KARACHI: A bullish trend continued on the back of aggressive buying, mainly by local investors coupled with institutional support that kept the Pakistan Stock Exchange in green throughout the day and the market closed on a strong positive note with healthy gains.
The benchmark KSE-100 Index closed at 45,674.50 points with a net gain of 299.82 points or 0.66 percent. Trading activity also improved as daily volumes on ready counter increased to 312.501 million shares as compared to 251.682 million shares traded on Monday.
BRIndex100 inched up by 34.58 points or 0.74 percent to close at 4,697.36 points with total daily turnover of 289.079 million shares.
BRIndex30 gained 79.97 points or 0.44 percent to close at 18,435.03 points with total daily trading volumes of 227.182 million shares.
Foreign investors however remained net sellers of shares worth $414,848. Total market capitalization increased by Rs 54 billion to Rs 7.809 trillion. Out of total 366 active scrips, 221 closed in positive and 115 in negative while the value of 30 stocks remained unchanged.
Ghani Glo. Hol. Was the volume leader with 25.499 million shares and gained Rs 0.55 to close at Rs 22.72 followed by WorldCall Telecom that closed at Rs 2.27, up Rs 0.03 with 24.880 million shares. Treet Corp inched up by Rs 0.25 to close at Rs 40.94 with 19.533 million shares.
Nestle Pakistan and Pak Services were the top gainers increasing by Rs 108.33 and Rs 107.90 respectively to close at Rs 5708.33 and Rs 1757.90 while Bata Pak and Mehmood Textile were the top losers declining by Rs 146.44 and Rs 40.50 respectively to close at Rs 2001.56 and Rs 687.50.
An analyst at Arif Habib Limited said that bullish momentum was witnessed due to uplifted optimism towards upcoming corporate results and IMF announcement.
The market opened on a positive note and stayed in the green zone throughout the day. Main board activity remained gloomy. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. In the last trading hour, profit taking was witnessed due to rising Covid-19 cases and alarming CPI for the month of Jan 2022 at 12.96 percent.
Sectors contributing to the performance include E&P (up 62.8 points), Banks (up 60.7 points), Fertilizer (up 57.9 points), Misc (up 56.7 points) and Cement (up 59.6 points).
BR Automobile Assembler Index Closed at 8,531.58 with a net positive change of 24.3 points or a percentage change of 0.29 and a total turnover of 1,371,053.
BR Cement Index Closed at 5,755.88 with a net positive change of 33.15 points or a percentage change of 0.58 and a total turnover of 16,544,800.
BR Commercial Banks Index Closed at 10,246.26 with a net positive change of 57.34 points or a percentage change of 0.56 and a total turnover of 13,462,181.
BR Power Generation and Distribution Index closed at 6,129.75 with a net negative change of -30.75 points or a percentage change of -0.5 and a total turnover of 7,483,140.
BR Oil and Gas Index closed at 3,942.61 with a net positive change of 43.38 points or a percentage change of 1.11 and a total turnover of 6,922,208.
BR Tech. & Comm. Index closed at 3,812.33 with a net negative change of -37.76 points or a percentage change of -0.98 and a total turnover of 83,689,467.
Waqar Iqbal at JS Global Capital said that the market continued its bullish momentum for the second consecutive session over clarity regarding the IMF program, Prime Minister’s visit to China to seek more loans and better FBR revenue numbers for 7MFY22.
Headline inflation clocked in at 13 percent for the month of January, lower than the street consensus of 13.5 percent. KSE-100 index closed at 45,674, gaining 300 points. Top volume leaders were GGL (up 2.5 percent), WTL (up 1.3 percent) and TREET (up 0.65 percent).
Copyright Business Recorder, 2022
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