KARACHI: A bullish trend continued on Pakistan Stock Exchange on Wednesday with 15 months record high volume as the Pak rupee continued its solidification against the US dollar, helping investors to remain affirmative in the market. The market remained in positive zone throughout the day as investors continued to accumulate value stocks.

The benchmark KSE-100 Index increased by 260.99 points or 0.63 percent and closed at 41,611.42 points. The index hit 41,668.46 points intra-day high level.

Trading activity also improved significantly as total daily volumes on ready counter increased to 635.590 million shares as compared to 593.437 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 10.525 billion against previous day’s Rs 9.350 billion.

BRIndex100 gained 32.31 points or 0.78 percent to close at 4,176.84 points with total daily turnover of 600.591 million shares.

BRIndex30 surged by 365.63 points or 2.31 percent to close at 16,195.22 points with total daily trading volumes of 540.442 million shares.

Foreign investors also remained net buyers of shares with net fresh inflow of $3.446 million. The market capitalization increased by Rs 33 billion to Rs 6.817 trillion. Out of total 351 active scrips, 164 closed in positive and 163 in negative while the value of 24 stocks remained unchanged.

WorldCall Telecom was the volume leader with 365.167 million shares however lost Rs 0.06 to close at Rs 1.57 followed by Telecard Limited that gained Rs 0.55 to close at Rs 11.43 with 23.103 million shares. TRG Pakistan increased by Rs 10.04 to close at Rs 143.91 with 21.772 million shares.

Rafhan Maize and Unilever Foods were the top gainers increasing by Rs 550.00 and Rs 500.00 respectively to close at Rs 10,350.00 and Rs 25,500.00 while Allawasaya Textile and Sanofi-Aventis were the top losers declining by Rs 275.70 and Rs 89.23 respectively to close at Rs 3,890.00 and Rs 1,108.77.

An analyst at Arif Habib Limited said that positive momentum from the previous close continued at the PSX. The market remained in positive zone throughout the day as investors continued to accumulate value stock. Pak rupee continuing its solidification against the US dollar helping investors to remain affirmative in the market. Volumes continued to swell in the main board with 3rd tier stocks being in the limelight.

Sectors contributing to the performance include Technology (up 120.5 points), Cement (up 109.1 points), Fertilizer (up 23.8 points), E&P (up 22.0 points) and Engineering (up 11.1 points).

BR Automobile Assembler Index inched up by 2.17 points or 0.02 percent to close at 9,083.83 points with total turnover of 840,595 shares.

BR Cement Index surged by 151.68 points or 3.36 percent to close at 4,671.79 points with 45.232 million shares.

BR Commercial Banks Index lost 7.01 points or 0.09 percent to close at 8,158.69 points with 19.472 million shares.

BR Power Generation and Distribution Index gained 25.56 points or 0.41 percent to close at 6,273.50 points with 18.754 million shares.

BR Oil and Gas Index added 14.48 points or 0.4 percent to close at 3,656.07 points with 17.077 million shares.

BR Tech. & Comm. Index increased by 131.27 points or 3.09 percent to close at 4,381.13 points with 426.545 million shares.

Waqar Iqbal at JS Global Capital said that the KSE-100 Index gained over 261 points during the day to close at 41,611. Investor confidence improved on account of Pak rupee gains and reduction in trade deficit for September 2022.

Traded volumes stood at 636 million shares where WTL (down 3.7 percent), TELE (up 5.1 percent), TRG (up 7.5 percent), FLYNG (up 1.7 percent) and GTECH (down 7.4 percent) were the major contributors.

Copyright Business Recorder, 2022

Comments

Comments are closed.