KARACHI: Fresh buying on available attractive, low levels on Wednesday supported the Pakistan Stock Exchange to close on a positive note with increasing investor participation.
The benchmark KSE-100 Index increased by 316.09 points or 0.69 percent and closed at 45,807.58 points. The index hit 45,854.19 points intraday high and 45,460.28 points intraday low. Trading activity also improved as daily volumes on ready counter increased to 139.710 million shares as compared to 123.239 million shares traded on Tuesday. The daily traded value on ready counter increased to Rs 4.813 billion against previous session’s Rs 3.688 billion.
BRIndex100 gained 35.24 points or 0.77 percent to close at 4,586.28 points with daily turnover of 121.208 million shares.
BRIndex30 surged by 175.27 points or 1.1 percent to close at 16,151.61 points with daily trading volumes of 72.857 million shares.
Foreign investors however remained net sellers of shares worth $456,546. The market capitalization increased by Rs 13 billion to Rs 6.780 trillion. Out of total 307 active scrips, 181 closed in positive and 102 in negative while the value of 24 stocks remained unchanged.
Kot Addu Power was the volume leader with 14.231 million shares and increased by Rs 1.79 to close at Rs 25.61 followed by Maple Leaf Cement that gained Rs 0.75 to close at Rs 29.11 with 12.896 million shares. WorldCall Telecom closed at Rs 1.16, down Rs 0.01 with 10.604 million shares.
Thal Limited and Mehmood Textile were the top gainers increasing by Rs 15.31 and Rs 12.53 respectively to close at Rs 225.32 and Rs 555.00 while Pak Tobacco and Philip Morris Pak were the top losers declining by Rs 24.80 and Rs 20.00 respectively to close at Rs 670.00 and Rs 320.00.
An analyst at Topline Securities said that the Pakistan stock market had a positive start, with a significant uptick of 316 points compared to the previous day’s close, reaching a level of 45,854, marking a notable increase of 0.69 percent.
The market saw increased buying interest following a substantial improvement in the Pakistani rupee (PKR) in the open market, appreciating by 10 rupees on this particular day. This brought the total gain to 20 rupees in just two days. Additionally, this development led to the PKR exchange rate gap narrowing below the International Monetary Fund’s recommended limit of 1.25 percent.
E&P, and Bank stocks, including, UBL, KAPCO, PPL, OGDC and DAWH, made a positive contribution by adding 125 points. However, PAKT, EFERT, and NML collectively lost 25 points.
BR Automobile Assembler Index increased by 96.37 points or 1.08 percent to close at 9,005.54 points with total turnover of 10.883 million shares.
BR Cement Index gained 31.2 points or 0.68 percent to close at 4,632.68 points with 16.575 million shares.
BR Commercial Banks Index added 73.65 points or 0.68 percent to close at 10,840.59 points with 13.930 million shares.
BR Power Generation and Distribution Index surged by 140.83 points or 1.65 percent to close at 8,695.87 points with 24.986 million shares.
BR Oil and Gas Index inched up by 39.79 points or 0.95 percent to close at 4,247.30 points with 11.518 million shares.
BR Tech. & Comm. Index closed at 3,748.08 points, up 28.02 points or 0.75 percent with 15.656 million shares.
Mubashir Anis Naviwala at JS Global Capital said that bulls pulled the KSE-100 Index to an intraday high of 45,854 points. Index eventually closed at the 45,807 level, up 316points.
Traded volume stood at 140 million shares where KAPCO (up 7.5 percent), MLCF (up 2.6 percent), WTL (down 0.9 percent), DFML (up 7.5 percent) and ASC (up 4.2 percent) were the volume leaders.
Copyright Business Recorder, 2023
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