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KARACHI: Pakistan Stock Exchange Wednesday witnessed a bull-run after clarity over the IMF program resumption that resulted in Pak rupee’s record appreciation against the USD experts said.

The market opened on a positive note and remained bullish throughout the day with hefty volumes in almost all sectors.

The benchmark KSE-100 Index surged by 877.26 points or 2.18 percent and crossed 41,000 psychological level to close at 41,068.87 points. During the session, the index hit 41,207.54 points intra-day high level however closed at slightly lower level due to profit taking in some sectors.

Trading activity also improved significantly as total volumes on ready counter increased to 333.028 million shares as compared to 217.504 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 10.016 billion against previous day’s Rs 6.326 billion.

BRIndex100 added 94.3 points or 2.37 percent to close at 4,067.24 points with total daily turnover of 308.077 million shares.

BRIndex30 increased by 324.47 points or 2.21 percent to close at 15,018.60 points with total daily trading volumes of 227.693 million shares.

Foreign investors however remained on the selling side and withdrew $739,511 from local equity market. The market capitalization increased by Rs 130 billion to Rs 6.926 trillion. Out of total 348 active scrips, 258 closed in positive and only 68 in negative while the value of 22 stocks remained unchanged.

WorldCall Telecom was the volume leader with 32.499 million shares and gained Rs 0.02 to close at Rs 1.19 followed by TPL Properties that inched up by Rs 0.94 to close at Rs 19.92 with 29.192 million shares. Unity Foods closed at Rs 19.04, up Rs 0.29 with 22.892 million shares.

Nestle Pakistan and Colgate Palmolive were the top gainers increasing by Rs 175.50 and Rs 127.34 respectively to close at Rs 6,170.00 and Rs 2,438.00 while Bata Pak and Gatron Industries were the top losers declining by Rs 50.00 and Rs 29.90 respectively to close at Rs 2,100.00 and Rs 370.10.

An analyst at Arif Habib Limited said that the market witnessed a bull-run after clarity over the IMF program resumption which resulted in Pak rupee appreciation against the USD. The investors rejoiced over the news as KSE-100 went up by 1,016 points during the session giving bulls an upper hand to remain active throughout the day. Hefty volumes were witnessed in the main board.

Sectors contributing to the performance include Banks (up 201.2 points), Cements (up 174.2 points), E&P (up 92.2 points), OMCs (up 48.4 points) and Fertilizer (up 39.8 points).

BR Automobile Assembler Index added 180.24 points or 2.0 percent to close at 9,198.38 points with total turnover of 1.785 million shares.

BR Cement Index surged by 232.15 points or 6.19 percent to close at 3,983.94 points with 28.456 million shares.

BR Commercial Banks Index increased by 188.44 points or 2.27 percent to close at 8,502.70 points with 13.621 million shares.

BR Power Generation and Distribution Index inched up by 73.37 points or 1.38 percent to close at 5,408.99 points with 12.192 million shares.

BR Oil and Gas Index gained 83.21 points or 2.21 percent to close at 3,856.41 points with 15.530 million shares.

BR Tech. & Comm. Index closed at 3,623.28 points, up 55.84 points or 1.57 percent with 66.660 million shares.

Mubashir Anis Naviwala at JS Global Capital said that the KSE-100 Index touched its intraday high of 41,208 as the PKR made its highest single-day gain of Rs 9.6 in interbank raising confidence of investors.

As a result, the market closed at the 41,069 level, up by 877 points. Traded volume stood at 333 million shares with WTL (up 1.7 percent), TPLP (up 5.0 percent), UNITY (up 1.5 percent), PRL (up 5.9 percent) and CNERGY (up 2.4 percent) being the highest contributors to volume.

Copyright Business Recorder, 2022

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