KARACHI: Pakistan Stock Exchange on Wednesday achieved a new milestone and closed on its highest ever level in the history on the back of healthy buying by both local and foreign investors coupled with institutional support.

The benchmark KSE-100 index surged by 641.51 points or 0.97 percent and crossed 66,000 psychological barrier to close at its highest ever level of 66,547.79 points surpassing its previous highest closing level of 66,426.78 points seen on December 12, 2023.

Trading activities also improved as total daily volumes on ready counter increased to 354.597 million shares as compared to 303.710 million shares traded on Tuesday however total daily traded value on the ready counter declined to Rs 11.884 billion against previous session’s Rs 12.078 billion.

BRIndex100 increased by 50.22 points or 0.74 percent to close at 6,798.81 points with total daily turnover of 245.486 million shares.

BRIndex30 gained 46.25 points or 0.21 percent to close at 22,304.87 points with total daily trading volumes of 168.754 million shares.

The foreign investors also remained net buyers of shares worth $337,973. Total market capitalization increased by Rs 81 billion to Rs 9.346 trillion. Out of total 346 active scrips, 179 closed in positive and 152 in negative while the value of 15 stocks remained unchanged.

Lotte Chemical was the volume leader with 42.831 million shares and gained Re 0.55 to close at Rs 19.53 followed by Telecard Limited that increased by Re 0.75 to close at Rs 9.24 with 29.177 million shares. PTCL surged by Rs 1.21 to close at Rs 17.31 with 24.701 million shares.

Nestle Pakistan and Shahmurad Sugar Mills were the top gainers increasing by Rs 235.00 and Rs 31.38 respectively to close at Rs 7,635.00 and Rs 472.00 while Rafhan Maize Products Company and Sapphire Fibres were the top losers declining by Rs 240.00 and Rs 106.50 respectively to close at Rs 8,050.00 and Rs 1,476.00.

Leading analyst and CEO of Topline Securities Muhammad Sohail said that good progress on privatization of State Owned Entities (SOEs) and likely new deal with IMF helped the benchmark KSE-100 index to close at new highest ever level of 66,547.79 points surpassing previous record all time high closing of 66,426.78 points seen on December 12, 2023.

Moreover, foreign fund buying as shown by NCCPL data also supports share prices, which are trading at an attractive PE of less than four, he added.

He said Pakistan market is now the Best Performing market with highest gain in last six months

Power, Bank and Fertilizer sectors contributed positively to the index as HUBC, MEBL, UBL, MCB and ENGRO added 319 points, cumulatively. On the flip side, PPL, NBP and MTL saw some profit taking as they cumulatively lost 67 points.

BR Automobile Assembler Index increased by 160.22 points or 1.03 percent to close at 15,689.05 points with total turnover of 8.308 million shares.

BR Cement Index surged by 95.1 points or 1.52 percent to close at 6,349.10 points with 10.250 million shares.

BR Commercial Banks Index soared by 143.97 points or 0.86 percent to close at 16,937.75 points with 37.034 million shares.

BR Power Generation and Distribution Index decreased by 67.89 points or 0.47 percent to close at 14,453.01 points with 9.613 million shares.

BR Oil and Gas Index inched down by 4.16 points or 0.07 percent to close at 6,091.85 points with 38.764 million shares.

BR Tech & Comm Index lost 9.45 points or 0.26 percent to close at 3,686.35 points with 53.450 million shares.

Mubashir Anis Naviwala at JS Global Capital said that the bourse witnessed a significant breakthrough as KSE-100 index surpassed the resistance level of 66,200, closing at 66,548, gaining 642 points. Considerable investor interest was seen in the banking and fertilizer sectors.

Volume leaders for the day were LOTCHEM (up 2.9 percent), TELE (up 8.8 percent), PTCL (up 7.5 percent), TOMCL (up 7.1 percent) and HASCOL (down 0.3 percent).

Copyright Business Recorder, 2024