KARACHI: Pakistan Stock Exchange Monday witnessed a positive trend on the first day of new fiscal year on the back of fresh buying, mainly by local investors coupled with institutional support.
The benchmark KSE-100 Index increased by 379.37 points or 0.48 percent and closed at 78,824.33 points. The index crossed 79,000 psychological level to hit 79,536.23 points intraday high, however closed at lower level due to profit-taking in some stocks in second half of the trading session.
Trading activity remained low as total daily volumes on ready counter decreased to 306.038 million shares as compared to 347.671 million shares traded on last Friday however, daily traded value on the ready counter increased to Rs 13.746 billion against previous session’s Rs 11.899 billion.
BRIndex100 gained 45.92 points or 0.55 percent to close at 8,327.53 points with total daily turnover of 241.439 million shares.
BRIndex30 surged by 203.61 points or 0.77 percent to close at 26,705.57 points with total daily trading volumes of 165.661 million shares.
Foreign investors however remained net sellers of shares worth $1.647 million. Total market capitalization increased by Rs 58 billion to Rs 10.432 trillion. Out of total 425 active scrips, 186 closed in negative and 183 in positive while the value of 56 stocks remained unchanged.
PTCL was the volume leader with 30.206 million shares and gained Rs 0.64 to close at Rs 12.65 followed by WorldCall Telecom that closed at Rs 1.25, down Rs 0.01 with 17.351 million shares. Faysal Bank increased by Rs 2.03 to close at Rs 54.47 with 13.622 million shares.
Pakistan Tobacco Company and Service Industries were the top gainers increasing by Rs 89.71 and Rs 53.59 respectively to close at Rs 1,169.14 and Rs 1,004.42 while Unilever Pakistan Foods and Nestle Pakistan were the top losers declining by Rs 180.60 and Rs 153.22 respectively to close at Rs 18,316.00 and Rs 7,000.95.
An analyst at Topline Securities said the Pakistan stock market began the week on a positive note where the KSE-100 Index made intraday high of plus 1,091 points (up 1.39 percent) to close at 78,824 points, gaining 379 points. The market witnessed profit booking in the second half as investors opted to book profit.
The consumer price index (CPI) for June 2024 clocked in at 12.6 percent YoY, compared to 11.8 percent YoY in the last month. On a monthly basis, CPI rose 0.5 percent in June 2024 as compared to a decrease of 3.2 percent in the previous month and a decrease of 0.3 percent in June 2023. Moreover, Petrol prices in Pakistan have increased by Rs 7.45 per litre, rising from Rs 258.16 to Rs 265.61 for the next fortnight, due to fluctuations in global oil rates.
The Cement Sector attracted investor interest as the industry increased the price of a bag by approximately Rs 125 in the South region, effective from July 01, 2024, to offset the impact of higher FED. As a result, KOHC and PIOC closed positively, while LUCK, CHCC, and DGKC closed negatively.
Key contributors to the positivity included PPL, EFERT, UBL, SRVI and PAKT which collectively contributed plus 274 points to the index and on the flipside ENGRO, LUCK, MARI, CHCC and THALL collectively contributed negative 102 points to the declining index.
BR Automobile Assembler Index lost 15.38 points or 0.09 percent to close at 16,846.04 points with total turnover of 5.566 million shares.
BR Cement Index decreased by 42.58 points or 0.55 percent to close at 7,708.86 points with 19.032 million shares.
BR Commercial Banks Index increased by 236.32 points or 1.07 percent to close at 22,223.85 points with 36.727 million shares.
BR Power Generation and Distribution Index gained 47.13 points or 0.24 percent to close at 19,710.37 points with 12.714 million shares.
BR Oil and Gas Index added 32.46 points or 0.49 percent to close at 6,606.09 points with 27.534 million shares.
BR Tech. & Comm. Index inched up by 6.1 points or 0.16 percent to close at 3,925.31 points with 68.615 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed higher amid thin CPI inflation at 12.6 percent YoY in June 2024 and FM affirmation for larger and longer bailout agreement with IMF this month amid progressive positive talks for $6-$8 billion deal.
The government plan for issue of $1.5 billion panda bonds, euro/Sukuk bonds to seek foreign inflows, resolve circular debt crises played a catalyst role in bullish activity in PSX.
Copyright Business Recorder, 2024