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KARACHI: Pakistan Stock Exchange Friday witnessed a bullish trend on the back of aggressive buying in almost all sectors after the Supreme Court decision that put an end to political crisis to a large extent and a rally in the banking sector on account of 250bps increase in policy rate by the SBP.

The benchmark KSE-100 Index surged by 657.75 points or 1.50 percent and once again crossed 44,000 crucial level to close at 44,444.58 points. During the session the index hit 44,507.62 points intraday high however closed at slightly lower level due to profit taking in some stocks.

Trading activity also improved significantly as total daily volumes on ready counter increased to 227.885 million shares as compared to 141.017 million shares traded Thursday while total daily traded value on ready counter increased to Rs 6.785 billion against previous day’s Rs 4.980 billion.

BRIndex100 gained 85.65 points or 1.97 percent to close at 4,443.72 points with total daily turnover of 211.250 million shares.

BRIndex30 increased by 350.6 points or 2.25 percent to close at 15,914.08 points with total daily trading volumes of 154.303 million shares.

Foreign investors however remained on selling side with net outflow of $2.915 million. Total market capitalization increased by Rs 94 billion to Rs 7.474 trillion. Out of total 325 active scrips, 235 closed in positive and only 72 in negative while the value of 18 stocks remained unchanged.

Telecard Limited was the volume leader with 19.721 million shares and gained Rs 0.56 to close at Rs 15.10 followed by Ghani Global Holding that closed at Rs 17.61, up Rs 1.11 with 17.718 million shares. Treet Corp increased by Rs 1.67 to close at Rs 34.18 with 16.879 million shares.

Bata Pak and Indus Motor Co were the top gainers increasing by Rs 80.00 and Rs 39.61 respectively to close at Rs 2339.20 and Rs 1349.72 while Sapphire Fiber and Hinopak Motor were the top losers declining by Rs 60.35 and Rs 10.90 respectively to close at Rs 765.25 and Rs 309.10.

An analyst at Arif Habib Limited said that the PSX witnessed a bullish momentum due to prolong awaited decision from the Supreme Court announced last night created clarity among investors. Moreover, appreciation of Pak rupee against US dollar was even a big relief to investors. In the first trading hour, rally was witnessed in the Banking, E&P and Refinery sectors. Steel sector remained under pressure due to recent hike in interest rates. In the last trading hour, buying activity was observed across the board.

Sectors contributing to the performance include Banks (up 328.1 points), E&P (up 80.5 points), Cement (up 52.1 points), Technology (up 33.6 points) and Fertilizer (up 30.5 points).

BR Automobile Assembler Index added 113.21 points or 1.22 percent to close at 9,387.39 points with total turnover of 700,806 shares.

BR Cement Index increased by 67.66 points or 1.34 percent to close at 5,110.97 points with 19.187 million shares.

BR Commercial Banks Index surged by 311.85 points or 3.21 percent to close at 10,014.04 points with 15.461 million shares.

BR Power Generation and Distribution Index lost 3.44 points or 0.06 percent to close at 5,734.18 points with 10.165 million shares.

BR Oil and Gas Index gained 62.2 points or 1.7 percent to close at 3,714.55 points with 7.514 million shares.

BR Tech. & Comm. Index closed at 3,603.91 points, up 59.49 points or 1.68 percent with 41.672 million shares.

An analyst at Topline Securities said that bullish session was observed at the PSX as the index gained 1.5 percent to close at 44,445 level. This positivity in market can be attributed to Supreme Court decision which put an end to political crisis to a large extend and rally in banking sector on account of 250bps hike in policy rate by the SBP to 12.25 percent in an emergency Monetary Policy meeting Thursday.

Major contribution to the index came from MEBL, UBL, HBL, MCB and LUCK, as they cumulatively contributed 277 points to the index.

Copyright Business Recorder, 2022

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