KARACHI: A bullish trend continued on Pakistan Stock Exchange Tuesday on the back of fresh buying on the Finance Minister’s statement that the government was on track to resume negotiations with the IMF for the long-overdue 9th review of the Extended Fund Facility. The benchmark KSE-100 Index increased by 331.60 points or 0.80 percent and closed at 41,671.66 points. Trading activity however remained thin as total daily volumes on ready counter decreased to 197.681 million shares as compared to 346.349 million shares traded on Monday. The daily traded value on ready counter stood at Rs 6.403 billion against previous session’s Rs 6.423 billion.
BRIndex100 added 45.49 points or 1.1 percent to close at 4,172.70 points with total daily turnover of 155.777 million shares.
BRIndex30 surged by 155.17 points or 1.11 percent to close at 14,133.58 points with total daily trading volumes of 117.546 million shares.
Foreign investors however remained net sellers of shares worth $565,934. Total market capitalization increased by Rs 58 billion to Rs 6.323 trillion. Out of total 342 active scrips, 211 closed in positive and 107 in negative while the value of 24 stocks remained unchanged.
WorldCall Telecom was the volume leader with 31.056 million shares and closed at Rs 1.25, down Rs 0.01 followed by Air Link Communication that increased by Rs 1.25 to close at Rs 21.26 with 21.324 million shares. TPL Properties gained Rs 0.73 to close at Rs 12.17 with 10.773 million shares.
Nestle Pakistan and Rafhan Maize were the top gainers increasing by Rs 330.00 and Rs 130.00 respectively to close at Rs 6890.00 and Rs 8332.00 while Premium Textile and Service Ind. Limited were the top losers declining by Rs 29.34 and Rs 5.60 respectively to close at Rs 520.00 and Rs 256.85. “Another productive session was recorded at the PSX,” an analyst at Arif Habib Limited said. The market began with sustained bullish sentiments from the previous close as the bulls stayed active throughout the day. The PSX soared when the Finance Minister indicated that the government was on track to resume negotiations with the IMF for the long-overdue 9th review of the Extended Fund Facility. Investor activity was reasonable, with moderate volumes across the board, with third-tier companies continuing to dominate the volume board.
Sectors contributing to the performance include Cement (up 95.5 points), E&P (up 69.5 points), Technology & Communication (up 58.8 points), Fertilizer (up 29.7 points) and Food & Personal Care Products (up 25.9 points).
BR Automobile Assembler Index gained 41.16 points or 0.56 percent to close at 7,422.08 points with total turnover of 3.789 million shares. BR Cement Index surged by 124.94 points or 2.77 percent to close at 4,633.00 points with 17.989 million shares.
BR Commercial Banks Index inched up by 6.72 points or 0.08 percent to close at 8,556.35 points with 21.185 million shares.
BR Power Generation and Distribution Index lost 32.84 points or 0.45 percent to close at 7,286.36 points with 10.113 million shares.
BR Oil and Gas Index added 46.54 points or 1.25 percent to close at 3,783.77 points with 15.483 million shares.
BR Tech. & Comm. Index increased by 64.36 points or 1.76 percent to close at 3,726.63 points with 65.666 million shares.
An analyst at Topline Securities said bullish momentum continued at Pakistan equities. The momentum can be attributed to IMF representative’s acknowledgment with regards to the continuation of engagement with Pakistani authorities on the conclusion of 9th review.
In addition to this, consistent decline in international coal prices and expectation of better offtake numbers kept cement sector in the lime light throughout the day.
Copyright Business Recorder, 2023
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