KARACHI: Pakistan Stock Exchange on Wednesday showed recovery and closed in positive on the back of fresh buying, mainly by local investors on available low levels.

The benchmark KSE-100 Index increased by 207.94 points or 0.29 percent and closed at 72,797.43 points. The index hit 73,169.00 points intraday high and 72,464.24 points intraday low.

Trading activity however remained low as daily volumes on the ready counter decreased to 293.083 million shares as compared to 372.538 million shares traded on Tuesday. The daily traded value on the ready counter declined to Rs 10.541 billion against previous session’s Rs 11.650 billion.

BRIndex100 gained 34.25 points or 0.45 percent to close at 7,577.70 points with total daily turnover of 204.581 million shares.

BRIndex30 added 182.98 points or 0.76 percent to close at 24,218.36 points with daily trading volumes of 137.718 million shares.

Foreign investors however remained on the selling side and withdrew $2.379 million from the local equity market. The market capitalization increased by Rs 29 billion to Rs 9.783 trillion. Out of total 435 active scrips, 232 closed in positive and 130 in negative while the value of 73 stocks remained unchanged.

K-Electric was the volume leader with 28.444 million shares and gained Rs 0.14 to close at Rs 4.64 followed by PIA Holding Company that increased by Rs 0.76 to close at Rs 12.81 with 27.442 million shares. WorldCall Telecom closed at the previous session’s closing level of Rs 1.29 without any change with 20.518 million shares.

Pakistan Engineering Company and Sapphire Textile Mills were the gainers increasing by Rs 49.85 and Rs 24.00, respectively to close at Rs 689.95 and Rs 1,324.00 while Unilever Pakistan Foods and PIA Holding Company Limited B were the top losers declining by Rs 75.00 and Rs 34.43, respectively to close at Rs 18,050.00 and Rs 511.81.

An analyst at Topline Securities said that Pakistan equities began the day positively, with the KSE-100 Index reaching an intraday high of 73,169 points (plus 579 points; up 0.80 percent) and intraday low of 72,464 (minus 125 points; down by 0.17 percent) to close at 72,797 level (up by 207 points).

The market rebounded after two negative sessions, where PPL, SYS, ENGRO, POL and PSO collectively contributed plus 139 points to the index and on the flipside NBP, BAFL, COLG, LUCK and HMB collectively contributed minus 110 points to the declining index.

BR Automobile Assembler Index lost 14.0 points or 0.08 percent to close at 16,868.09 points with a turnover of 11.870 million shares.

BR Cement Index inched up by 27.48 points or 0.37 percent to close at 7,464.55 points with 23.451 million shares.

BR Commercial Banks Index decreased by 56.59 points or 0.29 percent to close at 19,222.26 points with 13.662 million shares.

BR Power Generation and Distribution Index gained 87.55 points or 0.51 percent to close at 17,401.59 points with 39.251 million shares.

BR Oil and Gas Index added 59.48 points or 0.97 percent to close at 6,215.37 points with 18.184 million shares.

BR Tech. & Comm. Index increased by 71.22 points or 1.83 percent to close at 3,965.55 points with 49.553 million shares.

Ahsan Mehanti at Arif Habib Corporation said stocks showed recovery after FM affirmation on SOEs privatisation to be pursued vigorously, plan to negotiate China debt restructuring, and IMF talks in right direction to stabilise economy.

He said the government proposal for Rs 18.5 trillion Federal Budget FY25, slash in KIBOR rates after the SBP cut policy rates and speculations on capital market proposals for FY25 played catalytic role in bullish close.

Copyright Business Recorder, 2024