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KARACHI: Pakistan Stock Exchange witnessed bullish trend on the first day after long Eid holidays due to healthy buying in almost all sectors as investors gained confidence over expectation of resumption of the IMF Program.

The benchmark KSE-100 index surged by 518.76 points or 1.25 percent and closed at 41,862.77 points on Wednesday. During the session, the index hit 41,970.59 points intra-day high and 41,227.84 points intra-day low level.

Trading activities also improved as total daily volumes on ready counter increased to 164.827 million shares as compared to 99.088 million shares traded on previous session, while total daily traded value on ready counter increased to Rs 6.488 billion against previous session’s Rs 4.041 billion.

BRIndex100 added 71.02 points or 1.74 percent to close at 4,163.94 points with total daily turnover of 153.173 million shares.

BRIndex30 increased by 343.82 points or 2.28 percent to close at 15,401.94 points with total daily trading volumes of 93.943 million shares.

The foreign investors also remained net buyers of shares worth $430,608. Total market capitalization increased by Rs 74 billion to Rs 7.015 trillion. Out of total 325 active scrips, 212 closed in positive and only 90 in negative while the value of 23 stocks remained unchanged.

TPL Properties was the volume leader with 14.938 million shares and gained Rs 0.94 to close at Rs 20.62 followed by SNGPL that increased by Rs 2.38 to close at Rs 39.75 with 13.577 million shares. OGDC surged by Rs 3.17 to close at Rs 83.63 with 9.979 million shares.

Allawasaya Textile and Exide Pak were the top gainers increasing by Rs 141.48 and Rs 19.70, respectively to close at Rs 2,033.17 and Rs 282.42 while Mehmood Textile and Sanofi-Aventis were the top losers declining by Rs 40.00 and Rs 24.67, respectively to close at Rs 800.00 and Rs 1,385.41.

An analyst at Arif Habib Limited said that bulls triumphed the trading session at PSX. The KSE-100 index traded in the green zone as value buying was witnessed across the board, although the E&P sector remained in the limelight. Investors gained confidence over expectation of resumption of the IMF Program. Volumes stayed healthy in the main board.

Sectors contributing to the performance include Banks (up 140.4 points), E&P (up 102.6 points), Technology (up 71.4 points), Cement (up 65.0 points) and OMCs (up 35.2 points).

BR Automobile Assembler Index inched up by 15.71 points or 0.16 percent to close at 9,900.52 points with total turnover of 2.196 million shares.

BR Cement Index increased by 82.59 points or 2.1 percent to close at 4,022.30 points with 11.096 million shares.

BR Commercial Banks Index added 129.79 points or 1.51 percent to close at 8,705.26 points with 8.232 million shares.

BR Power Generation and Distribution Index gained 56.75 points or 1.02 percent to close at 5,637.63 points with 13.983 million shares.

BR Oil and Gas Index surged by 84.03 points or 2.21 percent to close at 3,888.84 points with 35.888 million shares.

BR Tech. & Comm. Index closed at 3,417.66 points, up 93.63 points or 2.82 percent with 22.749 million shares.

An analyst at Topline Securities said that Pakistan equities closed on a green mark where the benchmark KSE-100 Index settled at 41,863 level, up 1.25 percent.

Initially investors’ interest witnessed in E&Ps sector as ECC approved price increase by 43 percent-235 percent for domestic gas consumers and industries where OGDC, PPL and SNGP closed higher.

Meanwhile, in the second half, rumours did the round that staff level agreement has been reached with IMF which led the market to make an intraday high of 627 points where MEBL, TRG, LUCK, SYS and HBL spiked up cumulatively added 118 in benchmark KSE-100 Index.

Copyright Business Recorder, 2022

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