KARACHI: Despite foreign selling, Pakistan Stock Exchange on Tuesday turned bullish and closed on strong positive note on the back of healthy buying, mainly by local investors coupled with institutional support.

The benchmark KSE-100 Index surged by 690.39 points or 0.85 percent and closed at 81,804.59 points. The index hit 81,980.37 points intraday high, 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 359.081 million shares as compared to 297.994 million shares traded on Monday while total daily traded value on the ready counter increased to Rs 17.160 billion against previous session’s Rs 14.103 billion.

BRIndex100 added 89.56 points or 1.05 percent to close at 8,599.61 points with total daily turnover of 294.958 million shares.

BRIndex30 increased by 683.35 points or 2.68 percent to close at 26,147.21 points with total daily trading volumes of 179.338 million shares.

Foreign investors however remained on the selling side and withdrew $4.982 million from the local equity market. Total market capitalization increased by Rs 93 billion to Rs 10.712 trillion. Out of total 436 active scrips, 243 closed in positive and 139 in negative while the value of 54 stocks remained unchanged.

Fauji Cement was the volume leader with 29.125 million shares and increased by Rs 1.34 to close at Rs 26.62 followed by Hub Power Company that surged by Rs 7.13 to close at Rs 126.47 with 19.621 million shares. WorldCall Telecom gained Rs 0.04 to close at Rs 1.24 with 19.051 million shares.

Unilever Pakistan Foods and Hallmark Company were the top gainers increasing by Rs 194.94 and Rs 78.42 respectively to close at Rs 17,270.00 and Rs 1,116.73 while Pakistan Engineering Company and Sitara Chemical Industries were the top losers declining by Rs 55.00 and Rs 14.92 respectively to close at Rs 755.00 and Rs 270.08.

An analyst at Topline Securities said the trading session was dominated by the bulls, with the KSE-100 index reaching an intraday high of 866 points, ultimately closing at 81,804 points (up 0.85 percent or 690 points).

Key drivers of the market rally included heavyweights such as HUBC, MARI, OGDC, BAHL, and PPL, collectively contributing plus 533 points to the index. Conversely, BAFL, HBL, POL, UBL, and MEBL pulled the index down by a combined minus 170 points.

On the economic front, the Consumer Price Index (CPI) for September 2024 stood at 6.9 percent, down from 9.6 percent in August 2024, marking the lowest inflation reading in 44 months.

BR Automobile Assembler Index gained 88.49 points or 0.52 percent to close at 17,154.85 points with total turnover of 5.618 million shares.

BR Cement Index increased by 149.75 points or 1.88 percent to close at 8,115.46 points with 59.520 million shares.

BR Commercial Banks Index decreased by 104.14 points or 0.45 percent to close at 23,092.28 points with 18.102 million shares.

BR Power Generation and Distribution Index surged by 747.81 points or 4.69 percent to close at 16,691.67 points with 41.306 million shares.

BR Oil and Gas Index added 141.07 points or 1.89 percent to close at 7,595.59 points with 17.583 million shares.

BR Tech. & Comm. Index closed at 3,854.69 points, up 14.89 points or 0.39 percent with 44.577 million shares.

Mohammed Waqar Iqbal at JS Global Capital said the market opened on a positive note, reaching an intraday high of 81,980 points, with strong investor interest seen in the Power and Fertilizer sectors. Trading volume stood at 355 million shares, with FCCL, HUBC, WTL, KOSM and KEL being the top contributors.

The positive momentum was driven by expectations of a further rate cut, supported by an improved inflation outlook.

Copyright Business Recorder, 2024