KARACHI: Pakistan Stock Exchange on Wednesday made a new history and hit highest-ever levels on the back of strong interest of local investors coupled with institutional support.
The benchmark KSE-100 Index crossed 87,000 psychological level for the first time in its history and closed at highest-ever level of 87,194.54 points with healthy increase of 727.96 points or 0.84 percent. The index hit 87,309.23 points intra-day highest-ever level however closed at slightly lower level due to profit-taking in some stocks.
The daily trading volumes on ready counter stood at 699.294 million shares as compared to 722.209 million shares traded on Tuesday. The daily traded value on the ready counter increased to Rs 26.824 billion against previous session’s Rs 25.024 billion.
BRIndex100 added 123.68 points or 1.34 percent to close at 9,346.97 points with total daily turnover of 618.876 million shares.
BRIndex30 surged by 346.59 points or 1.25 percent to close at 28,112.67 points with total daily trading volumes of 452.835 million shares.
Foreign investors however remained on the selling side and withdrew $1.319 million from the local equity market. The market capitalization increased by Rs 66 billion to Rs 11.418 trillion. Out of total 447 active scrips, 214 closed in positive and 173 in negative while the value of 60 stocks remained unchanged.
K-Electric was the volume leader with 207.635 million shares and gained Rs 0.44 to close at Rs 4.67 followed by WorldCall Telecom that inched up by Rs 0.04 to close at Rs 1.29 with 42.917 million shares. Pak Int. Bulk Terminal lost Rs 0.78 to close at Rs 5.96 with 33.969 million shares.
Unilever Pakistan Foods and Siemens Pakistan Engineering were the top gainers increasing by Rs 96.84 and Rs 92.57, respectively to close at Rs 18,263.67 and Rs 1,018.23 while Rafhan Maize Products Company and Pakistan Engineering Company were the top losers declining by Rs 61.88 and Rs 28.60 respectively to close at Rs 7,300.00 and Rs 896.39.
An analyst at Topline Securities said that the trading session showed positive momentum, driven by expectations of an upcoming rate cut in the monetary policy announcement set for November 4, 2024.
Investor enthusiasm for KEL also surged following the recent announcement that the National Electric Power Regulatory Authority (NEPRA) has approved the generation tariff for all its power plants effective after June 2023.
Key contributors to the index included FFC, HBL, KOHC, BAHL, and CHCC, which together added 485 points.
BR Automobile Assembler Index declined by 153.09 points or 0.84 percent to close at 18,012.94 points with total turnover of 13.394 million shares.
BR Cement Index surged by 244.35 points or 2.84 percent to close at 8,857.69 points with 49.681 million shares.
BR Commercial Banks Index gained 17.54 points or 0.07 percent to close at 24,501.96 points with 19.784 million shares.
BR Power Generation and Distribution Index increased by 222.22 points or 1.48 percent to close at 15,239.42 points with 226.879 million shares.
BR Oil and Gas Index lost 2.09 points or 0.02 percent to close at 8,359.49 points with 33.767 million shares.
BR Tech. & Comm. Index added 67.9 points or 1.63 percent to close at 4,231.74 points with 112.843 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed at new all-time high as investors weigh IMF higher growth projections at 3.2 percent and inflation at 9.5 percent for FY25 and FM affirmations on engorging talks on China debt re-profiling.
He said record corporate earnings announced for the banking and fertilizer sectors, current account surplus in September 2024 played a catalytic role in record close at PSX.
Copyright Business Recorder, 2024