A bullish trend continued on Pakistan Stock Exchange (PSX) and the benchmark KSE-100 index Thursday crossed 49,500 psychological level to close at 49,517.02 points with an increase of 145.42 points. The market opened on strong positive note and the index hit 49,805.69 points intraday high, however selling in select stocks at the fag end minimised the intraday gains.
Trading activity also improved as the daily trading volumes increased to 563.160 million shares as compared to 460.693 million shares traded Wednesday. The market capitalisation increased by Rs 25 billion to Rs 9.886 trillion. Out of total 437 active scrips, 218 closed in positive, 202 in negative while the value of 17 stocks remained unchanged.
Pervez Ahmed was the volume leader with 58.540 million shares. It gained Rs 0.35 to close at Rs 3.09 followed by TRG Pak that surged by Rs 1.62 to close at Rs 49.60 with 34.135 million shares. K-Electric closed at Rs 9.37 without any change with 30.465 million shares.
Unilever Foods and Nestle Pakistan were the top gainers with Rs 285.00 and Rs 162.95, respectively to close at Rs 5,985.00 and Rs 9,300.00. Rafhan Maize and Wyeth Pak were the top losers with Rs 160.00 and Rs 68.86, respectively to close at Rs 8,040.00 and Rs 4,960.00.
Nabeel Haroon at JS Global Capital said that the market continued its positive momentum as the index initially gained to make an intraday high of 433 points. However, profit-taking was observed towards the end of the day with the index ultimately closing at 49,517 level. Of the key sectors, profit-taking was observed in the textile sector with key names such as NML, NCL and GATM closing in the red zone. HUBC extended its previous day rally on the back of material information disseminated in the market that the IPP has exercised its option to increase its stake in its subsidiary GHPGL from 26 percent to 47.5 percent.
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