KARACHI: A bullish trend continued on Pakistan Stock Exchange on the back of aggressive buying by local and foreign investors in almost all sectors Tuesday.
The benchmark KSE-100 Index surged by 503.95 points or 1.12 percent to cross 45,000 psychological level and close at 45,390.84 points. Trading activity improved significantly as daily volumes on the ready counter increased to 375.985 million shares as compared to 195.167 million shares traded Monday. BRIndex100 gained 65.53 points or 1.42 percent to close at 4,680.31 points with a turnover of 321.653 million shares.
BRIndex30 increased by 641.36 points or 3.29 percent to close at 20,157.03 points with total daily trading volumes of 250.897 million shares.
Foreign investors also remained net buyers of equities worth $5.408 million. The market capitalization increased by Rs 88 billion to Rs 7.788 trillion. Out of total 376 active scrips, 266 closed in positive and only 86 in negative while the value of 24 stocks remained unchanged.
Unity Foods (R3) was the volume leader with 25.719 million shares and gained Rs 0.49 to close at Rs 1.48 followed by TRG Pak that increased by Rs 5.07 to close at Rs 123.39 with 23.015 million shares.
Unilever Foods and Mehmood Textile were the top gainers increasing by Rs 233.00 and Rs 33.00 respectively to close at Rs 19500.00 and Rs 483.00 while Rafhan Maize and Ismail Industries were the top losers declining by Rs 119.00 and Rs 20.00 respectively to close at Rs 9281.00 and Rs 460.00.
An analyst at Arif Habib Limited said that bullish momentum continued as confidence of investors gained due to improvement in economic numbers as trade deficit declined to $4.1 billion during December 2021 and drop down in food inflation.
The market opened in the green zone as traders took aggressive bet on high beta stocks. Tech stocks made the journey to the north as fresh allocation of funds towards tech sector initiated in order to make alpha returns. In the last trading hour, across the board profit taking was witnessed mainly in cyclical stocks. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. Sectors contributing to the performance include Technology (up 112 points), Cement (up 72 points), E&P (up 59 points), Power (up 42 points) and Pharmaceuticals (up 36 points).
BR Automobile Assembler Index gained 132.1 points or 1.55 percent to close at 8,634.13 points with total turnover of 4.451 million shares.
BR Cement Index increased by 106.58 points or 1.81 percent to close at 6,010.36 points with 23.365 million shares.
BR Commercial Banks Index inched up by 30.25 points or 0.31 percent to close at 9,817.77 points with 15.438 million shares.
BR Power Generation and Distribution Index added 83.92 points or 1.51 percent to close at 5,624.24 points with 9.576 million shares.
BR Oil and Gas Index closed at 3,849.16 points, up 46.25 points or 1.22 percent with 13.771 million shares.
BR Tech. & Comm. Index surged by 149.21 points or 3.54 percent to close at 4,361.24 points with 84.856 million shares.
An analyst at Topline Securities said that Pakistan equities continued the positive momentum for second consecutive day of 2022 where benchmark KSE-100 Index settled at 45,391 level, up 1.12 percent.
After a slight positive opening, the market remained positive throughout the day and made an intraday high of 519 points as investors cheered the statement from Finance Minister Shaukat Tarin as he stated that delay of two to four days in the approval of Finance Supplementary Bill, 2021 would not be an issue for IMF program.
Technology and Communication sector contributed the most in trading session where TRG and SYS contributed 97 points in KSE-100 Index.
Copyright Business Recorder, 2021
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