KARACHI: Pakistan Stock Exchange warmly welcomed the federal budget for FY2024-25 and made new history as the benchmark KSE-100 Index recorded highest-ever single day increase in its 33-year history since it started in 1991 with 1,000 points.

The market opened positive and remained bullish throughout the session on the back of aggressive buying mainly by local investors coupled with institutional support bringing an end to uncertainties surrounding potential hikes in capital gains or dividend taxes.

The benchmark KSE-100 Index surged by 3,410.73 points or 4.69 percent, the highest-ever single day increase in its history in terms of points and closed at the highest level of 76,208.16 points. During the session, the index hit 76,338.15 points intra-day high, however closed at slightly lower level due to profit taking in some stocks.

Trading activities also improved significantly as total daily volumes surged to 635.525 million shares as compared to 293.083 million shares traded on Wednesday while total daily traded value on the ready counter increased to Rs 30.745 billion against previous session’s Rs 10.541 billion.

BRIndex100 increased by 398.81 points or 5.26 percent to close at 7,976.51 points with total daily turnover of 533.854 million shares.

BRIndex30 soared by 1383.76 points or 5.71 percent to close at 25,602.12 points with total daily trading volumes of 345.550 million shares.

The foreign investors however remained on the selling side and withdrew $3.382 million from the local equity market. Total market capitalization increased by Rs 350 billion to Rs 10.133 trillion. Out of total 425 active scrips, 294 closed in positive and only 87 in negative while the value of 44 stocks remained unchanged.

K-Electric was the volume leader with 66.835 million shares and gained Rs 0.08 to close at Rs 4.72 followed by Fauji Cement that increased by Rs 1.87 to close at Rs 24.14 with 39.803 million shares. WorldCall Telecom inched up by Rs 0.04 to close at Rs 1.33 with 21.752 million shares.

Unilever Pakistan Foods and Mari Petroleum Company were the top gainers increasing by Rs 149.99 and Rs 137.66 respectively to close at Rs 18,199.99 and Rs 2,685.08 while Colgate Palmolive and Sapphire Fibres were the top losers declining by Rs 80.54 and Rs 50.00 respectively to close at Rs 1,167.11 and Rs 1,400.00.

“Following the announcement of the budget for 2024-25, Pakistan’s stock index experienced its most significant surge, bringing an end to uncertainties surrounding potential hikes in capital gains or dividend taxes,” an analyst at Topline Securities said.

Throughout the trading day, the index maintained a positive trajectory, hitting an intraday high of 76,338.15 and a low of 73,329.80 points.

Power, Bank, E&P & Fertilizer sector contributed positively where HUBC, MCB, UBL, OGDC and FFC added 1,067 points.

BR Automobile Assembler Index surged by 589.27 points or 3.49 percent to close at 17,457.36 points with total turnover of 18.065 million shares.

BR Cement Index increased by 541.29 points or 7.25 percent to close at 8,005.84 points with 103.897 million shares.

BR Commercial Banks Index soared by 1121.75 points or 5.84 percent to close at 20,344.01 points with 38.175 million shares.

BR Power Generation and Distribution Index appreciated by 749.21 points or 4.31 percent to close at 18,150.80 points with 84.941 million shares.

BR Oil and Gas Index added 370.97 points or 5.97 percent to close at 6,586.34 points with 57.599 million shares.

BR Tech. & Comm. Index gained 117.65 points or 2.97 percent to close at 4,083.20 points with 77.154 million shares.

Mubashir Anis Naviwala at JS Global Capital said bulls took charge as the market welcomed the new budget, touching all-time high of 76,338 during the day. Good price performance was witnessed across the board.

Traded volume stood at 636 million shares. KEL (up 1.7 percent), FCCL (up 8.4 percent), WTL (up 3.1 percent), OGDC (up 8.5 percent) and DGKC (up 8.1 percent) were the volume leaders.

Copyright Business Recorder, 2024