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KARACHI: Pakistan Stock Exchange Wednesday witnessed a bullish trend due to expectation of Pakistan’s exclusion from the grey list of FATF, experts said. The market stayed in the green zone as investors opted for value hunting in the OMC, Cement and E&P sectors, they added. The benchmark KSE-100 Index surged by 384.11 points or 0.94 percent and closed at 41,438.79 points. During the session, the index hit 41,535.24 points intra-day high level.

Trading activity also improved as total volumes on ready counter increased to 141.705 million shares as compared to 120.125 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 4.763 billion against previous day’s Rs 3.363 billion.

BRIndex100 increased by 50.04 points or 1.23 percent to close at 4,102.49 points with total daily turnover of 128.544 million shares.

BRIndex30 gained 78.12 points or 0.53 percent to close at 14,846.65 points with 82.083 million shares.

Foreign investors also remained net buyers of shares worth $294,014. Total market capitalization increased by Rs 41 billion to Rs 6.897 trillion. Out of total 337 active scrips, 175 closed in positive and 131 in negative while the value of 31 stocks remained unchanged.

TPL Properties was the volume leader with 17.352 million shares and gained Rs 0.36 to close at Rs 19.13 followed by Balochistan Glass that lost Rs 0.19 to close at Rs 8.32 with 9.854 million shares. Pak Refinery closed at Rs 17.24, up Rs 0.09 with 8.924 million shares.

Colgate Palmolive and Sapphire Fiber were the top gainers increasing by Rs 88.75 and Rs 79.90 respectively to close at Rs 2200.00 and Rs 1179.90 while Unilever Foods and Premium Textile were the top losers declining by Rs 600.00 and Rs 57.72 respectively to close at Rs 24,000.00 and Rs 718.61.

An analyst at Arif Habib Limited said that bullish momentum was witnessed at PSX due to expectation of Pakistan’s exclusion from the grey list of FATF. The KSE-100 Index stayed in the green zone as investors opted for value hunting in the OMCs, Cements and E&P sectors. Volumes remained sluggish in the main board whereas 3rd tier stocks witnessed hefty volumes.

Sectors contributing to the performance include Cement (up 73.6 points), Banks (up 70.6 points), Fertilizer (up 70.0 points), E&P (up 54.7 points) and Power (up 34.5 points). BR Automobile Assembler Index gained 52.48 points or 0.53 percent to close at 9,899.86 points with total turnover of 433,413 shares.

BR Cement Index surged by 90.6 points or 2.27 percent to close at 4,079.40 points with 14.833 million shares.

BR Commercial Banks Index added 67.51 points or 0.78 percent to close at 8,731.28 points with 8.800 million shares.

BR Power Generation and Distribution Index increased by 64.01 points or 1.22 percent to close at 5,291.30 points with 6.737 million shares.

BR Oil and Gas Index closed at 3,725.83 points, up 38.49 points or 1.04 percent with 14.075 million shares.

BR Tech. & Comm. Index inched up by 13.11 points or 0.4 percent to close at 3,253.88 points with 19.118 million shares.

Muhammad Waqar Iqbal at JS Global Capital said that the local market recovered for the day and closed at a level of 41,439 up 384 points. TPLP (up 1.9 percent), BGL (down 2.2 percent), PRL (up 0.5 percent), WRL (down 0.7 percent) and SNGP (up 2.9 percent) majorly contributed to total traded volume of 142 million shares.

On the news front, China has agreed to roll over $2.3 billion loan to Pakistan in the initial phase. Consequently, slight confidence was seen among investors as the index touched an intraday high level of 41,535.

Copyright Business Recorder, 2022

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