KARACHI: Despite foreign selling, Pakistan Stock Exchange on Friday witnessed a bullish trend and hit new historic highest ever levels following local investors’ interest on improving macroeconomic indicators and fall in bond yields.
The benchmark KSE-100 Index surged by 615.16 points or 0.76 percent and closed at highest-ever level of 82,074.45 points. The index hit 82,372.20 points highest-ever intra-day high, however closed at lower level due to profit-taking in some stocks.
Trading activity also improved as daily volumes on ready counter increased to 482.373 million shares as compared to 459.037 million shares traded on Thursday while total daily traded value on the ready counter increased to Rs 30.188 billion against previous session’s Rs 18.610 billion.
BRIndex100 increased by 43.5 points or 0.51 percent to close at 8,615.32 points with total daily turnover of 372.119 million shares.
BRIndex30 however declined by 375.88 points or 1.38 percent to close at 26,899.87 points with total daily trading volumes of 234.086 million shares.
Foreign investors however remained on the selling side and withdrew $14.807 million from the local equity market. Total market capitalization increased by Rs 58 billion to Rs 10.723 trillion. Out of total 453 active scrips, 196 closed in negative and 195 in positive while the value of 62 stocks remained unchanged.
Ist Capital Sec was the volume leader with 31.588 million shares however lost Rs 0.03 to close at Rs 2.76 followed by OGDC that declined by Rs 4.57 to close at Rs 141.29 with 29.408 million shares. Fauji Fertilizer Bin Qasim decreased by Rs 3.68 to close at Rs 44.36 with 28.625 million shares.
Unilever Pakistan Foods and Service Industries were the top gainers increasing by Rs 107.92 and Rs 67.09 respectively to close at Rs 17,616.25 and Rs 1,149.79 while Ismail Industries and ZIL Limited were the top losers declining by Rs 31.79 and Rs 23.53 respectively to close at Rs 1,625.94 and Rs 215.70.
“Continuing its momentum KSE-100 Index largely traded in positive zone during the trading session, as index gained to make an intraday high of 913 points and finally settled at 82,372 level (up by 1.12 percent),” an analyst at Topline Securities said.
This positivity can be attributed to lower than expected selling on account of FTSE rebalance (FTSE Russell in its review announced reclassification of Pakistan from Secondary Emerging to Frontier Market status). Due to FTSE rebalance participation was at higher end as 482 million shares (up by 5.2 percent) worth Rs 30.17 billion (up by 68 percent).
BR Automobile Assembler Index increased by 244.23 points or 1.44 percent to close at 17,198.75 points with total turnover of 8.286 million shares.
BR Cement Index added 144.59 points or 1.84 percent to close at 7,986.72 points with 27.313 million shares.
BR Commercial Banks Index surged by 684.29 points or 3.06 percent to close at 23,025.98 points with 46.950 million shares.
BR Power Generation and Distribution Index declined by 202.56 points or 1.08 percent to close at 18,627.29 points with 29.515 million shares.
BR Oil and Gas Index decreased by 72.81 points or 0.94 percent to close at 7,651.72 points with 56.799 million shares.
BR Tech. & Comm. Index gained 42.81 points or 1.08 percent to close at 4,021.89 points with 75.504 million shares.
Mubashir Anis Naviwala at JS Global Capital said that the KSE-100 Index soared to an all-time high of 82,074, closing with a gain of 615 points.
The market commenced on a positive trajectory, hitting an intraday peak of 82,372. Noteworthy domestic investor interest was observed in the Banking, E&P, Power, and Fertilizer sectors amid FTSE rebalancing.
Among the top volume leaders were FCSC (down 1.1 percent), OGDC (down 3.1 percent), FFBL (down 7.7 percent), WTL (down 1.5 percent) and PACE (up 0.5 percent).
Copyright Business Recorder, 2024