KARACHI: Pakistan Stock Exchange on Wednesday witnessed bullish trend on the back of healthy buying on available attractive low levels.
The benchmark KSE-100 index increased by 279.35 points or 0.67 percent and closed at 41,819.29 points.
Trading activities also improved as total daily volumes on ready counter increased to 221.489 million shares as compared to 131.698 million shares traded on Tuesday while total daily traded value on ready counter increased to Rs 5.863 billion against previous session’s Rs 3.899 billion.
BRIndex100 gained 30.76 points or 0.74 percent to close at 4,183.06 points with total daily turnover of 177.868 million shares.
BRIndex30 surged by 120.93 points or 0.79 percent to close at 15,451.43 points with total daily trading volumes of 77.319 million shares.
The foreign investors also remained net buyers of shares worth $228,748. Total market capitalization increased by Rs 28 billion to Rs 6.658 trillion. Out of total 334 active scrips, 196 closed in positive and 111 in negative while the value of 27 stocks remained unchanged.
Dewan Cement was the volume leader with 29.559 million shares and gained Re 0.50 to close at Rs 6.04 followed by WorldCall Telecom that closed at Rs 1.36, down Re 0.01 with 21.472 million shares. Kohinoor Spining inched up by Re 0.41 to close at Rs 3.15 with 13.601 million shares.
Pak Services and Sapphire Fiber were the top gainers increasing by Rs 73.17 and Rs 72.60 respectively to close at Rs 1048.77 and Rs 1044.00 while Rafhan Maize and Bata Pak were the top losers declining by Rs 377.49 and Rs 100.00 respectively to close at Rs 9300.01 and Rs 1700.00.
An analyst at Topline Securities said that Pakistan equities closed positive where the benchmark KSE-100 Index settled at 41,819 level, up 0.67 percent.
Investors cheered lower international oil prices and Finance Minister Ishaq Dar given clarity that his team engaged with three major IMF shareholders for support in seeking $7.0 billion economic bailout package and overruled rumors about any imminent financial emergency which led the market to make an intraday high of 360 points.
Major gainers in the trading session were BAHL, PSEL, LUCK, TRG and SNGP cumulatively added 162 points in KSE-100 Index.
BR Automobile Assembler Index gained 46.64 points or 0.56 percent to close at 8,328.70 points with total turnover of 2.458 million shares.
BR Cement Index increased by 67.45 points or 1.69 percent to close at 4,065.23 points with 37.504 million shares.
BR Commercial Banks Index added 57.64 points or 0.69 percent to close at 8,394.55 points with 12.786 million shares.
BR Power Generation and Distribution Index inched up by 58.82 points or 0.87 percent to close at 6,789.70 points with 5.631 million shares.
BR Oil and Gas Index closed at 3,811.97 points, up 18.42 points or 0.49 percent with 34.497 million shares.
BR Tech & Comm Index surged by 56.94 points or 1.21 percent to close at 4,743.85 points with 39.575 million shares.
An analyst at Arif Habib Limited said that the benchmark KSE-100 index finally ended its losing streak, trading in the green all day. Following a clarification by the finance division regarding the 9th review of the IMF Program, the market opened in the green and maintained its positive trend throughout the day.
Investors gained confidence as main-board volumes gained momentum and participation remained healthy, with third-tier stocks leading in terms of volume.
Sectors contributing to the performance include Cement (up 54.1 points), Commercial Banks (up 48.5 points), Technology and Communication (up 48.4 points), Miscellaneous (up 37.3 points) and OMCs (up 26.4 points).
Copyright Business Recorder, 2022
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