KARACHI: Pakistan Stock Exchange on Thursday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of strong buying in almost all sectors.
The market opened on a positive note and remained in green zone throughout the day due to across the board rally as Chinese consortium of banks signed an RMB 15 billion ($2.3 billion) loan facility agreement which resulted in recovery of Pak Rupee against USD.
The benchmark KSE-100 index surged by 258.83 points or 0.61 percent and closed at 42,716.97 points. During the session, the index hit 42,987.88 points intra-day high however closed at slightly lower level due to profit taking in some stocks.
Trading activities also improved as total daily trading volumes on ready counter increased to 349.488 million shares as compared to 266.090 million shares traded on Wednesday while total daily traded value on ready counter increased to Rs 10.136 billion against previous day’s Rs 8.468 billion.
BRIndex100 gained 32.45 points or 0.77 percent to close at 4,264.27 points with total daily turnover of 314.389 million shares. BRIndex30 increased by 200.26 points or 1.3 percent to close at 15,602.32 points with total daily trading volumes of 219.400 million shares.
The foreign investors however remained on the selling side and withdrew $1.053 million from local equity market. Total market capitalization increased by Rs 43 billion to Rs 7.093 trillion. Out of total 347 active scrips, 235 closed in positive and only 87 in negative while the value of 25 stocks remained unchanged.
Cnergyico PK was the volume leader with 37.401 million shares and gained Re 0.22 to close at Rs 5.78 followed by Pak Refinery that inched up by Re 0.56 to close at Rs 19.54 with 29.344 million shares. K-Electric closed at 2.85, up Re 0.19 with 27.961 million shares. Bata Pak and Mehmood Textile were the top gainers increasing by Rs 150.33 and Rs 56.26 respectively to close at Rs 2166.83 and Rs 806.48 while Sapphire Fiber and Thal Ind Corp were the top losers declining by Rs 83.08 and Rs 21.74 respectively to close at Rs 1027.02 and Rs 268.25.
An analyst at Arif Habib Limited said the KSE-100 index was dominated by the bulls. Across the board rally was witnessed as Chinese consortium of banks signed an RMB 15 billion ($2.3 billion) loan facility agreement which resulted in recovery of Pak Rupee against USD. Volumes remained healthy across the board.
The IPP sector remained in limelight as Economic Coordination Committee (ECC) of the Cabinet approved Rs 149 billion for the power sector to be paid to the IPPs and K-Electric in the current fiscal year. Moreover, profit taking was observed in the last trading hour.
Sectors contributing to the performance include Power (up 74.8 points), Banks (up 52.2 points), Technology (up 26.4 points), OMC’s (up 25.9 points) and Cement (up 15.0 points).
BR Automobile Assembler Index gained 55.9 points or 0.56 percent to close at 10,030.82 points with total turnover of 4.279 million shares.
BR Cement Index inched up by 20.54 points or 0.49 percent to close at 4,191.98 points with 25.335 million shares.
BR Commercial Banks Index added 50 points or 0.56 percent to close at 8,931.90 points with 10.009 million shares. BR Power Generation and Distribution Index surged by 197.67 points or 3.61 percent to close at 5,670.11 points with 41.280 million shares.
BR Oil and Gas Index closed at 3,879.63 points, up 6.79 points or 0.18 percent with 13.775 million shares.
BR Tech & Comm Index increased by 36.14 points or 1.08 percent to close at 3,394.74 points with 43.762 million shares.
An analyst at Topline Securities said Pakistan equities witnessed a positive session on the backdrop of acknowledgement received from IMF country representative regarding significant progress has been made as far as Budget FY23 goes. The KSE-100 index initially opened on a positive, stayed positive throughout the day and eventually settled at 42,717, up 0.61 percent.
Power, Banks, Technology and OMC sector stocks contributed positively to the index where HUBC, BAHL, MCB, SYS and PSO added 105 points, cumulatively. On the flip side, HBL, FFC and PPL have witnessed some profit taking as they lost 70 points collectively.
Copyright Business Recorder, 2022
Comments
Comments are closed.