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KARACHI: Pakistan Stock Exchange continued its winning streak from the last four consecutive sessions witnessing yet another bull run on Thursday, experts said.

The market opened in green zone and after witnessing bullish trend throughout the session, finally closed on strong positive note with healthy gains and increasing trading volumes.

The benchmark KSE-100 index surged by 743.27 points or 1.78 percent and crossed 42,000 psychological level to close at 42,466.59 points. During the session, the index hit 42,573.30 points intra-day high 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 367.356 million shares as compared to 297.773 million shares traded on Wednesday while total daily traded value on ready counter increased to Rs 13.590 billion against previous session’s Rs 12.072 billion.

BRIndex100 added 92.94 points or 2.23 percent to close at 4,265.96 points with total daily turnover of 315.116 million shares.

BRIndex30 increased by 409.8 points or 2.69 percent to close at 15,625.77 points with total daily trading volumes of 216.228 million shares.

The foreign investors also remained net buyers of shares worth $1.234 million. Total market capitalization increased by Rs 121 billion to Rs 6.653 trillion. Out of total 352 active scrips, 243 closed in positive and only 86 in negative while the value of 23 stocks remained unchanged.

WorldCall Telecom was the volume leader with 35.163 million shares and inched up by Re 0.03 to close at Rs 1.34 followed by Hascol Petroleum that gained Re 0.30 to close at Rs 6.23 with 25.253 million shares. OGDC increased by Rs 6.17 to close at Rs 105.95 with 18.217 million shares.

Nestle Pakistan and Goodluck Industries were the top gainers increasing by Rs 219.99 and Rs 55.64 respectively to close at Rs 5534.99 and Rs 797.55 while Sapphire Fiber and Sapphire Textile were the top losers declining by Rs 44.00 and Rs 31.73 respectively to close at Rs 1056.00 and Rs 955.00.

An analyst at Arif Habib Limited said that the PSX continued its winning streak from the last four consecutive sessions witnessing yet another bull run.

The benchmark KSE-100 opened in green zone and the bulls kept on driving the market throughout the day, and making an intraday high of plus 844.43 points owing to investor’s anticipation of approval for the release of 9th tranche of the IMF’s Extended Fund Facility during the ongoing negotiations, also the Pak Rupee continuing to strengthen against the US Dollar.

Healthy volumes in E&P were the result of investors active participation in pursuit of the resolution of gas circular debt. Hefty volumes were observed across the board.

Sectors contributing to the performance include Commercial Banks (up 210.3 points), E&P (up 152.7 points), Cement (up 107.7 points), Fertilizer (up 98.4 points), and OMCs (up 13.1 points).

BR Automobile Assembler Index lost 27.91 points or 0.38 percent to close at 7,370.03 points with total turnover of 3.762 million shares.

BR Cement Index surged by 143.05 points or 3.83 percent to close at 3,873.65 points with 46.095 million shares.

BR Commercial Banks Index increased by 204.72 points or 2.52 percent to close at 8,332.04 points with 25.643 million shares.

BR Power Generation and Distribution Index fell by 29.01 points or 0.43 percent to close at 6,738.43 points with 26.876 million shares.

BR Oil and Gas Index added 114.9 points or 2.62 percent to close at 4,492.67 points with 74.342 million shares.

BR Tech & Comm Index closed at 4,449.30 points, up 26.57 points or 0.6 percent with 55.112 million shares.

Mubashir Anis Naviwala at JS Global Capital said that positive activity was witnessed as the KSE-100 index after making an intraday high of 42,567 points closed at 42,466, up 743 points. Healthy participation was witnessed across the board.

E&P sector witnessed outstanding performance where OGDC (up 6.2 percent) and PPL (up 4.7 percent) closed near upper circuits. Major contribution towards traded volume of 367 million shares was from WTL (up 2.3 percent), HASCOL (up 5.1 percent), OGDC (up 6.2 percent), KEL (up 4.4 percent) and MLCF (up 4.0 percent).

Copyright Business Recorder, 2023

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