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KARACHI: A bullish trend continued on Pakistan Stock Exchange on Friday on the back of healthy buying on investor expectations of Pakistan’s exclusion from the grey list of FATF.

The benchmark KSE-100 Index surged by 410.60 points or 0.98 percent and crossed 42,000 psychological level to close at 42,140.76 points. The index hit 42,420.64 points intraday high level however closed slightly on lower level due to profit-taking in some stocks.

Trading activity also improved as total daily volumes on ready counter increased to 282.931 million shares as compared to 162.179 million shares traded on Thursday while total daily traded value on ready counter increased to Rs 9.059 billion against previous day’s Rs 4.780 billion.

BRIndex100 gained 42.93 points or 1.04 percent to close at 4,186.04 points with total daily turnover of 245.665 million shares.

BRIndex30 increased by 181.66 points or 1.22 percent to close at 15,090.47 points with total daily trading volumes of 166.156 million shares.

The market capitalization increased by Rs 64 billion to Rs 7.002 trillion. Out of total 353 active scrips, 238 closed in positive and only 95 in negative while the value of 20 stocks remained unchanged.

Cnergyico PK was the volume leader with 31.924 million shares and gained Rs 0.23 to close at Rs 5.37 followed by Hum Network that inched up by Rs 0.32 to close at Rs 7.50 with 17.699 million shares. Pak Refinery closed at Rs 17.91, up Rs 0.51 with 17.111 million shares.

Unilever Foods and Bata Pak were the top gainers increasing by Rs 1800.00 and Rs 121.25 respectively to close at Rs 25,800.00 and Rs 2021.25 while Rafhan Maize and Pak Tobacco were the top losers declining by Rs 595.00 and Rs 12.27 respectively to close at Rs 9900.00 and Rs 891.50.

Ahsan Mehanti at Arif Habib Corporation said that stocks closed bullish after reports of Pakistan likely exit from FATF grey list on agreement over compliance on 27 action items in the FATF plenary meeting discussion.

He said institutional interest on falling Government Treasury Bond yields, upbeat 15.4 percent year-on-year LSM growth data for April’22, textile exports surging by 28.6 percent on YoY for July-May’22 and speculations on likely resumption of IMF bailout program next week played a catalyst role in bullish close.

BR Automobile Assembler Index gained 70.9 points or 0.72 percent to close at 9,945.39 points with total turnover of 1.506 million shares.

BR Cement Index surged by 54.59 points or 1.32 percent to close at 4,201.98 points with 22.896 million shares.

BR Commercial Banks Index inched up by 81.19 points or 0.93 percent to close at 8,824.14 points with 15.742 million shares.

BR Power Generation and Distribution Index added 62.28 points or 1.15 percent to close at 5,468.74 points with 7.452 million shares.

BR Oil and Gas Index increased by 69.71 points or 1.84 percent to close at 3,852.36 points with 20.290 million shares.

BR Tech. & Comm. Index closed at 3,286.35 points, up 39.32 points or 1.21 percent with 41.578 million shares.

An analyst at Arif Habib Limited said that the bulls dominated the market throughout the day as Pakistan hopes to come off FATF grey list. The Financial Action Task Force (FATF), a global watchdog for combating money laundering and terrorist financing, is expected to announce on Friday whether Pakistan will be removed or retained on its increased monitoring list, also known as the “grey list”. Investors opted for across the board buying as hefty volumes were witnessed in the main board along with side board stocks.

Sectors contributing to the performance include E&P (up 88.9 points), Banks (up 82.7 points), Cement (up 45.8 points), Chemical (up 32.1 points) and Engineering (up 29.6 points).

Copyright Business Recorder, 2022

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