KARACHI: Pakistan Stock Exchange on Wednesday witnessed another bullish session and hit new highest-ever level on the back of healthy buying by local and foreign investors, coupled with institutional support.
The benchmark KSE-100 Index increased by 132.79 points or 0.18 percent and closed at new highest-ever level of 74,663.98 points. The index crossed 75,000 points historic level to hit 75,115.33 points intraday high, however, trend could not continue due to profit-taking in some stocks and the index closed at lower level.
The daily trading volumes on ready counter stood at 572.420 million shares as compared to 574.182 million shares traded on Tuesday. The daily traded value on the ready counter increased to Rs 25.947 billion against previous session’s Rs 23.425 billion.
BRIndex100 gained 16.15 points or 0.21 percent to close at 7,818.97 points with total daily turnover of 510.788 million shares.
BRIndex30 declined by 238.85 points or 0.93 percent to close at 25,576.84 points with total daily trading volumes of 318.838 million shares.
Foreign investors also remained net buyers of shares worth $4.346 million. The market capitalization increased by Rs 33 billion to Rs 10.070 trillion. Out of total 382 active scrips, 213 closed in negative and 148 in positive while the value of 21 stocks remained unchanged.
The Searle Company was the volume leader with 41.142 million shares however declined by Rs 2.37 to close at Rs 59.39 followed by Hum Network that gained Rs 0.34 to close at Rs 9.95 with 35.681 million shares. WorldCall Telecom closed at Rs 1.40, down Rs 0.04 with 32.673 million shares.
Nestle Pakistan and Ismail Industries were the top gainers increasing by Rs 73.42 and Rs 59.21, respectively to close at Rs 7,380.00 and Rs 1,444.78 while Service Industries and Hallmark Company were the top losers declining by Rs 48.88 and Rs 46.05 respectively to close at Rs 784.77 and Rs 567.89.
An analyst at Topline Securities said Pakistan equities continued its north-bound journey and crossed 75,000 level, however close the business at 74,664 level, reflecting a gain of 132.79 points (up 0.18 percent).
Strong foreign investment in blue-chip stocks propelled the market to achieve new record highs. Moreover market sentiment remained optimistic as investors reacted positively to the commencement of discussions between the Pakistani government and the IMF regarding a forthcoming Extended Fund Facility (EFF) program worth $6-8 billion over the next three years.
The MSCI’s recent index review for May 2024 resulted in the addition of another Pakistani company, National Bank of Pakistan (NBP), to its MSCI frontier market index.
In the pharmaceutical sector, SEARL disclosed significant news as its board approved the sale of 100 percent shareholding control in Searle Pakistan Limited.
Key contributors to the market’s upward trajectory included BAHL, UBL, MEBL, MCB, and EFERT, collectively adding 350 points in value. Conversely, PPL, SRVI, HINOON, and ENGRO collectively shed 148 points due to some selling pressure.
BR Automobile Assembler Index soared 92.85 points or 0.57 percent to close at 16,351.27 points with total turnover of 23.574 million shares.
BR Cement Index gained 17.87 points or 0.23 percent to close at 7,678.32 points with 73.422 million shares.
BR Commercial Banks Index increased by 380.59 points or 1.97 percent to close at 19,710.48 points with 34.142 million shares.
BR Power Generation and Distribution Index decreased by 75.86 points or 0.45 percent to close at 16,841.32 points with 26.063 million shares.
BR Oil and Gas Index fell 48.29 points or 0.7 percent to close at 6,876.51 points with 47.036 million shares.
BR Tech. & Comm. Index lost 18.24 points or 0.48 percent to close at 3,820.40 points with 101.706 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed all time high led by selected blue chip scrips on strong valuation and PM plans to sell SOEs.
He said LSMI data for 2.0 percent YoY growth in March 2024, rupee stability, FM focus for structural reforms in taxes, falling NSS rates played catalyst role in record close in the pre-budget rally at PSX.
Copyright Business Recorder, 2024