KARACHI: Pakistan Stock Exchange on Friday witnessed a bullish trend and the closed on strong positive note with healthy gains after a surprise move of MSCI Quarterly Index review announcement – where 15 Pakistan stocks were added to the MSCI Frontier Market Index and 41 stocks to the MSCI Frontier Markets Small Cap Index.
Stocks that are included in MSCI Frontier Market Index are OGDC, MARI, PPL, LUCK, MCB, UBL, ENGRO, HBL, POL, SYS, FFC, HUBC, EFERT, MTL, BAFL, PSO, and TRG, taking the total constituents to 17 including OGDC and ENGRO, which were already part of the index.
The benchmark KSE-100 Index surged by 616.06 points or 1.29 percent and crossed 48,000 points psychological level to close at 48,424.40 points. The index hit 48,898.82 points intraday high, however dropped at 47,968.51 points intraday low due to profit-taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 368.334 million shares as compared to 322.207 million shares traded on Thursday. The daily traded value on ready counter increased to Rs 17.063 billion against previous session’s Rs 12.757 billion.
BRIndex100 added 74.17 points or 1.53 percent to close at 4,913.59 points with total daily turnover of 336.630 million shares.
BRIndex30 increased by 224.62 points or 1.3 percent to close at 17,463.99 points with daily trading volumes of 222.481 million shares.
Foreign investors also remained net buyers of shares worth $294,594. Total market capitalization increased by Rs 87 billion to Rs 7.231 trillion. Out of total 331 active scrips, 207 closed in positive and 101 in negative while the value of 23 stocks remained unchanged.
K-Electric was the volume leader with 53.872 million shares and inched up by Rs 0.05 to close at Rs 2.16 followed by OGDC that surged by Rs 2.86 to close at Rs 103.47 with 22.570 million shares. Lalpir Power increased by Rs 2.24 to close at Rs 32.15 with 18.636 million shares.
Nestle Pakistan and Mari Petroleum were the top gainers increasing by Rs 85.85 and Rs 27.90 respectively to close at Rs 7181.00 and Rs 1636.21 while Reliance Cotton and Bata Pak were the top losers declining by Rs 37.50 and Rs 10.00 respectively to close at Rs 462.50 and Rs 1725.00.
“Positive session was observed at the exchange as the index gained 1.3 percent to close at 48,424 level, this positivity in market can be attributed to MSCI Quarterly Index review – where 15 stocks were added to the MSCI Frontier Market Index and 41 stocks to the MSCI Frontier Markets Small Cap Index,” an analyst at Topline Securities said.
Top contribution to the index came from MCB, OGDC, ENGRO, BAFL and PPL, as they cumulatively contributed plus 253 points to the index.
BR Automobile Assembler Index increased by 140.78 points or 1.59 percent to close at 9,018.25 points with total turnover of 5.473 million shares.
BR Cement Index gained 40.75 points or 0.8 percent to close at 5,130.54 points with 20.557 million shares.
BR Commercial Banks Index surged by 248.42 points or 2.21 percent to close at 11,486.37 points with 65.675 million shares.
BR Power Generation and Distribution Index closed at 9,418.73 points, up 159.14 points or 1.72 percent with 108.022 million shares.
BR Oil and Gas Index added 89.44 points or 2.04 percent to close at 4,468.88 points with 53.916 million shares.
BR Tech. & Comm. Index inched up by 5.53 points or 0.14 percent to close at 3,853.57 points with 25.487 million shares.
Muhammad Waqar Iqbal at JS Global Capital said that bulls again strike KSE-100 Index posted a gain of 616 points to close at 48,424.
Relatively healthy participation witnessed across the board by investors due to a surprise move where MSCI review announcement added 15 Pakistan stocks to the MSCI Frontier Market Index and 41 stocks to the MSCI Frontier Markets Small Cap Index.
The volume leaders were KEL (up 2.4 percent), OGDC (up 2.8 percent), LPL (up 7.5 percent), PPL (up 3.1 percent) and WTL (zero percent).
Copyright Business Recorder, 2023
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