KARACHI: Pakistan Stock Exchange on Thursday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of aggressive buying in all sectors, mainly by local investors coupled with institutional support. The benchmark KSE-100 Index surged by 933.67 points or 1.89 percent and crossed 50,000 psychological level to close at 50,365.15 points.
Trading activity also improved as daily volumes on ready counter increased to 427.476 million shares as compared to 332.606 million shares traded on Wednesday. The daily traded value on ready counter increased to Rs 14.593 billion against previous session’s Rs 8.824 billion.
BRIndex100 added 117.79 points or 2.36 percent to close at 5,105.66 points with total daily turnover of 389.780 million shares.
BRIndex30 increased by 563.03 points or 3.23 percent to close at 17,993.79 points with total daily trading volumes of 297.473 million shares.
Foreign investors however remained net sellers of shares worth $52,090. The market capitalization increased by Rs 123 billion to Rs 7.365 trillion. Out of total 361 active scrips, 255 closed in positive and only 94 in negative while the value of 12 stocks remained unchanged.
K-Electric was the volume leader with 83.163 million shares and gained Rs 0.29 to close at Rs 3.37 followed by Pak Refinery that increased by Rs 0.60 to close at Rs 17.47 with 37.666 million shares. WorldCall Telecom closed at Rs 1.28, down Rs 0.01 with 25.884 million shares.
Unilever Foods and Nestle Pakistan were the top gainers increasing by Rs 750.00 and Rs 90.00 respectively to close at Rs 22000.00 and Rs 7390.00 while Rafhan Maize and Al-Abbas Sugar were the top losers declining by Rs 390.00 and Rs 16.00 respectively to close at Rs 8000.00 and Rs 500.00.
An analyst at Topline Securities said that the Pakistan equities enjoyed a robust upswing as the KSE-100 index, serving as the benchmark, surged by 1.89 percent to conclude the trading session at 50,365, surpassing the pivotal 50,000 mark.
Notably, the index gained 933 points, largely propelled by the prevailing positive sentiment in response to Wednesday’s T-Bills auction. This auction provided a strong indication that the market believes interest rates have hit their peak. Consequently, it suggests that the market anticipates a forthcoming period characterized by stability or a potential decrease in interest rates.
Fertilizer and E&P, including PPL, ENGRO, HUBC, OGDC and PSO, made a positive contribution by adding 440 points. However, RMPL, TRG, and IBFL collectively lost 23 points.
BR Automobile Assembler Index gained 137.91 points or 1.4 percent to close at 9,988.55 points with total turnover of 11.984 million shares.
BR Cement Index inched up by 56.77 points or 1.09 percent to close at 5,260.49 points with 25.665 million shares.
BR Commercial Banks Index added 211.92 points or 1.84 percent to close at 11,758.71 points with 20.723 million shares.
BR Power Generation and Distribution Index surged by 318.81 points or 3.12 percent to close at 10,528.88 points with 94.019 million shares.
BR Oil and Gas Index increased by 173.61 points or 3.84 percent to close at 4,700.47 points with 81.919 million shares.
BR Tech. & Comm. Index closed at 3,643.13 points, up 24.0 points or 0.66 percent with 51.685 million shares.
Muhammad Shuja Qureshi at JS Global Capital said bulls drove the KSE-100 Index past the 50,000 level with a gain of 934 points to close at 50,365. The rally was broad-based, led by the Oil & Gas and Auto sectors where PSO (up 7.5 percent), SNGP (up 7.5 percent), GAL (up 7.1 percent), GHNI (up 7.5 percent), PSMC (up 7.5 percent) and SAZEW (up 7.5 percent) closed at their respective upper locks.
The market turnover rose to 427 million shares, where KEL (up 9.4 percent), PRL (up 3.6 percent), WTL (down 0.8 percent), PPL (up 7.1 percent), and OGDC (up 4.4 percent) were the volume leaders.
Copyright Business Recorder, 2023
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