KARACHI: Pakistan Stock Exchange continued it record-breaking trend and hit historic and new highest-ever level on the back of local investors’ strong interest coupled with institutional support.

The benchmark KSE-100 Index surged by 571.75 points or 0.61 percent to close at its new highest-ever level of 94,763.64 points. During the session, the index crossed 95,000 historic highest level for the first time in its history, however failed to sustain this level and closed at slightly lower level due to profit taking in some stocks.

However trading activity remained low as daily volumes on ready counter decreased to 893.170 million shares as compared to 1,084.344 million shares traded on Thursday. The daily traded value on the ready counter declined to Rs 30.811 billion against previous session’s Rs 32.680 billion.

BRIndex100 soared by 85.45 points or 0.85 percent to close at 10,085.57 points with total daily turnover of 697.002 million shares.

BRIndex30 increased by 168.08 points or 0.54 percent to close at 31,170.22 points which total daily trading volumes of 435.382 million shares.

The market capitalization increased by Rs 54 billion to Rs 12.206 trillion. Out of total 473 active scrips, 204 closed in positive and 204 in negative while the value of 65 stocks remained unchanged.

WorldCall Telecom was the volume leader with 77.999 million shares however lost Rs 0.04 to close at Rs 1.34 followed by Fauji Foods that increased by Rs 1.06 to close at Rs 11.61 with 70.721 million shares. Hascol Petroleum gained Rs 0.03 to close at Rs 8.24 with 55.501 million shares.

Unilever Pakistan Foods and Pakistan National Shipping Corporation were the top gainers increasing by Rs 279.82 and Rs 29.88 respectively to close at Rs 19,185.00 and Rs 337.99 while Hallmark Company and Khyber Textile Mills were the top losers declining by Rs 42.47 and Rs 39.19 respectively to close at Rs 720.23 and Rs 376.87.

An analyst at Topline Securities said the KSE-100 Index extended its gain as banking sector continue to garner investor interest on news that Islamabad High Court has temporarily barred the government from collecting an additional tax of up to 15 percent from banks on borrowing to the private sector if it is lower than the target.

Traded value wise PSO (Rs.2.86 billion), ATRL (Rs.2.24 billion), TRG (Rs.1.76 billion), HUBC (Rs1.3 billion) and OGDC (Rs.1.29 billion) dominated the activity.

Top contribution to the index point wise came from UBL PA, HBL and MEBL, as the cumulatively contributed 301 points to the index. SEARL from the pharmaceutical sector was top traded stock from the sector, as 12.6 million shares of the company worth Rs.1.08 billion changed hands.

BR Automobile Assembler Index declined by 98.61 points or 0.51 percent to close at 19,229.51 points with total turnover of 3.730 million shares.

BR Cement Index inched up by 2.21 points or 0.02 percent to close at 10,197.26 points with 56.718 million shares.

BR Commercial Banks Index surged by 346.02 points or 1.39 percent to close at 25,316.12 points with 54.217 million shares.

BR Power Generation and Distribution Index increased by 251.38 points or 1.55 percent to close at 16,481.83 points with 52.104 million shares.

BR Oil and Gas Index gained 33.62 points or 0.35 percent to close at 9,598.22 points with 120.913 million shares.

BR Tech. & Comm. Index added 39.95 points or 0.86 percent to close at 4,658.58 points with 134.393 million shares.

Ahsan Mehanti at Arif Habib Corporation said stocks are at new all-time high amid receding fears over mini budget and IHC relief on banking sector additional tax levies.

He said falling bank lending rates, rising forex reserves and Pak rupee stability played a catalytic role in bullish activity at PSX.

Copyright Business Recorder, 2024