KARACHI: Pakistan Stock Exchange Monday witnessed a bullish trend on the back of aggressive buying on rumors of a possible tax on corporate reserves account made highlights in the market and investors opted to add value to their portfolios.
The benchmark KSE-100 Index increased by 375.52 points or 0.92 percent and crossed 41,000 psychological level to close at 41,340.06 points. The index hit 41,649.14 points intraday high, however closed on lower level due to profit-taking in some stocks at the fag end.
Trading activity also improved as total daily volumes on ready counter increased to 346.349 million shares as compared to 168.481 million shares traded on last Friday however total daily traded value on ready counter declined to Rs 6.423 billion against previous session’s Rs 6.767 billion.
BRIndex100 gained 32.7 points or 0.8 percent to close at 4,127.21 points with total daily turnover of 319.902 million shares.
BRIndex30 added 144.85 points or 1.05 percent to close at 13,978.41 points with total daily trading volumes of 272.638 million shares.
Foreign investors also remained net buyers of shares worth $3.799 million. Total market capitalization increased by Rs 54 billion to Rs 6.265 trillion. Out of total 348 active scrips, 204 closed in positive and 128 in negative while the value of 16 stocks remained unchanged.
WorldCall Telecom was the volume leader with 193.894 million shares and gained Rs 0.16 to close at Rs 1.26 followed by Maple Leaf Cement that lost Rs 0.22 to close at Rs 27.62 with 10.944 million shares. K-Electric inched up by Rs 0.04 to close at Rs 1.83 with 8.947 million shares.
Rafhan Maize and Colgate Palmolive were the top gainers increasing by Rs 202.00 and Rs 85.88 respectively to close at Rs 8202.00 and Rs 1543.54 while Nestle Pakistan and Bata Pak were the top losers declining by Rs 142.00 and Rs 60.00 respectively to close at Rs 6560.00 and Rs 1635.00.
An analyst at Arif Habib Limited said bulls triumphed at the PSX to begin the week. The market opened in the green and continued to trade with fervent sentiments as rumors of a possible tax on corporate reserves account made highlights in the market, as the investors opted to add value to their portfolios making the bourse reach an intraday high of plus 684.59 points and eventually close in the green. Throughout the trading day, investors were active across the board as robust volumes were recorded, with third-tier equities dominating the volume board.
Sectors contributing to the performance include Technology & Communication (up 114.7 points), Fertilizer (up 56.8 points), E&P (up 53.2 points), Cement (up 39.9 points) and Miscellaneous (up 30.0 points).
BR Automobile Assembler Index lost 6.86 points or 0.09 percent to close at 7,380.92 points with total turnover of 846,641 shares.
BR Cement Index increased by 54.61 points or 1.23 percent to close at 4,508.06 points with 29.179 million shares.
BR Commercial Banks Index inched down by 19.09 points or 0.22 percent to close at 8,549.63 points with 14.993 million shares.
BR Power Generation and Distribution Index gained 18.07 points or 0.25 percent to close at 7,319.20 points with 13.231 million shares.
BR Oil and Gas Index added 27.02 points or 0.73 percent to close at 3,737.23 points with 14.126 million shares.
BR Tech. & Comm. Index surged by 123.71 points or 3.5 percent to close at 3,662.27 points with 208.780 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stock closed bullish amid reports of $2.0 billion deposit announcement from Saudi Arabia to avoid default and revive IMF program.
He said easing political noise and speculations in the pre budget rally at PSX on likely Rs 1.0 trillion PSDP allocations played a catalyst role in bullish close.
Copyright Business Recorder, 2023
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