KARACHI: A bullish trend continued on Pakistan Stock Exchange on ninth consecutive day on the back of strong local investor interest.
The benchmark KSE-100 Index surged by 297.17 points or 0.61 percent and closed at 48,771.71 points. The index hit 48,830.26 points intraday high and 48,359.38 points intraday low.
Trading activity however remained low as daily volumes on ready counter declined to 342.287 million shares as compared to 396.455 million shares traded on Wednesday. The daily traded value on ready counter increased to Rs 11.735 billion against previous session’s Rs 10.529 billion.
BRIndex100 gained 24.3 points or 0.49 percent to close at 4,937.86 points with total daily turnover of 308.338 million shares.
BRIndex30 closed at 17,398.30 points, down 13.24 points or 0.08 percent with total daily trading volumes of 226.505 million shares.
Foreign investors however remained net sellers of shares worth $169,111. Total market capitalization increased by Rs 35 billion to Rs 7.176 trillion. Out of total 322 active scrips, 160 closed in negative and 146 in positive while the value of 16 stocks remained unchanged.
K-Electric was the volume leader with 112.985 million shares and gained Rs 0.10 to close at Rs 2.85 followed by WorldCall Telecom that closed at Rs 1.30, down Rs 0.01 with 17.102 million shares. Nishat Chunian Power lost Rs 0.22 to close at Rs 21.97 with 12.166 million shares.
Rafhan Maize and Bata Pak were the top gainers increasing by Rs 350.00 and Rs 50.61 respectively to close at Rs 8350.00 and Rs 1696.25 while Pak Engineering and Dawood Law were the top losers declining by Rs 24.93 and Rs 17.99 respectively to close at Rs 308.11 and Rs 222.01.
An analyst at Topline Securities said that the Pakistan equities have stayed on its bullish course, concluding with KSE-100 index of 48,772. This represents a gain of 297 points, equivalent to a 0.61 percent increase.
Furthermore, the Pak Suzuki Motor Company will consider a proposal from a major shareholder to purchase all outstanding PSMC shares from other investors and potentially delist the company in compliance with listing regulations.
Additionally, adverse media reports regarding TRG, which TRG has labelled as a ‘malicious media campaign’ containing ‘misleading and false’ information, had an adverse impact on TRG’s stock, resulting in a substantial decline in the KSE-100 index.
The favorable momentum in the market was banking, fertilizer, and power sectors where EFERT, FFC, HUBC, ENGRO, and UBL collectively contributing plus 224 points. In contrast, TRG, MEBL, and COLG together incurred a loss of minus 86 points.
BR Automobile Assembler Index surged by 238.39 points or 2.58 percent to close at 9,493.96 points with total turnover of 15.718 million shares.
BR Cement Index lost 0.94 points or 0.02 percent to close at 5,079.21 points with 11.438 million shares.
BR Commercial Banks Index gained 15.64 points or 0.14 percent to close at 11,363.80 points with 15.091 million shares.
BR Power Generation and Distribution Index increased by 125.43 points or 1.23 percent to close at 10,306.71 points with 136.742 million shares.
BR Oil and Gas Index inched up by 19.0 points or 0.43 percent to close at 4,472.04 points with 25.401 million shares.
BR Tech. & Comm. Index declined by 60.31 points or 1.65 percent to close at 3,599.10 points with 41.686 million shares.
Muhammad Shuja Qureshi at JS Global Securities said the KSE-100 Index gained 297 points to close at 48,772. The session remained volatile as investors opted to book gains as well as pick up stocks with positive announcements; EFERT (up 4.6 percent) announced Rs 6/share cash dividend and PSMC (up 5.5 percent) board announced regarding shareholders’ approval for buy-back and delisting on October 19.
The market turnover dropped to 342 million shares, where KEL (up 3.6 percent), WTL (down 0.8 percent), NCPL (down 1.0 percent), PRL (down 1.4 percent) and TRG (down 6.8 percent) were the volume leaders.
Copyright Business Recorder, 2023
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