KARACHI: Bulls ruled the day at Pakistan Stock Exchange Thursday after the Asian Development Bank stated that it would give Pakistan aid worth $2.3 billion, experts said.
The benchmark KSE-100 Index surged by 549.15 points or 1.32 percent and crossed 42,000 psychological level to close at 42,160.57 points. The index hit 42,201.55 points intraday high.
Trading activity however remained low as total daily volumes on ready counter decreased to 442.582 million shares as compared to 635.590 million shares traded on Wednesday. However, total daily traded value on ready counter increased to Rs 13.714 billion against Wednesday’s Rs 10.525 billion.
BRIndex100 gained 70.93 points or 1.7 percent to close at 4,247.77 points with total daily turnover of 400.884 million shares.
BRIndex30 increased by 351.58 points or 2.17 percent to close at 16,546.80 points with total daily trading volumes of 328.410 million shares.
Foreign investors however remained net sellers of shares worth $301,843. Total market capitalization increased by Rs 62 billion to Rs 6.879 trillion. Out of total 373 active scrips, 206 closed in positive and 136 in negative while the value of 31 stocks remained unchanged.
WorldCall Telecom was the volume leader with 116.859 million shares and inched up by Rs 0.02 to close at Rs 1.59 followed by TPL Properties that gained Rs 0.99 to close at Rs 22.12 with 29.829 million shares. TRG Pakistan increased by Rs 3.49 to close at Rs 147.40 with 23.599 million shares.
Nestle Pakistan and Reliance Cotton were the top gainers increasing by Rs 50.00 and Rs 32.05 respectively to close at Rs 5,750.00 and Rs 460.01 while Sapphire Textile and Pak Services were the top losers declining by Rs 86.00 and Rs 76.81 respectively to close at Rs 1,063.00 and Rs 947.31.
An analyst at Arif Habib Limited said that bulls ruled the day at PSX after the Asian Development Bank stated that it would give Pakistan aid worth $2.3 billion. The investors remained bullish continuing the positive momentum from previous close. While third-tier stocks led the volume board, the main board continued to be on the healthy side.
Sectors contributing to the performance include Technology (up 204.2 points), Fertilizer (up 109.9 points), E&Ps (up 84.3 points), Banks (up 77.8 points) and Power (up 42.5 points).
BR Automobile Assembler Index inched up by 46.84 points or 0.52 percent to close at 9,130.67 points with total turnover of 1.328 million shares.
BR Cement Index lost 9.88 points or 0.21 percent to close at 4,661.91 points with 45.256 million shares.
BR Commercial Banks Index gained 75.27 points or 0.92 percent to close at 8,233.96 points with 12.912 million shares.
BR Power Generation and Distribution Index added 82.15 points or 1.31 percent to close at 6,355.65 points with 26.399 million shares.
BR Oil and Gas Index increased by 61.27 points or 1.68 percent to close at 3,717.34 points with 20.889 million shares. BR Tech. & Comm. Index surged by 177.93 points or 4.06 percent to close at 4,559.06 points with 171.823 million shares.
An analyst at Topline Securities said that Pakistan equities witnessed a bullish trend where the benchmark KSE-100 Index settled at 42,160 level, up 1.32 percent. The day kicked off on a positive note over a drop in cut-off yields in Wednesday’s T-bill auctions and flood relief support from Asian Development Bank to the tune of $2.3-2.5 billion.
SYS, EFERT and TRG were the major contributor in the trading session cumulatively added 206 points in KSE-100 Index.
Copyright Business Recorder, 2022
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