KARACHI: Pakistan Stock Exchange on Thursday witnessed another bullish session and hit new highest ever historic levels after successful staff-level agreement reached between the International Monetary Fund and Pakistani authorities under the Stand-By Arrangement.
The benchmark KSE-100 Index surged by 716.96 points or 1.26 percent and crossed 57,000 points psychological level for the first time in its history to close at its highest ever level of 57,397.03 points. The index hit 57,549.27 points intra-day high, which was also its highest ever intra-day level.
Trading activity also improved significantly as total daily volumes on ready counter increased to 1,056.714 million shares as compared to 661.624 million shares traded on Wednesday while total daily traded value on ready counter increased to Rs 28.861 billion against previous session’s Rs 24.353 billion.
BRIndex100 added 76.43 points or 1.32 percent to close at 5,861.33 points with total daily turnover of 965.665 million shares.
BRIndex30 increased by 432.95 points or 2.12 percent to close at 20,841.96 points with total daily trading volumes of 745.679 million shares.
Foreign investors also remained net buyers of shares worth $572,513. Total market capitalization increased by Rs 155 billion to Rs 8.297 trillion. Out of total 374 active scrips, 235 closed in positive and 118 in negative while the value of 21 stocks remained unchanged.
WorldCall Telecom was the volume leader with 386.369 million shares and gained Rs 0.19 to close at Rs 1.59 followed by Cnergyico PK that closed at Rs 4.70, down Rs 0.04 with 45.145 million shares. Pak Refinery increased by Rs 0.73 to close at Rs 24.97 with 39.582 million shares.
Nestle Pakistan and Pak Tobacco were the top gainers increasing by Rs 400.00 and Rs 55.00 respectively to close at Rs 8800.00 and Rs 990.00 while Bhanero Textile and Faisal Spinning were the top losers declining by Rs 14.89 and Rs 13.96 respectively to close at Rs 915.11 and Rs 330.00.
An analyst at Topline Securities said that the KSE-100 Index surged beyond the 57,000 level, concluding the trading session at a new record high of 57,397 marking 716 points increase or 1.26 percent.
This upward trend is a result of the successful staff-level agreement reached between the International Monetary Fund and Pakistani authorities under Pakistan’s Stand-By Arrangement. Furthermore, the T-Bills auction held on Wednesday reinforced the market’s confidence in the expected peak of interest rates, indicating an anticipation of a downward trajectory in interest rates.
During the day E&P and Fertilizer sectors contributed positively as OGDC, PPL, EFERT, PSO, and MARI collectively added 427 points to the index. Conversely, BAHL, MTL, and BAFL together caused a loss of 63 points.
BR Automobile Assembler Index increased by 128.98 points or 1.07 percent to close at 12,145.09 points with total turnover of 11.864 million shares.
BR Cement Index inched up by 9.16 points or 0.15 percent to close at 6,262.51 points with 39.703 million shares.
BR Commercial Banks Index gained 17.16 points or 0.13 percent to close at 13,046.32 points with 41.169 million shares.
BR Power Generation and Distribution Index closed at 13,825.72 points, up 22.01 points or 0.16 percent with 32.792 million shares.
BR Oil and Gas Index surged by 206.9 points or 4.06 percent to close at 5,300.81 points with 102.074 million shares.
BR Tech. & Comm. Index added 79.2 points or 2.05 percent to close at 3,935.88 points with 456.512 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that bullish trend persisted as KSE-100 Index surpassed the 57,500 mark, driven by optimism surrounding the staff level agreement with IMF on the second tranche under the Stand-By Arrangement (SBA). Treasury bill (T-Bill) yields decreased by 50bps, leading to anticipation of a rate cut.
Traded volume stood at 1.1 billion shares with WTL (up 14 percent), CNERGY (down 0.8 percent), PRL (up 3.0 percent), PAEL (up 0.9 percent) and OGDC (up 6.6 percent) were the volume leaders.
Copyright Business Recorder, 2023
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