KARACHI: Pakistan Stock Exchange on Wednesday witnessed a bullish trend and recovered its overnight losses on the back of healthy buying, mainly in E&P Sector.
The benchmark KSE-100 Index surged by 797.77 points or 1.68 percent and crossed 48,000 psychological level to close at 48,227.60 points. The index hit 48,334.54 points intraday high and 47,262.38 points intraday low.
The daily trading volumes on ready counter however decreased to 312.301 million shares as compared to 336.078 million shares traded on Tuesday. The daily traded value on ready counter increased to Rs 14.305 billion against previous session’s Rs 12.547 billion.
BRIndex100 added 101.15 points or 2.11 percent to close at 4,902.79 points with total daily turnover of 266.143 million shares.
BRIndex30 increased by 608.02 points or 3.57 percent to close at 17,644.44 points with total daily trading volumes of 186.662 million shares.
The foreign investors however remained net sellers of shares worth $817,570. The market capitalization increased by Rs 90 billion to Rs 7.198 trillion. Out of total 337 active scrips, 207 closed in positive and 111 in negative while the value of 19 stocks remained unchanged.
OGDC was the volume leader with 37.776 million shares and surged by Rs 6.50 to close at Rs 104.35 followed by PPL that increased by Rs 4.12 to close at Rs 73.84 with 22.796 million shares. JS Bank lost Rs 0.14 to close at Rs 5.35 with 21.564 million shares.
Mehmood Textile and Siemens Pak were the top gainers increasing by Rs 48.90 and Rs 21.99 respectively to close at Rs 701.03 and Rs 672.99 while Rafhan Maize and Mari Petroleum were the top losers declining by Rs 439.00 and Rs 77.00 respectively to close at Rs 8560.00 and Rs 1605.33.
An analyst at Topline Securities said bullish dominance prevails in the Pakistan equities. The day closed at 48,228 levels as the KSE-100 Index gained further 798 points, up 1.68 percent.
In a noteworthy initiative aimed at alleviating the burden of the gas sector’s revolving debt, the International Monetary Fund (IMF) has granted approval for a groundbreaking dividend plug-in back scheme, according to sources in the media.
During the trading hours, HUBC, OGDC, PPL, DAWH and UBL performed well. On the flip side, MARI, PSEL and RMPL saw some profit taking.
BR Automobile Assembler Index gained 110.96 points or 1.26 percent to close at 8,887.93 points with total turnover of 3.454 million shares.
BR Cement Index added 94.4 points or 1.88 percent to close at 5,110.32 points with 19.412 million shares.
BR Commercial Banks Index inched up by 195.9 points or 1.75 percent to close at 11,360.22 points with 37.467 million shares.
BR Power Generation and Distribution Index surged by 508.09 points or 5.76 percent to close at 9,332.58 points with 41.220 million shares.
BR Oil and Gas Index increased by 113.44 points or 2.6 percent to close at 4,472.43 points with 79.417 million shares.
BR Tech. & Comm. Index closed at 3,922.05 points, up 16.57 points or 0.42 percent with 31.594 million shares.
Muhammad Waqar Iqbal at JS Global Capital said that bulls return as KSE-100 index posted a gain of 798 points to close at 48,228.
Good participation was witnessed across the board on back of news regarding a potential payout to OGDC, PPL, SNGP and SSGC to reduce circular debt.
The volume leaders were OGDC (up 6.6 percent), PPL (up 5.9 percent), JSBL (down 2.6 percent), CNERGY (up 3.7 percent) and MLCF (up 3.7 percent).
Copyright Business Recorder, 2023
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