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KARACHI: Despite mid-session pressure, Pakistan Stock Exchange on Tuesday hit new highest-ever levels on the back of aggressive buying by local and foreign investors coupled with institutional support.

The benchmark KSE-100 Index crossed historic 63,000 points to hit and closed at new highest-ever level of 62,956.03 points, with a net gains of 462.97 points or 0.74 percent. The index dropped at 62,215.19 points intraday low due to profit-taking in some stocks, however renewed investors interest supported the market to recover its losses and closed in positive zone with healthy gains.

Trading activity also improved as daily volumes on ready counter increased to 765.418 million shares as compared to 734.294 million shares traded on Monday. The daily traded value on ready counter declined to Rs 30.858 billion against previous session’s Rs 31.641 billion.

BRIndex100 added 65.03 points or 1.02 percent to close at 6,442.31 points with total daily turnover of 668.270 million shares.

BRIndex30 increased by 404.75 points or 1.81 percent to close at 22,781.00 points with total daily trading volumes of 405.317 million shares.

Foreign investors also remained net buyers of shares worth $925,538. Total market capitalization increased by Rs 88 billion to Rs 9.093 trillion. Out of total 383 active scrips, 188 closed in positive and 177 in negative while the value of 18 stocks remained unchanged.

Cnergyico PK was the volume leader with 82.309 million shares and gained Rs 0.24 to close at Rs 4.85 followed by Pak Refinery that increased by Rs 1.34 to close at Rs 26.98 with 53.701 million shares. Fauji Foods inched up by Rs 0.36 to close at Rs 9.50 with 37.662 million shares.

Hoechst Pakistan and Pakistan Tobacco Company were the top gainers increasing by Rs 76.00 and Rs 52.70 respectively to close at Rs 1277.00 and Rs 1146.70 while The Premier Sugar Mills and Millat Tractors were the top losers declining by Rs 31.25 and Rs 24.93 respectively to close at Rs 450.00 and Rs 630.91.

An analyst at Topline Securities said that Pakistan’s equities sustained their bullish trend, climbing by 463 points or 0.74 percent to close the index at 62,956.

The aforementioned upward momentum signifies a boost in investor confidence, driven by optimistic expectations of an improved economic landscape. This positive outlook is supported by anticipated financial inflows from the International Monetary Fund (IMF) and friendly countries. Additionally, there is speculation about a potential reduction in interest rates in upcoming MPC meeting, further enhancing the positive sentiment.

In the course of trading hours, stocks from the OMC, E&P, and Banking sectors made favorable contributions include PPL, OGDC, MEBL, POL, and ATRL, collectively adding 399 points. Conversely, some stocks such as MTL, HUBC and LUCK experienced profit-taking, resulting in a combined loss of 129 points.

BR Automobile Assembler Index declined by 340.82 points or 2.3 percent to close at 14,480.81 points with total turnover of 21.628 million shares.

BR Cement Index decreased by 40.54 points or 0.58 percent to close at 6,945.83 points with 52.593 million shares.

BR Commercial Banks Index increased by 139.23 points or 0.95 percent to close at 14,869.10 points with 48.773 million shares.

BR Power Generation and Distribution Index gained 11.81 points or 0.08 percent to close at 14,220.90 points with 36.660 million shares.

BR Oil and Gas Index surged by 214.48 points or 3.84 percent to close at 5,803.38 points with 120.142 million shares.

BR Tech. & Comm. Index lost 18.3 points or 0.44 percent to close at 4,152.30 points with 86.734 million shares.

Mubashir Anis Naviwala at JS Global Capital said the KSE-100 Index experienced a surge as bulls drove it to an intraday peak of 63,036 points. E&P sector played a pivotal role, with OGDC (up 5.4 percent) and PPL (up 7.3 percent) taking the lead, ultimately propelling the market to conclude at 62,956, marking a gain of 463 points.

Traded volume stood at 765 million shares where CNERGY (up 5.2 percent), PRL (up 5.2 percent), FFL (up 3.9 percent), PTC (up 2.3 percent) and HASCOL (up 4.0 percent) were the volume leaders.

Copyright Business Recorder, 2023

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