KARACHI: Pakistan Stock Exchange on Monday witnessed a bullish trend and hit new highest-ever level on the back of aggressive buying by local and foreign investors coupled with institutional support.

The benchmark KSE-100 Index surged by 862.15 points or 1.20 percent and closed at its new highest-ever level of 72,764.24 points. The index crossed 73,000 psychological level to hit 73,060.74 points intraday high.

Trading activity also improved as total daily volumes on ready counter increased to 578.388 million shares as compared to 452.155 million shares traded on last Friday while total daily traded value on the ready counter stood at Rs 24.518 billion against previous session’s Rs 24.542 billion.

BRIndex100 soared by 98.28 points or 1.3 percent to close at 7,664.71 points with total daily turnover of 511.167 million shares.

BRIndex30 increased by 239.64 points or 0.97 percent to close at 25,025.49 points with total daily trading volumes of 344.723 million shares.

Foreign investors also remained net buyers of shares worth $1.564 million. Total market capitalization increased by Rs 89 billion to Rs 9.886 trillion. Out of total 389 active scrips, 258 closed in positive and 108 in negative while the value of 23 stocks remained unchanged.

Pak Elektron was the volume leader with 48.443 million shares and increased by Rs 1.74 to close at Rs 25.13 followed by Fauji Cement that gained Rs 1.08 to close at Rs 22.44 with 40.362 million shares. K-Electric inched up by Rs 0.05 to close at Rs 4.41 with 26.775 million shares.

Sapphire Textile Mills and Unilever Pakistan Foods were the top gainers increasing by Rs 84.42 and Rs 67.52, respectively to close at Rs 1,274.22 and Rs 19,447.50 while Hoechst Pakistan Limited and Sapphire Fibres Limited were the top losers declining by Rs 66.13 and Rs 30.25 respectively to close at Rs 1,233.87 and Rs 1,449.50.

An analyst at Topline Securities said that the KSE-100 Index witnessed a bullish session, reaching an intraday high of 1,158.65 points, marking a 1.61 percent increase and closing at a level of 72,764.24, up by 1.20 percent.

The market’s positive sentiment can be attributed to recent news indicating a 50-member Saudi team arriving for potential investments in Pakistan, along with expectations of an IMF mission visiting Pakistan this month to discuss a new program.

Significant positive contributions to the index came from companies like DAWH, FFC, ENGRO, ILP, and HUBC, collectively adding 360 points. Conversely, OGDC, MARI, SYS, IBFL, and NBP collectively contributed negatively, deducting 68 points from the index.

The cement sector maintained its upward trajectory from the previous week, with companies like FCCL (up 5.06 percent), DGKC (up 2.93 percent), MLCF (up 2.17 percent) and CHCC (up 1.90 percent) closing in positive territory. DAWH closed at upper circuit on the back of its proposed restructuring notice that is expected to narrow the discount to its valuation.

BR Automobile Assembler Index surged by 269.21 points or 1.67 percent to close at 16,371.99 points with total turnover of 14.185 million shares.

BR Cement Index increased by 138.67 points or 1.91 percent to close at 7,391.35 points with 80.985 million shares.

BR Commercial Banks Index added 121.67 points or 0.64 percent to close at 19,018.93 points with 31.243 million shares.

BR Power Generation and Distribution Index soared by 236.95 points or 1.46 percent to close at 16,519.26 points with 56.209 million shares.

BR Oil and Gas Index closed at 6,695.95 points, down 1.59 points or 0.02 percent with 62.092 million shares.

BR Tech. & Comm. Index gained 12.11 points or 0.33 percent to close at 3,633.50 points with 63.720 million shares.

Ahsan Mehanti at Arif Habib Corporation said stocks closed all time high as investors weigh falling inflation to ease SBP policy and Government deliberations over privatisation of ailing SOEs.

He said speculations ahead of Pak-IMF new loan talks, surging FX reserves and likely accord with Saudi trade delegation to explore investment avenues played catalyst role in record close in the pre-budget rally at PSX.

Copyright Business Recorder, 2024