KARACHI: Bullish trend continued on Pakistan Stock Exchange on the eighth consecutive session on the back of healthy buying mainly in energy sector stocks by both local and foreign investors.
The benchmark KSE-100 index surged by 334.26 points or 0.69 percent and closed at 48,474.54 points on Wednesday. During the session, the index hit 48,516.64 points intra-day high and 48,208.30 points intra-day low level.
Trading activities further improved as total daily volumes on ready counter increased to 396.455 million shares as compared to 350.067 million shares traded on Tuesday however total daily traded value on ready counter declined to Rs 10.529 billion against previous session’s Rs 10.762 billion.
BRIndex100 added 39.06 points or 0.8 percent to close at 4,913.56 points with total daily turnover of 368.603 million shares.
BRIndex30 increased by 218.06 points or 1.27 percent to close at 17,411.54 points with total daily trading volumes of 286.180 million shares.
The foreign investors also remained net buyers of shares worth $865,490. Total market capitalization increased by Rs 52 billion to Rs 7.141 trillion. Out of total 364 active scrips, 195 closed in positive and 143 in negative while the value of 26 stocks remained unchanged.
K-Electric was the volume leader with 145.136 million shares and gained Re 0.29 to close at Rs 2.75 followed by Pak Refinery that inched up by Re 0.03 to close at Rs 16.46 with 18.138 million shares. Unity Foods increased by Re 0.76 to close at Rs 26.26 with 15.953 million shares.
Nestle Pakistan and Philip Morris Pak were the top gainers increasing by Rs 141.11 and Rs 35.56 respectively to close at Rs 7141.11 and Rs 509.67 while Bata Pak and Ibrahim Fibres were the top losers declining by Rs 64.36 and Rs 8.79 respectively to close at Rs 1645.64 and Rs 251.96.
An analyst at Topline Securities said that the Pakistan equities carried forward Tuesday’s bullish momentum and settled the day at 48,475 up 334 points or 0.69 percent for the day.
The day’s gain can be attributed to investors’ buying interest in energy stocks on expectation of gas tariff hike which may announce in the ongoing week.
During the day, Power, E&P and Fertilizer sectors contributed positively to the index where HUBC, FFC, ENGRO, PPL and EFERT added 199 points, cumulatively. On the flip side, TRG, CHCC and BAHL witnessed some profit taking as they lost 24 points collectively.
BR Automobile Assembler Index added 78.53 points or 0.86 percent to close at 9,255.57 points with total turnover of 8.604 million shares.
BR Cement Index lost 1.27 points or 0.02 percent to close at 5,080.15 points with 17.297 million shares.
BR Commercial Banks Index inched up by 30.03 points or 0.27 percent to close at 11,348.16 points with 13.613 million shares.
BR Power Generation and Distribution Index surged by 182.8 points or 1.83 percent to close at 10,181.28 points with 157.529 million shares.
BR Oil and Gas Index increased by 54.42 points or 1.24 percent to close at 4,453.04 points with 35.274 million shares.
BR Tech & Comm Index closed at 3,659.41 points, up 5.7 points or 0.16 percent with 36.607 million shares.
Muhammad Shuja Qureshi at JS Global Capital said that buying in E&P stocks kept the KSE-100 index in positive territory. The index closed at 48,475, with a gain of 334 points. Auto stocks also gained with US$ dropping below the 280 level.
The market turnover increased to 396 million shares, where KEL was the volume leader with a turnover of 145 million shares. Other volume leaders were PRL (up 0.2 percent), UNITY (up 3.0 percent), WTL (up 0.8 percent), and PAEL (down 1.4 percent.
Copyright Business Recorder, 2023
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