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KARACHI: Pakistan Stock Exchange on Friday witnessed a long-awaited bull run after the government finally announced to increase petroleum prices considering the IMF Program resumption which resulted in the price appreciation of Pak Rupee against USD.

The market remained in green zone throughout the day due to aggressive buying in all sectors and closed on strong positive note with healthy gains. However, the market closed slightly lower from its intra-day high level as profit taking was observed due to end of the rollover week.

The benchmark KSE-100 index increased by 319.74 points or 0.75 percent and closed at 42,861.45 points. During the session, the KSE-100 index crossed 43,000 psychological level and hit 43,552.40 points intra-day high however closed at lower level due to profit taking in some stock in second session.

Trading activities also improved significantly as total daily volumes on ready counter increased to 527.672 million shares as compared to 347.068 million shares traded on Thursday while total daily traded value on ready counter increased to Rs 13.974 billion against previous day’s Rs 9.042 billion.

BRIndex100 gained 38.57 points or 0.91 percent to close at 4,272.69 points with total daily turnover of 486.483 million shares.

BRIndex30 inched up by 50.78 points or 0.33 percent to close at 15,569.33 points with total daily trading volumes of 361.880 million shares.

Total market capitalization increased by Rs 57 billion to Rs 7.123 trillion. Out of total 368 scrips, 223 closed in positive and 131 in negative while the value of 14 stocks remained unchanged.

Cnergyico PK was the volume leader with 64.002 million shares and gained Rs 0.14 to close at Rs 5.73 followed by Pak Refinery that closed at Rs 17.79, down Rs 0.09 with 55.636 million shares. WorldCall Telecom lost Rs 0.03 to close at Rs 1.57 with 21.506 million shares.

Rafhan Maize and Sapphire Textile were the top gainers increasing by Rs 390.00 and Rs 74.24 respectively to close at Rs 9990.00 and Rs 1074.25 while Philip Morris Pak and Thal Ind. Corp were the top losers declining by Rs 43.47 and Rs 20.58 respectively to close at Rs 536.53 and Rs 253.91.

An analyst at Topline Securities said that positive session was observed at the bourse as KSE-100 Index gained to make an intraday high of 1013 points, however some profit taking was observed in the second half of the trading session as index settled at 42,861 level, up by 0.75 percent).

This positivity in market can be attributed to increase in petroleum product prices by the government by 25 percent, which investors view as positive step towards staff level agreement with IMF going forward.

Major contribution to the index came from FFC, OGDC, EPCL, MTL and EPCL, as they cumulatively contributed 126 points to the index. BR Automobile Assembler Index surged by 141.07 points or 1.45 percent to close at 9,888.10 points with total turnover of 2.504 million shares.

BR Cement Index increased by 50.45 points or 1.17 percent to close at 4,356.53 points with 33.450 million shares. BR Commercial Banks Index gained 32.85 points or 0.35 percent to close at 9,510.15 points with 35.214 million shares.

BR Power Generation and Distribution Index added 58.18 points or 1.12 percent to close at 5,275.84 points with 20.964 million shares.

BR Oil and Gas Index inched up by 37.47 points or 1.05 percent to close at 3,615.67 points with 27.354 million shares. BR Tech. & Comm. Index closed at 3,401.93 points, up 25.0 points or 0.74 percent with 95.659 million shares.

An analyst at Arif Habib Limited said that the market witnessed a long-awaited bull run after the government finally announced to increase petroleum prices considering the IMF Program resumption which resulted in the price appreciation of Pak Rupee against USD.

The investors rejoiced over the news as KSE-100 went up by 1,013 points during the session giving bulls an upper hand to remain active throughout the day. However, profit selling was observed in the last trading hour due to the end of rollover week. Hefty volumes were observed all across the board on the contrary 3rd tier stocks remained in the limelight. Sectors contributing to the performance include fertilizer (up 44.1 points), E&P (up 43.0 points), banks (up 40.5 points), chemical (up 37.6 points) and cement (up 35.4 points).

Copyright Business Recorder, 2022

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