KARACHI: Pakistan Stock Exchange continued its record-breaking trend and hit new highest-ever level on Friday on the back of investors strong interest coupled with institutional support.
The benchmark KSE-100 Index surged by 1,274.55 points or 1.27 percent and closed at its new highest-ever level of 101,357.32 points. The index hit 101,496.18 points intra-day high and 99,822.62 points intra-day low level.
The daily trading volumes on ready counter stood at 915.509 million shares as compared to 1,164.794 million shares traded on Thursday. The daily traded value on the ready counter declined to Rs 35.978 billion against previous session’s Rs 39.776 billion.
BRIndex100 soared by 125.53 points or 1.16 percent to close at 10,901.25 points with total daily turnover of 769.223 million shares.
BRIndex30 increased by 420.02 points or 1.3 percent to close at 32,654.17 points with total daily trading volumes of 457.898 million shares.
Foreign investors however remained net sellers of shares worth $236,681. Total market capitalization increased by Rs 169 billion to Rs 12.885 trillion. Out of total 454 active scrips, 265 closed in positive and 137 in negative while the value of 52 stocks remained unchanged.
Bank of Punjab was the volume leader with 95.056 million shares and gained Rs 0.35 to close at Rs 9.20 followed by K-Electric that inched up by Rs 0.18 to close at Rs 5.58 with 55.535 million shares. SSGC increased by Rs 2.57 to close at Rs 28.30 with 44.802 million shares.
Service Industries Limited and Rafhan Maize Products Company were the top gainers increasing by Rs 122.67 and Rs 114.86 respectively to close at Rs 1,349.36 and Rs 7,992.86 while Exide Pakistan Limited and Nestle Pakistan Limited were the top losers declining by Rs 32.09 and Rs 13.20 respectively to close at Rs 839.22 and Rs 6,570.67.
An analyst at Topline Securities said another positive session was observed at the exchange and this positivity in market can be attributed to news that SBP has received $500 million from the Asian Development Bank as proceeds of a loan to the government of Pakistan for the Climate Change and Disaster Resilience Enhancement Program (CDREP). This disbursement will most likely enable SBP to end the month November 2024 around $12 billion mark.
Banking sector extended its gain as it closed 1.8 percent; where removal of the Minimum Deposit Rate (MDR) requirement for corporate deposit continued to attract investor interest in the sector.
Traded value wise PPL (Rs.1.93 billion), PSO (Rs.1.88 billion), SEARL (Rs.1.63 billion), OGDC (Rs.1.53 billion) and ATRL (Rs.1.29 billion) dominated market activity.
Point-wise top contribution to the index came from PPL, SRVI, BAFL, ENGRO and SEARL, as they cumulatively contributed plus 400 points to the index.
BR Automobile Assembler Index increased by 187.62 points or 1.0 percent to close at 18,971.75 points with total turnover of 6.293 million shares.
BR Cement Index gained 37.46 points or 0.36 percent to close at 10,373.17 points with 58.597 million shares.
BR Commercial Banks Index surged by 514.9 points or 1.82 percent to close at 28,743.68 points with 162.317 million shares.
BR Power Generation and Distribution Index added 69.68 points or 0.42 percent to close at 16,487.66 points with 75.564 million shares.
BR Oil and Gas Index soared by 128.26 points or 1.29 percent to close at 10,036.97 points with 113.277 million shares.
BR Tech. & Comm. Index inched up by 28.02 points or 0.57 percent to close at 4,942.93 points with 125.091 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks at new all-time high led by oil, banking and pharma scrips on strong valuations.
He said speculations ahead of the SBP policy rate announcement next month, surging SBP’s forex reserves and falling Government treasury bond yields amid thin inflation played a catalytic role in new record close at PSX.
Copyright Business Recorder, 2024