KARACHI: Pakistan Stock Exchange on Monday hit new highest-ever levels on the back of continued bullish trend on investor expectations over more foreign inflows, new IMF programme and improving economic indicators.
The benchmark KSE-100 Index surged by 713.61 points or 0.98 percent and closed new highest-ever level of 73,799.11 points. The index crossed 74,000 level for the first time in its history to hit 74,114.23 points intra-day highest ever level, however closed at lower level due to profit taking in some stocks.
The trading volumes on the ready counter stood at 721.597 million shares as compared to 741.196 million shares traded on Friday. The daily traded value on the ready counter increased to Rs 25.649 billion against previous session’s Rs 25.268 billion.
BRIndex100 added 51.21 points or 0.67 percent to close at 7,724.71 points with daily turnover of 645.532 million shares.
BRIndex30 increased by 143.83 points or 0.56 percent to close at 25,600.77 points with daily trading volumes of 411.881 million shares.
Foreign investors also remained net buyers of shares worth $3.019 million. The market capitalization increased by Rs 80 billion to Rs 9.958 trillion. Out of total 387 active scrips, 241 closed in positive and 120 in negative while the value of 26 stocks remained unchanged.
Cnergyico PK was the volume leader with 64.224 million shares and gained Rs 0.37 to close at Rs 4.74 followed by WorldCall Telecom that lost Rs 0.07 to close at Rs 1.48 with 51.639 million shares. Hum Network inched up by Rs 0.12 to close at Rs 9.82 with 29.028 million shares.
Sapphire Fibres and Service Industries were the top gainers increasing by Rs 63.04 and Rs 56.35, respectively to close at Rs 1,463.04 and Rs 834.83 while Nestle Pakistan and Unilever Pakistan Foods were the top losers declining by Rs 86.50 and Rs 82.30, respectively to close at Rs 7,401.00 and Rs 19,007.70.
An analyst at Topline Securities said the positive vibes from the IMF, rejuvenated foreign interest at an attractive valuations and continuous progress on macro front could likely be accredited to this achievement. Investors chose to further strengthen their equity position by buying blue-chip stocks across the board.
E&P and Fertilizer sectors contributed positively where POL, DAWH, ENGRO, PPL and MARI added 307 points. On the flip side, FFC, PAEL and PIOC cumulatively lost 58 points due to some profit-taking witnessed in them.
BR Automobile Assembler Index increased by 129.26 points or 0.8 percent to close at 16,186.65 points with total turnover of 12.569 million shares.
BR Cement Index inched up by 5.13 points or 0.07 percent to close at 7,605.75 points with 89.063 million shares.
BR Commercial Banks Index added 134.19 points or 0.71 percent to close at 19,044.61 points with 29.634 million shares.
BR Power Generation and Distribution Index gained 35.54 points or 0.21 percent to close at 16,909.56 points with 32.125 million shares.
BR Oil and Gas Index surged by 139.34 points or 2.1 percent to close at 6,781.87 points with 41.309 million shares.
BR Tech. & Comm. Index closed at 3,855.05 points, up 12.27 points or 0.32 percent with 130.027 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed all-time high amid speculations over outcome of Pak- IMF talks for new loan program.
He said FM deliberations over privatisation of all SOEs, high targets for PSDP in the Federal Budget FY25 next month and structural reforms in tax, energy and SOEs played catalyst role in record close.
Copyright Business Recorder, 2024