KARACHI: Pakistan Stock Exchange on Friday witnessed another bullish session and on 10th consecutive day closed on strong positive note with healthy gains on the back of aggressive buying by local and foreign investors.
The benchmark KSE-100 Index surged by 721.76 points or 1.48 percent and crossed 49,000 psychological level to close at 49,493.47 points. The index hit 49,520.38 points intraday high and 48,767.59 points intraday low.
Trading activity also improved significantly as daily volumes on ready counter increased to 556.389 million shares as compared to 342.287 million shares traded on Thursday. The daily traded value on ready counter increased by 15.40 billion against previous session’s Rs 11.735 billion.
BRIndex100 added 70.81 points or 1.43 percent to close at 5,008.67 points with total daily turnover of 502.797 million shares.
BRIndex30 increased by 280.75 points or 1.61 percent to close at 17,679.05 points with total daily trading volumes of 325.009 million shares.
Foreign investors also remained net buyers of shares worth $1.994 million. Total market capitalization increased by Rs 110 billion to Rs 7.286 trillion. Out of total 362 active scrips, 240 closed in positive and 101 in negative while the value of 21 stocks remained unchanged.
K-Electric was the volume leader with 134.871 million shares and gained Rs 0.28 to close at Rs 3.13 followed by PTCL that increased by Rs 0.92 to close at Rs 7.12 with 48.393 million shares. WorldCall Telecom inched up by Rs 0.04 to close at Rs 1.34 with 33.564 million shares.
Nestle Pakistan and Mari Petroleum were the top gainers increasing by Rs 56.89 and Rs 33.34 respectively to close at Rs 7198.00 and Rs 1580.06 while Sapphire Fiber and Bhanero Textile were the top losers declining by Rs 82.31 and Rs 14.00, respectively to close at Rs 1112.69 and Rs 986.00.
An analyst at Topline Securities said that the KSE-100 Index extended its gain as the index increased by 1.48 percent to close at 49,493 level. This gain can be attributed to investor optimism regarding ongoing result session where investors expect good corporate announcement and payout. PSMC which gained to close at its upper circuit – Thursday`s announcement of board meeting on October 19, 2023 to consider purchase of its all outstanding shares and to delist from exchange also give confidence to investors, as it highlighted cheap valuation on offer in market.
The major positive contribution to the index came from PPL, MEBL, MTL, HBL and UBL as they cumulatively contributed plus 239 points. On the flip side TRG, EFERT, NRL, FFC and KAPCO lost value to weigh down on the index by minus 73 points.
BR Automobile Assembler Index surged by 412.23 points or 4.34 percent to close at 9,906.19 points with total turnover of 10.873 million shares.
BR Cement Index gained 85.97 points or 1.69 percent to close at 5,165.18 points with 25.559 million shares.
BR Commercial Banks Index added 226.49 points or 1.99 percent to close at 11,590.29 points with 24.519 million shares.
BR Power Generation and Distribution Index inched up by 76.66 points or 0.74 percent to close at 10,383.37 points with 154.100 million shares.
BR Oil and Gas Index increased by 104.03 points or 2.33 percent to close at 4,576.07 points with 51.196 million shares.
BR Tech. & Comm. Index lost 14.38 points or 0.4 percent to close at 3,584.72 points with 111.208 million shares.
Muhammad Shuja Qureshi at JS Global Capital said bulls remained in firm control taking the KSE-100 Index past the 49,000 level to close at 49,493, up by 722 points. Once again, the rally was broad-based, however, fertilizer and refinery stocks saw profit-taking.
The market turnover increased to 555 million shares, where KEL (up 9.8 percent), PTC (up 15 percent), WTL (up 3.1 percent), PPL (up 5.0 percent) and OGDC (up 1.5 percent) were the volume leaders.
Copyright Business Recorder, 2023
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