KARACHI: Pakistan Stock Exchange on Tuesday made a new history with the remarkable performance and hit highest-ever levels due to continuous buying by local and foreign investors coupled with institutional support amid positive news on Saudi investment and deposits, experts said.
The benchmark KSE-100 Index surged by 694.73 points or 1.00 percent and crossed 70,000 psychological level for the first time in its history to close at its highest ever level of 70,314.72 points. During the session, the index hit 70,677.30 points intra-day high, which was also its highest ever intra-day high level in its history.
The KSE-100 Index has surged by an astounding 70 percent over the past nine months (equivalent to a 75 percent increase in US Dollar terms), marking a historic rally not witnessed in the PSX for the past two decades, Muhammad Sohail, leading analyst said. Inspire of this rally, average market price to earnings (PE) is near 4x half of historical average of 8x, he added.
Trading activities also improved as total daily volumes on ready counter increased to 389.396 million shares as compared to 335.825 million shares traded on Monday while total daily traded value on the ready counter increased to Rs 17.273 billion against previous session’s Rs 15.315 billion.
BRIndex100 soared by 74.65 points or 1.04 percent to close at 7,280.92 points with total daily turnover of 348.323 million shares.
BRIndex30 increased by 130.22 points or 0.55 percent to close at 23,627.91 points with total daily trading volumes of 238.869 million shares.
Foreign investors also remained net buyers of shares worth $2.476 million. Total market capitalization increased by Rs 78 billion to Rs 9.760 trillion. Out of total 353 active scrips, 181 closed in positive and 157 in negative while the value of 15 stocks remained unchanged.
WorldCall Telecom was the volume leader with 34.372 million shares however lost Rs 0.07 to close at Rs 1.31 followed by Pak Int. Bulk Terminal that gained Rs 0.19 to close at Rs 6.17 with 27.819 million shares. P.I.A.C. (A) closed at Rs 26.55, up Rs 0.50 with 19.039 million shares.
Rafhan Maize Products Company and Mari Petroleum Company were the top gainers increasing by Rs 100.00 and Rs 55.85 respectively to close at Rs 8,350.00 and Rs 2,621.71 while Sapphire Textile Mills and Bata Pakistan were the top losers declining by Rs 60.00 and Rs 50.00 respectively to close at Rs 1,350.00 and Rs 1,700.00.
“This positivity can be attributed to commitment reflected by Saudi Arbia to expedite the first wave of an investment package worth $5.0 billion; agreement includes increasing Saudi deposits in Central Bank of Pakistan from $3.0 billion to $5.0 billion and injecting investment in oil refinery (Pakistan oil and gas companies’ joint venture with Saudi Amarco) and copper mines (Reko Dig)”, Muhammad Sohail said.
Major positive contribution to the index came from FFC, MEBL, HUBC, MARI and EFERT as they cumulatively contributed plus 471 points to the index. FFC gained to close at its upper limit on channel checks that company has increased Urea prices by Rs 633/bag to Rs 4,400/bag.
BR Automobile Assembler Index surged by 156.04 points or 0.97 percent to close at 16,250.87 points with total turnover of 14.506 million shares.
BR Cement Index gained 54.52 points or 0.8 percent to close at 6,827.69 points with 25.480 million shares.
BR Commercial Banks Index increased by 165.48 points or 0.91 percent to close at 18,323.07 points with 50.348 million shares.
BR Power Generation and Distribution Index soared by 140.72 points or 0.92 percent to close at 15,383.71 points with 19.762 million shares.
BR Oil and Gas Index added 67.75 points or 1.07 percent to close at 6,377.45 points with 24.079 million shares.
BR Tech. & Comm. Index lost 29.23 points or 0.75 percent to close at 3,854.70 points with 64.108 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that the KSE-100 index crosses 70,000! Bulls tossed the index to close at a record high of 70,315, up by 695 points.
He said buying was witnessed in selective stocks in the Cement, Banking, and Oil sectors, where FCCL, MLCF, MEBL, APL, and PSO posted handsome gains. AVN closed at its upper circuit for the second consecutive day. Auto and Refinery stocks saw some profit-taking.
Copyright Business Recorder, 2024