KARACHI: After a week-long bearish trend, Pakistan Stock Exchange Wednesday turned bullish on the back of healthy buying on available low levels.
The market opened under pressure, however witnessed a quick recovery after the IMF talks resumed in Doha, where the market participants are anticipating that Pakistan will strike a deal with the Fund, experts said.
The benchmark KSE-100 Index surged by 300.82 points and crossed 43,000 psychological level to close at 43,026.88 points. During the session, the KSE-100 index hit 43,161.22 points intra-day high and 42,508.30 points intra-day low levels.
Trading activity also improved as total daily volumes on ready counter increased to 278.803 million shares as compared to 197.916 million shares traded on Tuesday while total daily traded value increased to Rs 6.911 billion against previous day’s Rs 6.177 billion.
BRIndex100 gained 52.52 points or 1.24 percent to close at 4,277.68 points with total daily turnover of 254.102 million shares.
BRIndex30 increased by 483.74 points or 3.34 percent to close at 14,964.15 points with total daily trading volumes of 195.285 million shares.
Foreign investors however remained net sellers of shares worth $2.236 million. Total market capitalization increased by Rs 43 billion to Rs 7.128 trillion. Out of total 345 active scrips, 245 closed in positive and only 83 in negative while the value of 17 stocks remained unchanged.
WorldCall Telecom was the volume leader with 27.075 million shares and gained Rs 0.06 to close at Rs 1.54 followed by Cnergyico PK that lost Rs 0.06 to close at Rs 5.22 with 24.142 million shares. Telecard Limited closed at Rs 11.05, up Rs 0.87 with 23.218 million shares.
Nestle Pakistan and Gatron Industries were the top gainers increasing by Rs 89.00 and Rs 28.76 respectively to close at Rs 5790.00 and Rs 448.75 while Sapphire Fiber and Sapphire Textile were the top losers declining by Rs 76.99 and Rs 75.70 respectively to close at Rs 952.01 and Rs 934.50.
An analyst at Arif Habib Limited said that the market opened in the positive zone after a weeklong negative momentum. A ray of hope arising from political front which helped investors to bottom fish the value stocks. The KSE-100 index stayed in the green zone during the day whereas main board activity remained dull due to continuous rising of US Dollar against Pak Rupee and lack of clarity regarding fiscal adjustment and resumption of IMF Program. Hefty volumes were witnessed in 3rd tier stocks.
Sectors contributing to the performance include Cement (up 57.6 points), Technology (up 55.4 points), Fertilizer (up 38.0 points) and Power (up 32.6 points).
BR Automobile Assembler Index gained 78.47 points or 0.82 percent to close at 9,688.52 points with total turnover of 1.819 million shares.
BR Cement Index increased by 73.52 points or 1.68 percent to close at 4,439.79 points with 18.372 million shares.
BR Commercial Banks Index inched up by 21.56 points or 0.23 percent to close at 9,554.43 points with 8.041 million shares.
BR Power Generation and Distribution Index added 72.97 points or 1.39 percent to close at 5,313.72 points with 4.740 million shares.
BR Oil and Gas Index closed at 3,641.00 points, up 0.7 points or 0.02 percent with 6.883 million shares.
BR Tech. & Comm. Index surged by 92.46 points or 2.88 percent to close at 3,299.85 points with 84.372 million shares.
Muhammad Waqar Iqbal at JS Global Capital said that the KSE-100 Index opened in the negative zone, however witnessed a quick recovery, closing at 43,027, up 301 points. Volumes traded accumulated to 279 million shares with WTL, CNERGY, TELE, GGL and PAEL cumulatively contributing 36 percent to the tally.
The IMF talks have been resumed in Doha, where market participants were anticipating that Pakistan will strike a deal with the Fund. Any progress on the aforesaid development is expected to further uplift the index to 44,000.
Copyright Business Recorder, 2022