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KARACHI: Pakistan Stock Exchange Monday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of aggressive buying in all sectors.

The investors gained confidence after news regarding monetary help from Saudi Arabia and the PKR continued its winning streak against the USD.

The benchmark KSE-100 Index surged by 764.25 points or 1.78 percent and crossed 43,000 psychological level to close at 43,621.82 points.

Trading activity also improved significantly as daily volumes on ready counter increased to 541.548 million shares as compared to 373.855 million shares traded on last Friday while total daily traded value on ready counter increased to Rs 16.836 billion against previous session’s Rs 10.613 billion.

BRIndex100 gained 85.13 points or 1.99 percent to close at 4,361.60 points with total daily turnover of 491.447 million shares.

BRIndex30 increased by 342.95 points or 2.17 percent to close at 16,137.62 points with total daily trading volumes of 364.509 million shares.

Foreign investors however remained on selling side and withdrew $2.207 million from local equity market. The market capitalization increased by Rs 102 billion to Rs 7.275 trillion. Out of total 368 active scrips, 272 closed in positive and only 75 in negative while the value of 21 stocks remained unchanged.

K-Electric was the volume leader with 58.624 million shares and gained Rs 0.20 to close at Rs 3.35 followed by Pak Refinery that inched up by Rs 0.26 to close at Rs 19.72 with 38.745 million shares. WorldCall Telecom closed at Rs 1.35, up Rs 0.01 with 37.753 million shares.

Nestle Pakistan and Sapphire Textile were the top gainers increasing by Rs 250.00 and Rs 73.78 respectively to close at Rs 6,150.00 and Rs 1,136.72 while Bhanero Textile and Indus Motor Co were the top losers declining by Rs 106.38 and Rs 15.71 respectively to close at Rs 1,318.62 and Rs 1,048.08.

An analyst at Topline Securities said that Pakistan equities closed positive where benchmark KSE-100 Index settled at 43,622 level, up 1.78 percent.

The market opened on a positive note and remained positive throughout the day where the KSE-100 Index made an intraday high of 801 points over Rupee strengthening against US$, lower international oil prices moreover planning of renewal of $3.0 billion deposit from Saudi Arabia and an additional support of $100 million a month for 10 months in petroleum products.

HBL, ENGRO, BAHL, TRG and MEBL were the major gainers in the trading session cumulatively added 222 points in benchmark KSE-100 Index.

BR Automobile Assembler Index gained 80.3 points or 0.82 percent to close at 9,923.98 points with total turnover of 2.476 million shares.

BR Cement Index surged by 126.85 points or 2.99 percent to close at 4,365.64 points with 31.189 million shares.

BR Commercial Banks Index increased by 234.19 points or 2.6 percent to close at 9,229.69 points with 26.272 million shares.

BR Power Generation and Distribution Index added 101.58 points or 1.74 percent to close at 5,942.69 points with 77.173 million shares.

BR Oil and Gas Index inched up by 27.93 points or 0.69 percent to close at 4,085.81 points with 40.825 million shares.

BR Tech. & Comm. Index closed at 3,794.00 points, up 93.99 points or 2.54 percent with 109.541 million shares.

An analyst at Arif Habib Limited said that bulls triumphed with gains of 1.78 percent to close at 43,622. Pakistan is now up 22 percent in USD terms in August and tops the global performance table during the period.

The KSE-100 Index remained in the green zone throughout the day as value buying was witnessed across the board. The investors gained confidence after news regarding monetary help from Saudi Arabia and the PKR continued its winning streak against the USD.

Volumes remained healthy in the main board although hefty volumes were witnessed in the 3rd tier stocks driving traded value to USD 78mn.

Sectors contributing to the performance include Banks (up 234.6 points), Cement (up 96.3 points), Technology (up 67.3 points), Fertilizer (up 40.3 points) and Textile Composite (up 33.0 points).

Copyright Business Recorder, 2022

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