KARACHI: Pakistan Stock Exchange Monday witnessed a bullish trend on the back of fresh buying at available attractive, low levels.

The market opened in the green and moved in the same range throughout the day, due to favourable expectations of monetary inflows from Saudi Arabia and China, as well as attractive valuations of stocks that kept investors fully involved in the market, experts said.

The benchmark KSE-100 Index increased by 191.05 points or 0.46 percent and crossed 42,000 psychological level to close at 42,047.36 points. The index hit 42,206.96 points intraday high, however closed at slightly low level due to profit-taking in some stocks.

Trading activity however remained low as total daily volumes on the ready counter decreased to 240.219 million shares as compared to 298.094 million shares traded on last Friday while total daily traded value on ready counter stood at Rs 5.447 billion against previous session’s Rs 5.465 billion.

BRIndex100 gained 26.51 points or 0.64 percent to close at 4,197.54 points with total daily turnover of 194.110 million shares.

BRIndex30 surged by 156.66 points or 1.02 percent to close at 15,571.81 points with total daily trading volumes of 111.015 million shares.

Foreign investors however remained net sellers of shares worth $777,657. Total market capitalization increased by Rs 18 billion to Rs 6.751 trillion. Out of total 336 active scrips, 188 closed in positive and 120 in negative while the value of 28 stocks remained unchanged.

WorldCall Telecom was the volume leader with 43.511 million shares and gained Rs 0.04 to close at Rs 1.61 followed by Dewan Motors that inched up by Rs 0.25 to close at Rs 11.41 with 17.750 million shares. Hascol Petroleum lost Rs 0.18 to close at Rs 8.21 with 16.646 million shares.

Khyber Tobacco and Bhanero Textile were the top gainers increasing by Rs 30.22 and Rs 17.94 respectively to close at Rs 433.22 and Rs 1,000.00 while Siemens Pak and Ismail Industries were the top losers declining by Rs 38.72 and Rs 33.25 respectively to close at Rs 851.28 and Rs 420.00.

Ahsan Mehanti Arif Habib Corporation said that stock closed higher on FM assurance over $7.75 billion financing from China and Saudia Arabia.

He said surging global equities, and stronger rupee played a catalyst role in positive close.

BR Automobile Assembler Index gained 36.69 points or 0.41 percent to close at 8,881.86 points with total turnover of 18.069 million shares.

BR Cement Index inched up by 7.35 points or 0.16 percent to close at 4,475.91 points with 7.262 million shares.

BR Commercial Banks Index added 17.07 points or 0.21 percent to close at 8,216.36 points with 12.557 million shares.

BR Power Generation and Distribution Index increased by 57.36 points or 0.85 percent to close at 6,780.06 points with 7.007 million shares.

BR Oil and Gas Index closed at 3,806.68 points, up 34.17 points or 0.91 percent with 38.710 million shares.

BR Tech. & Comm. Index surged by 52.14 points or 1.2 percent to close at 4,399.31 points with 87.589 million shares.

An analyst at Arif Habib Limited said that the new week got off to a solid start for the PSX with a strong momentum. The benchmark KSE-100 Index opened in the green and moved in the same range throughout the day, due to favourable expectations of monetary inflows from Saudi Arabia and China, as well as attractive valuations of stocks kept the investors involved in the market.

The 3rd tier stocks had respectable volumes while overall volumes remained robust.

Sectors contributing to the performance include Technology and Communication (up 36.9 points), E&P (up 31.4 points), OMC (up 23.4 points), Power Generation and Distribution (up 21.5 points) and Commercial Banks (up 16.8 points).

Copyright Business Recorder, 2022

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