KARACHI: A bullish trend continued on Pakistan Stock Exchange on Tuesday and the market hit new highest historic levels on the back of aggressive buying by local and foreign investors coupled with institutional support.
The benchmark KSE-100 index surged by 918.92 points or 1.54 percent and crossed 60,000 historic level for the first time in its history to close at highest-ever level of 60,730.26 points. The index hit 60,845.61 points intraday high, which was also highest ever intra-day level in its history.
Trading activity also improved as daily volumes on ready counter increased to 779.671 million shares as compared to 657.580 million shares traded on Monday while total daily traded value on ready counter increased to Rs 26.138 billion against previous session’s Rs 20.272 billion.
BRIndex100 added 120.81 points or 1.98 percent to close at 6,230.53 points with total daily turnover of 663.266 million shares.
BRIndex30 increased by 460.12 points or 2.16 percent to close at 21,722.89 points with total daily trading volumes of 357.835 million shares.
Foreign investors also remained net buyers of shares worth $5.080 million. Total market capitalization increased by Rs 98 billion to Rs 8.746 trillion. Out of total 392 active scrips, 200 closed in negative and 177 in positive while the value of 15 stocks remained unchanged.
Kohinoor Spinning was the volume leader with 79.242 million shares and inched up by Rs 0.02 to close at Rs 4.02 followed by WorldCall Telecom that closed at Rs 1.56, up Rs 0.04 with 57.449 million shares. Bank of Punjab gained Rs 0.41 to close at Rs 5.45 with 44.327 million shares.
Hoechst Pak and Ismail Industries were the top gainers increasing by Rs 85.00 and Rs 80.28 respectively to close at Rs 1348.00 and Rs 1157.00 while Unilever Foods and Rafhan Maize were the top losers declining by Rs 100.00 and Rs 57.05 respectively to close at Rs 22400.00 and Rs 10333.33.
Muhammad Sohail, leading analyst and CEO of Topline Securities said that KSE-100 Index has gained 50 percent in only five months and this is the fastest 50 percent rise in few months after 2004.
He said low valuation coupled with foreign buying supporting this market rally. Investors have confidence that with economic stability in Pakistan, currency will also stabilize and interest rate will fall
“This five month 50 percent rally in KSE-100 Index is one of the fastest in 20 years,” he said. Though share prices have risen, market PE is still below 4 times based on 2024 earnings.
UBL, MCB, HBL, HUBC and LUCK contributed positively by adding 589 points. On the other hand, SYS, MARI and GHGL witnessed some profit taking and they cumulatively lost 78 points.
BR Automobile Assembler Index lost 33.33 points or 0.26 percent to close at 12,900.65 points with total turnover of 5.132 million shares.
BR Cement Index increased by 145.46 points or 2.29 percent to close at 6,495.66 points with 53.719 million shares.
BR Commercial Banks Index surged by 523.47 points or 3.64 percent to close at 14,906.00 points with 100.455 million shares.
BR Power Generation and Distribution Index added 245.55 points or 1.79 percent to close at 13,941.11 points with 29.543 million shares.
BR Oil and Gas Index gained 8.82 points or 0.16 percent to close at 5,362.02 points with 52.976 million shares.
BR Tech. & Comm. Index closed at 4,109.90 points, down 23.86 points or 0.58 percent with 109.386 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed at new all-time high as investors eye multi-billion dollar MOUs unlocking projects under SIFC initiatives during PM visit to UAE and IMF support receipts next month.
He said reports of regional exports growing by 14.3 YoY for July-October 2023, and easing geo political uncertainty played a catalyst role in record surge in PSX.
Copyright Business Recorder, 2023
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