KARACHI: Pakistan Stock Exchange on Tuesday witnessed bullish trend on the back of healthy buying after the international community pledged $10.7 billion to Pakistan as much-needed aid for rehabilitation, recovery, and reconstruction of the flood-affected areas at an international conference.
The market opened in green zone and remained positive throughout the session with increasing trading activities.
The benchmark KSE-100 index surged by 296.75 points or 0.73 percent and closed at 40,801.51 points. During the session, the index hit 40,981.02 points intra-day high level however closed on slightly lower level due to profit taking in some stocks.
Trading activities also improved as total daily volumes on ready counter increased to 214.346 million shares as compared to 163.939 million shares traded on Monday however total daily traded value on ready counter slightly declined to Rs 6.565 billion against previous session’s Rs 6.890 billion.
BRIndex100 gained 34.82 points or 0.87 percent to close at 4,047.09 points with total daily turnover of 184.956 million shares.
BRIndex30 increased by 121.64 points or 0.85 percent to close at 14,408.02 points with total daily trading volumes of 143.595 million shares.
The foreign investors also remained net buyers of shares worth $726,008. Total market capitalization increased by Rs 31 billion to Rs 6.491 trillion. Out of total 337 active scrips, 231 closed in positive and only 82 in negative while the value of 24 stocks remained unchanged.
Cnergyico PK was the volume leader with 18.019 million shares and gained Re 0.12 to close at Rs 4.03 followed by Unity Foods that increased by Rs 1.04 to close at Rs 15.03 with 17.214 million shares. Pak Refinery closed at Rs 14.11 with 14.030 million shares.
Premium Textile and Colgate Palmolive were the top gainers increasing by Rs 40.92 and Rs 29.98 respectively to close at Rs 650.50 and Rs 1889.99 while Rafhan Maize and Reliance Cotton were the top losers declining by Rs 439.01 and Rs 25.00 respectively to close at Rs 8909.99 and Rs 675.00.
“The bulls took charge at the PSX”, an analyst at Arif Habib Limited said. The market opened in the green and traded with positive sentiments throughout the session after the international community pledged $10.7 billion to Pakistan as much-needed aid for rehabilitation, recovery, and reconstruction of the flood-affected areas at an international conference. Healthy volumes were recorded across the main-board however the Refineries and Cement sectors remained in the limelight throughout the day.
Sectors contributing to the performance include Cement (up 90.0 points), Technology & Communication (up 49.7 points), Commercial Banks (up 33.8 points), Automobile Assembler (up 21.2 points), and Power Generation & Distribution (up 20.2 points).
BR Automobile Assembler Index increased by 127.36 points or 1.76 percent to close at 7,370.70 points with total turnover of 5.892 million shares.
BR Cement Index surged by 104.23 points or 2.82 percent to close at 3,800.94 points with 21.543 million shares.
BR Commercial Banks Index gained 31.04 points or 0.4 percent to close at 7,838.86 points with 7.553 million shares.
BR Power Generation and Distribution Index added 55.7 points or 0.89 percent to close at 6,294.02 points with 10.789 million shares.
BR Oil and Gas Index lost 10.09 points or 0.25 percent to close at 4,093.90 points with 31.652 million shares.
BR Tech. & Comm. Index closed at 4,352.46 points, up 61.91 points or 1.44 percent with 18.350 million shares.
An analyst at Topline Securities said that Pakistan equities closed positive where the benchmark KSE-100 Index settled at 40,801 level, up 0.73 percent.
The market remained positive throughout the day as investors cheered the new flow regarding International Conference on Climate Resistant Pakistan held in Geneva where Pakistan secured total pledges of over $10 billion from multilateral and bilateral creditors.
The market made an intraday high of 481 points where major gainers were LUCK, SYS, ENGRO, MTL, and UBL cumulatively added 136 points in the KSE-100 Index.
Copyright Business Recorder, 2023
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