KARACHI: Pakistan Stock Exchange on Monday witnessed a volatile session and after moving in both directions, closed on a positive note due to healthy buying at the fag end.

The benchmark KSE-100 Index surged by 229.86 points or 0.33 percent and closed at its new highest-ever level of 70,544.58 points. The index hit 70,608.88 points highest-ever intraday high and 69,914.11 points intraday low.

Trading activity also improved as daily volumes on the ready counter increased to 555.214 million shares as compared to 389.396 million shares traded on last trading session. The daily traded value on the ready counter increased to Rs 21.986 billion against previous session’s Rs 17.273 billion.

BRIndex100 gained 43.66 points or 0.6 percent to close at 7,324.58 points with daily turnover of 493.889 million shares.

BRIndex30 increased by 429.7 points or 1.82 percent to close at 24,057.61 points with daily trading volumes of 379.684 million shares.

Foreign investors also remained net buyers of shares worth $2.331 million. The market capitalization increased by Rs 64 billion to Rs 9.824 trillion. Out of total 353 active scrips, 180 closed in positive and 156 in negative while the value of 17 stocks remained unchanged.

WorldCall Telecom was the volume leader with 88.622 million shares and gained Rs 0.08 to close at Rs 1.39 followed by Fauji Cement that increased by Rs 1.09 to close at Rs 20.01 with 33.100 million shares Fauji Foods closed at Rs 10.05, up Rs 0.48 with 30.022 million shares.

Bata Pakistan and Sazgar Engineering Works were the top gainers increasing by Rs 25.00 and Rs 23.19 respectively to close at Rs 1,725.00 and Rs 493.46 while Mari Petroleum Company and Nestle Pakistan were the top losers declining by Rs 26.36 and Rs 22.89 respectively to close at Rs 2,595.35 and Rs 7,525.00.

An analyst at Topline Securities said that a volatile session was observed at the KSE-100 Index, with the index experiencing fluctuations, reaching intraday low of minus 400.61 points and intraday high of plus 294.17 points to close at 70,544.58, up 229.87 points.

OGDC (up 3.77 percent) and PPL (up 1.48 percent) from the E&P Sector managed to close in the positive trajectory on back of the news that a high-level delegation of Saudi Arabia led by Foreign Minister will arrive Pakistan on a two-day official visit. The visit raises expectations of progress on investment in the Reko Diq mining project.

Investors strategically reinforced their equity positions, engaging in value hunting, particularly targeting blue-chip stocks across the market. As a result, the E&P, Power, and Banking sectors made significant positive contributions, with HUBC, OGDC, UBB, PPL, and PSO collectively adding 325 points. Conversely, MCB, SYS, and EFERT saw profit-taking, resulting in a loss of 169 points.

The Cement Sector also garnered investor interest, with FCCL (up 5.76 percent), DGKC (up 1.86 percent), MLCF (up 1.07 percent), and PIOC (up 1.01 percent closing in the green zone.

BR Automobile Assembler Index gained 42.56 points or 0.26 percent to close at 16,293.43 points with total turnover of 19.772 million shares.

BR Cement Index soared by 70.28 points or 1.03 percent to close at 6,897.97 points with 59.689 million shares.

BR Commercial Banks Index inched up by 30.07 points or 0.16 percent to close at 18,353.14 points with 44.482 million shares.

BR Power Generation and Distribution Index surged by 340.25 points or 2.21 percent to close at 15,723.96 points with 32.559 million shares.

BR Oil and Gas Index increased by 91.76 points or 1.44 percent to close at 6,469.21 points with 39.945 million shares.

BR Tech. & Comm. Index declined by 40.14 points or 1.04 percent to close at 3,814.56 points with 133.281 million shares.

Muhammad Shuja Qureshi at JS Global Capital said late buying in OGDC and PPL lifted the KSE-100 Index to close with a gain of 230 points at 70,545.

As expected, the market remained volatile as the index touched its low at 69,914 points. The Auto, Cement, and Refinery sectors also posted gains with GAL closing at its upper circuit.

Market turnover increased to 555 million shares, where WTL, FCCL, FFL, CNERGY and PIAA were the volume leaders.

Copyright Business Recorder, 2024