KARACHI: Pakistan Stock Exchange on Monday witnessed a bullish trend and hit new highest-ever level following strong interest of investors. The positive session was bolstered by successful negotiation with the International Monetary Fund (IMF).
The benchmark KSE-100 Index surged by 1,211.51 points or 1.52 percent to cross 81,000 psychological level to close at its new highest-ever level of 81,155.61 points. The index hit 81,428.43 points intraday highest-ever level, however closed at slightly lower level due to profit-taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 441.338 million shares as compared to 437.315 million shares traded on last trading session, while total daily traded value on the ready counter increased to Rs 27.228 billion against previous session’s Rs 23.484 billion.
BRIndex100 added 110.6 points or 1.3 percent to close at 8,635.49 points with total daily turnover of 339.611 million shares.
BRIndex30 increased by 355.21 points or 1.31 percent to close at 27,540.35 points with total daily trading volumes of 221.804 million shares.
Foreign investors also remained net buyers of shares worth $2.763 million. The market capitalization increased by Rs 97 billion to Rs 10.727 trillion. Out of total 457 active scrips, 265 closed in positive and 141 in negative while the value of 51 stocks remained unchanged.
The PIA Holding Company was the volume leader with 35.758 million shares however declined by Rs 1.53 to close at Rs 19.01 followed by Pak Elektron that increased by Rs 1.76 to close at Rs 27.18 with 25.836 million shares. WorldCall Telecom closed at Rs 1.21, up Rs 0.01 with 24.920 million shares.
Nestle Pakistan and Exide Pakistan were the top gainers increasing by Rs 105.00 and Rs 93.45 respectively to close at Rs 7,150.00 and Rs 1,077.11 while Rafhan Maize Products Company and Pakistan Tobacco Company were the top losers declining by Rs 99.27 and Rs 50.45 respectively to close at Rs 7,600.00 and Rs 1,014.25.
An analyst at Topline Securities said that the index hit an all time high of above 81,000 points. The KSE-100 index showed strong momentum, reaching an intraday high of 81,484 points before closing at 81,155, marking a 1.52 percent increase.
This positive session was bolstered by Pakistan’s successful negotiation with the IMF, securing a new USD 7 billion Extended Fund Facility (EFF) for 37 months.
In the E&P sector, POL surged after announcing a significant discovery at Jhandial 3, yielding an average of 715 barrels per day of oil and 8.9 million cubic feet per day of gas.
Leading stocks including SYS, MCB, FFC, POL, HUBC, and ENGRO contributed significantly, collectively adding 599 points to the index’s rise.
BR Automobile Assembler Index increased by 212.46 points or 1.17 percent to close at 18,341.65 points with total turnover of 13.907 million shares.
BR Cement Index soared by 156.08 points or 2.0 percent to close at 7,968.22 points with 30.602 million shares.
BR Commercial Banks Index added 304.52 points or 1.33 percent to close at 23,282.16 points with 41.205 million shares.
BR Power Generation and Distribution Index gained 196.7 points or 1.0 percent to close at 19,841.63 points with 27.078 million shares.
BR Oil and Gas Index inched up by 122.62 points or 1.85 percent to close at 6,757.10 points with 19.437 million shares.
BR Tech. & Comm. Index surged by 169.36 points or 4.18 percent to close at 4,220.08 points with 104.460 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed all-time high as investors weigh Pak-IMF staff level agreement on $7.0 billion Extended Fund Facility.
He said expected ease in SBP policy rates, settlement of energy sector circular debt crises, surge in remittances, and rupee stability played a catalyst role in record close in the earnings season rally at PSX.
Copyright Business Recorder, 2024