KARACHI: A bullish trend continued on Pakistan Stock Exchange on Wednesday on the back of aggressive buying in almost all sectors.
The benchmark KSE-100 Index surged by 265.19 points or 0.57 percent and closed at 46,682.53 points. The index hit 46,724.58 points intraday high and 46,499.37 points intraday low.
Trading activity also improved as daily volumes on ready counter increased to 429.515 million shares as compared to 319.893 million shares traded on Tuesday. The daily traded value on ready counter increased to Rs 14.137 billion against previous session’s Rs 10.259 billion.
BRIndex100 added 35.9 points or 0.76 percent to close at 4,738.75 points with total daily turnover of 382.148 million shares.
BRIndex30 increased by 73.58 points or 0.45 percent to close at 16,434.82 points with total daily trading volumes of 244.606 million shares.
Foreign investors also remained net buyers of shares worth $365,474. Total market capitalization increased by Rs 30 billion to Rs 7.066 trillion. Out of total 352 active scrips, 212 closed in positive and 121 in negative while the value of 19 stocks remained unchanged.
K-Electric was the volume leader with 58.856 million shares and gained Rs 0.16 to close at Rs 2.30 followed by WorldCall Telecom that closed at the previous session’s closing level of Rs 1.41 without any change with 22.244 million shares. Pak Refinery inched up by Rs 0.30 to close at Rs 16.93 with 18.394 million shares.
Reliance Cotton and Attock Refinery were the top gainers increasing by Rs 31.88 and Rs 12.27 respectively to close at Rs 456.88 and Rs 225.45 while Mehmood Textile and Pak Services were the top losers declining by Rs 28.69 and Rs 20.01 respectively to close at Rs 699.00 and Rs 749.99.
Muhammad Shuja Qureshi at JS Global Capital said that positive momentum continued in the market and the KSE-100 Index gained 265 points to close at 46,683. The rally was broad-based. SHEL continued its bull run and closed at its upper circuit. Banking, Cement, Refinery, and Tech Sectors posted decent gains while profit taking was witnessed in E&P stocks.
The market turnover increased to 430 million shares where KEL (up 7.5 percent), WTL (zero percent), PRL (up 1.8 percent), CNERGY (up 0.3 percent) and AGL (up 17 percent) were the volume leaders.
BR Automobile Assembler Index lost 6.26 points or 0.07 percent to close at 8,559.18 points with total turnover of 4.994 million shares.
BR Cement Index gained 16.76 points or 0.34 percent to close at 4,985.29 points with 17.425 million shares.
BR Commercial Banks Index added 81.28 points or 0.76 percent to close at 10,732.80 points with 60.801 million shares.
BR Power Generation and Distribution Index increased by 93.88 points or 1.09 percent to close at 8,734.20 points with 65.034 million shares.
BR Oil and Gas Index inched up by 4.45 points or 0.11 percent to close at 4,199.56 points with 29.676 million shares.
BR Tech. & Comm. Index closed at 4,035.83 points, up 33.68 points or 0.84 percent with 59.470 million shares.
An analyst at Darson Securities said the local equity bourse succeeds another upward spell of trade as the benchmark KSE-100 Index jumped 307.23 points in intraday trading before making some attrition. The KSE-100 Index shot up as trading initiated, touched intraday high of 46,724.58 levels with support of MEBL, MCB, HUBC, UBL, PSO and NML stocks. At the end of trading, the benchmark KSE 100-share Index recorded an escalation of 265.18 points to settle at 46,682.53 levels.
Copyright Business Recorder, 2023
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