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KARACHI: Pakistan Stock Exchange Friday turned bullish and closed on strong positive note with healthy gains on the back of record remittances for April-22.

The market opened on a lackluster note as it traded sideways with low volumes however investor interest was observed in second half of trading session.

The benchmark KSE-100 Index surged by 588.02 points or 1.37 percent to cross 43,000 psychological level to close at 43,486.46 points. During the session, the KSE-100 Index hit 43,505.75 points intraday high and 42,853.50 points intraday low.

Trading activity however remained low as total daily volumes on ready counter decreased to 208.112 million shares as compared to 284.503 million shares traded on Thursday while total daily traded value on ready counter declined to Rs 6.972 billion against previous day’s Rs 7.800 billion.

BRIndex100 increased by 53.65 points or 1.26 percent to close at 4,316.71 points with total daily turnover of 192.726 million shares.

BRIndex30 gained 22.86 points or 0.15 percent to close at 15,001.44 points with total daily trading volumes of 131.808 million shares.

Foreign investors however remained net sellers of shares worth $676,068. Total market capitalization increased by Rs 93 billion to Rs 7.199 trillion. Out of total 343 active scrips, 236 closed in positive and only 87 in negative while the value of 20 stocks remained unchanged.

Treet Corp was the volume leader with 20.904 million shares and gained Rs 0.29 to close at Rs 31.74 followed by Cnergyico PK that inched up by Rs 0.08 to close at Rs 5.49 with 20.897 million shares. Pak Refinery closed at Rs 15.41, up Rs 0.39 with 14.950 million shares.

Nestle Pakistan and Sapphire Fiber were the top gainers increasing by Rs 173.16 and Rs 61.99 respectively to close at Rs 5789.00 and Rs 912.00 while Ismail Industries and Siemens Pak were the top losers declining by Rs 31.70 and Rs 18.00 respectively to close at Rs 426.05 and Rs 600.00.

An analyst at Topline Securities said that the KSE-100 Index opened on a lackluster note as it traded sideways with low volume, however investor interest was observed in second half of trading session on the back of record remittance number announcement for April-22 that came in at $3.13 billion (up by 11 percent on MoM and 12 percent on YoY), as the index gained to close at 43,487 level (up by 1.4 percent).

Major contribution to the Index came from E&P sector, as OGDC, PPL and POL contributed 125 points to the index.

BR Automobile Assembler Index surged by 246.88 points or 2.62 percent to close at 9,675.02 points with total turnover of 1.049 million shares.

BR Cement Index gained 60.0 points or 1.33 percent to close at 4,580.73 points with 13.449 million shares.

BR Commercial Banks Index added 131.11 points or 1.38 percent to close at 9,665.50 points with 6.841 million shares.

BR Power Generation and Distribution Index inched up by 77.59 points or 1.47 percent to close at 5,351.70 points with 3.908 million shares.

BR Oil and Gas Index increased by 79.44 points or 2.18 percent to close at 3,728.35 points with 11.316 million shares.

BR Tech. & Comm. Index closed at 3,319.12 points, up 14.2 points or 0.43 percent with 29.934 million shares.

An analyst at Arif Habib Limited said that the PSX opened in the positive zone continuing the momentum from the last trading session. The benchmark KSE-100 Index managed to remain in the green throughout the day as Pakistan has witnessed highest ever foreign remittances during April’22 up by 12 percent on YoY giving the investors much needed confidence resulting into value buying across the board.

Although, main board activity remained dull whereas hefty volumes were witnessed in the 3rd tier stocks.

Sectors contributing to the performance include Banks (up 136.1 points), E&P’s (up 127.0 points), Cements (up 46.7 points) and Autos (up 46.6 points).

Copyright Business Recorder, 2022

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