KARACHI: Pakistan Stock Exchange on Thursday witnessed bullish trend and closed on positive note due to fresh buying on available attractive low levels.
The bullish move was owed to a recovery phase due to substantial discounted stock prices offering all time low prices to earnings multiple that attracted investors to accumulate dividend yielding stocks to add value to their portfolio, analyst said.
The benchmark KSE-100 index increased by 258.11 points or 0.64 percent and closed at 40,670.88 points. During the session, the index hit 40,856.81 points intra-day high and 40,340.41 points intra-day low level.
Trading activities however remained low as total daily volumes on ready counter decreased to 152.162 million shares as compared to 167.399 million shares traded on Wednesday while total daily traded value on ready counter declined to Rs 8.150 billion against previous session’s Rs 9.282 billion.
BRIndex100 gained 23.94 points or 0.6 percent to close at 4,024.85 points with total daily turnover of 134.772 million shares.
BRIndex30 added 48.3 points or 0.35 percent to close at 14,039.38 points with total daily trading volumes of 86.252 million shares.
The foreign investors however remained net sellers of shares worth $1.935 million. Total market capitalization increased by Rs 15 billion to Rs 6.277 trillion. Out of total 313 active scrips, 182 closed in negative and 108 in positive while the value of 23 stocks remained unchanged.
WorldCall Telecom was the volume leader with 12.619 million shares however lost Re 0.04 to close at Rs 1.27 followed by Hub Power Co that increased by Rs 1.56 to close at Rs 72.04 with 11.207 million shares. Maple Leaf Cement closed at Rs 23.81, down Re 0.41 with 7.626 million shares.
Sapphire Textile and Mari Petroleum were the top gainers increasing by Rs 74.00 and Rs 29.46 respectively to close at Rs 1080.00 and Rs 1469.98 while Unilever Foods and Nestle Pakistan were the top losers declining by Rs 499.00 and Rs 164.22 respectively to close at Rs 22499.00 and Rs 5299.78.
An analyst at Arif Habib Limited said a positive session was witnessed at PSX. The benchmark KSE-100 index opened in the green as the bulls kept drifting the market within positive zone during most of the trading hours and pulled the index up to make an intraday high of 440.20 points. The bullish move was owed to a recovery phase due to substantial discounted stock prices offering all time low prices to earnings multiple that attracted investors to accumulate dividend yielding stocks to add value to their portfolio.
Sectors contributing to the performance include E&P (up 143.5 points), Commercial Banks (up 125.5 points), Fertilizer (up 91.1 points), Power Generation & Distribution (up 36.0 points) and Chemical (up 15.6 points).
BR Automobile Assembler Index lost 45.25 points or 0.61 percent to close at 7,418.34 points with total turnover of 5.712 million shares.
BR Cement Index decreased by 44.96 points or 1.21 percent to close at 3,683.87 points with 20.395 million shares.
BR Commercial Banks Index surged by 112.15 points or 1.38 percent to close at 8,218.22 points with 18.738 million shares.
BR Power Generation and Distribution Index added 93.0 points or 1.36 percent to close at 6,929.56 points with 22.071 million shares.
BR Oil and Gas Index increased by 78.6 points or 2.08 percent to close at 3,851.06 points with 18.513 million shares.
BR Tech. & Comm. Index declined by 63.05 points or 1.51 percent to close at 4,122.84 points with 21.451 million shares.
“After an initial drop of 50 points, the KSE-100 bounced back and remained positive throughout the day to closed at 40,671, gaining 258 points”, Muhammad Shuja Qureshi at JS Global Capital said.
Investors believed that a staff level agreement with the IMF will soon be signed as some final steps are being taken by the government and the SBP. The steep slide of 6.7 percent in PKR value in the interbank was one indication.
KSE-100 volumes declined to 87.7 million. WTL (down 3.1 percent), HUBC (up 2.2 percent), MLCF (down 1.7 percent), TPLP (down 3.4 percent) and POWER (down 0.2%) were the volume leaders.
Copyright Business Recorder, 2023
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