.519 billion against previous session’s Rs 8.794 billion.
BRIndex100 increased by 39.74 points or 0.97 percent to close at 4,155.07 points with total daily turnover of 269.525 million shares.
BRIndex30 surged by 278.25 points or 1.87 percent to close at 15,170.91 points with total daily trading volumes of 191.425 million shares.
Foreign investors also remained net buyers of shares worth $387,968. Total market capitalization increased by Rs 51 billion to Rs 6.508 trillion. Out of total 357 active scrips, 185 closed in positive and 144 in negative while the value of 28 stocks remained unchanged.
WorldCall Telecom was the volume leader with 44.714 million shares and gained Rs 0.07 to close at Rs 1.23 followed by PPL that increased by Rs 0.97 to close at Rs 81.12 with 31.774 million shares. SSGC closed at Rs 11.48, up Rs 0.07 with 16.127 million shares.
Nestle Pakistan and Premium Textile were the top gainers increasing by Rs 39.00 and Rs 27.76 respectively to close at Rs 5338.99 and Rs 550.00 while Unilever Foods and Rafhan Maize were the top losers declining by Rs 1146.07 and Rs 299.00 respectively to close at Rs 22500.00 and Rs 8000.00.
“Another bull run was recorded at the PSX”, an analyst at Arif Habib Limited said. The benchmark KSE-100 opened in the green and continued to trade with cheerful sentiments throughout the trading session, reaching an intraday high of plus 573.18 points in expectation of approval for the release of 9th tranche of the IMF’s Extended Fund Facility during the ongoing negotiations. Investors’ participation remained adequate in E&P Sector on wake of the resolution of gas circular debt. While, healthy volumes were observed across the board.
Sectors contributing to the performance include Technology & Communication (up 166.6 points), E&P (up 131.9 points), Commercial Banks (up 69.0 points), Pharmaceuticals (up 15.9 points), and Power Generation & Distribution (up 10.9 points).
BR Automobile Assembler Index lost 12.78 points or 0.17 percent to close at 7,347.60 points with total turnover of 2.814 million shares.
BR Cement Index fell by 25.36 points or 0.68 percent to close at 3,711.33 points with 14.554 million shares.
BR Commercial Banks Index gained 61.37 points or 0.76 percent to close at 8,115.13 points with 22.624 million shares.
BR Power Generation and Distribution Index inched up by 28.95 points or 0.43 percent to close at 6,813.30 points with 18.158 million shares.
BR Oil and Gas Index increased by 73.97 points or 1.73 percent to close at 4,353.68 points with 90.146 million shares.
BR Tech. & Comm. Index surged by 171.12 points or 4.1 percent to close at 4,343.73 points with 72.141 million shares.
Mubashir Anis Naviwala at JS Global Capital said that bulls pulled KSE-100 to an intraday high of 41,763 points but the market eventually settled to close at 41,522, up 332 points. Traded volume stood at 297 million shares where WTL (up 6.0 percent), PPL (up 1.2 percent), SSGC (up 0.6 percent), OGDC (up 7.5 percent) and SNGP (up 0.9 percent) were the volume leaders.
Copyright Business Recorder, 2023