KARACHI: Record-breaking trend continued as the Pakistan Stock Exchange on Tuesday hit historic highest-ever levels on the back of investors’ strong interest and healthy buying, mainly in E&P and Fertilizer sectors.
The benchmark KSE-100 Index surged by 753.68 points or 0.89 percent and crossed 85,000 historic level to close at highest ever level of 85,663.98 points. The index hit 85,824.27 points intra-day highest ever intra-day high however closed at slightly lower level due to profit taking in some stocks.
Trading activity also improved as daily volumes on the ready counter increased to 506.565 million shares as compared to 449.507 million shares traded on Monday while total daily traded value on the ready counter increased to Rs 33.049 billion against previous session’s Rs 30.196 billion.
BRIndex100 increased by 113.33 points or 1.26 percent to close at 9,093.51 points with total daily turnover of 439.782 million shares.
BRIndex30 closed at 27,317.98 points, down 101.92 points or 0.37 percent with 279.411 million shares.
Foreign investors however remained net sellers of shares worth $1.502 million. Total market capitalization increased by Rs 95 billion to Rs 11.172 trillion. Out of total 448 active scrips, 194 closed in negative and 193 in positive while the value of 61 stocks remained unchanged.
Hub Power Co was the volume leader with 45.845 million shares however declined by Rs 9.78 to close at Rs 111.92 followed by PPL that increased by Rs 1.43 to close at Rs 128.12 with 21.544 million shares. Pak Refinery gained Rs 0.72 to close at Rs 25.57 with 21.345 million shares.
Unilever Pakistan Foods and Hallmark Company were the top gainers increasing by Rs 275.00 and Rs 113.23 respectively to close at Rs 17,655.00 and Rs 1,245.53 while Khyber Textile Mills and Khyber Tobacco Company were the top losers declining by Rs 35.38 and Rs 29.13 respectively to close at Rs 415.41 and Rs 262.14.
An analyst at Topline Securities said that the KSE-100 index closed impressively at 85,663, rising by 753 points or 0.89 percent.
This surge was fueled by declining bond yields and an anticipated significant decrease in inflation, sparking a wave of optimism in the market that attracted investors’ interest.
OGDC (up 3.14 percent) and PPL (up 1.13 percent) from the E&P Sector were the stars of the trading session where both cumulatively contributed plus 137 points to the inclining index.
Key players like BAHL, HBL, EFERT, OGDC, and BAFL fueled the rally, contributing a remarkable plus 664 points to the index.
BR Automobile Assembler Index soared by 166.14 points or 0.97 percent to close at 17,228.55 points with total turnover of 12.004 million shares.
BR Cement Index lost 45.4 points 0.54 percent to close at 8,322.16 points with 41.997 million shares.
BR Commercial Banks Index surged by 555.1 points or 2.33 percent to close at 24,407.53 points with 37.019 million shares.
BR Power Generation and Distribution Index plunged by 936.92 points or 5.75 percent to close at 15,368.63 points with 73.963 million shares.
BR Oil and Gas Index increased by 93.8 points or 1.14 percent to close at 8,287.62 points with 55.434 million shares.
BR Tech. & Comm. Index gained 20.16 points or 0.51 percent to close at 3,956.88 points with 81.000 million shares.
Mohammed Waqar Iqbal at JS Global Capital said broad-based buying was seen, with strong investor interest in the E&P and Fertilizer sectors throughout the day.
The volume leaders were HUBC, PPL, PRL, WTL, and OGDC. However, news of the government considering scrapping IPP contracts frustrated investors, leading to significant offloading, particularly in HUBC, which dropped 8.0 percent.
Copyright Business Recorder, 2024