KARACHI: Pakistan Stock Exchange Thursday witnessed a bullish trend and closed on strong positive note with healthy gains on the last day before Eid holidays.
The market opened on a positive note and remained in green zone throughout the session as investors chose to add value to their portfolios by adding strong fundamental stocks following impressive financial results prior to the extended Eid holiday, analysts said.
The benchmark KSE-100 Index surged by 508.48 points or 1.26 percent and crossed 41,000 psychological level to close at 41,007.82 points. The index hit 41,086.78 points intraday high.
Trading activity also improved as daily volumes on ready counter increased to 173.790 million shares as compared to 84.164 million shares traded on Wednesday while total daily traded value on ready counter increased to Rs 5.724 billion against previous session’s Rs 3.628 billion.
BRIndex100 added 63.98 points or 1.55 percent to close at 4,190.79 points with total daily turnover of 153.157 million shares.
BRIndex30 increased by 175.13 points or 1.19 percent to close at 14,909.14 points with total daily trading volumes of 111.835 million shares.
Foreign investors however remained net sellers of shares worth $246,372. Total market capitalization increased by Rs 59 billion to Rs 6.201 trillion. Out of total 309 active scrips, 192 closed in positive and 100 in negative while the value of 17 stocks remained unchanged.
WorldCall Telecom was the volume leader with 22.202 million shares and closed at Rs 1.14, down Rs 0.01 followed by Fauji Foods that gained Rs 0.79 to close at Rs 6.33 with 21.927 million shares. Pak Refinery increased by Rs 0.97 to close at Rs 13.52 with 11.539 million shares.
Khyber Textile and Pak Tobacco were the top gainers increasing by Rs 42.45 and Rs 30.00 respectively to close at Rs 722.45 and Rs 670.00 while Rafhan Maize and Pak Services were the top losers declining by Rs 115.00 and Rs 59.00 to close at Rs 7900.00 and Rs 741.10.
An analyst at Arif Habib Limited said that the benchmark KSE-100 Index ended the week with a bull run. The market opened in the green and continued to trade in the green for the remainder of the session, reaching an intraday high of plus 587.33 points.
The bull-run was made possible because investors choose to add value to their portfolios by adding strong fundamental stocks following impressive financial results prior to the extended Eid holiday. Volumes climbed sharply across the board, with 3rd stocks dominating.
Sectors contributing to the performance include Commercial Banks (up 169.8 points), Fertilizer (up 150.7 points), Inv. Banks / Inv. Cos. / Securities Cos. (up 68.3 points), Cement (up 36.2 points) and Power Generation & Distribution (up 35.7 points).
BR Automobile Assembler Index decreased by 61.46 points or 0.8 percent to close at 7,602.62 points with total turnover of 1.340 million shares.
BR Cement Index added 45.65 points or 1.18 percent to close at 3,911.26 points with 10.212 million shares.
BR Commercial Banks Index surged by 153.77 points or 1.85 percent to close at 8,482.67 points with 25.010 million.
BR Power Generation and Distribution Index increased by 87.75 points or 1.22 percent to close at 7,302.01 points with 9.415 million shares.
BR Oil and Gas Index gained 19.84 points or 0.5 percent to close at 3,971.55 points with 16.055 million shares.
BR Tech. & Comm. Index inched up by 1.65 points or 0.04 percent to close at 4,100.61 points with 30.633 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that some good corporate announcements and hopes of political consensus on elections took the KSE-100 Index above the psychological barrier of 41,000 to close at 41,008, gaining 508 points. The market turnover also increased to 173 million shares.
The news of a deal with Russia for discounted oil also helped the positive momentum. WTL (down 0.9 percent), FFL (up 14 percent), PRL (up 7.7 percent), HASCOL (down 4.6 percent) and ENGRO (up 5.8 percent) were the top five volume leaders.
Copyright Business Recorder, 2023