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KARACHI: The bullish trend continued at Pakistan Stock Exchange on Friday and the market hit new highest-ever levels with healthy trading activity.

The benchmark KSE-100 surged by 1,505.55 points or 2.33 percent and crossed 66,000 psychological level for the first time in its history to close at its highest-ever level of 66,223.63 points. During the session, the index hit 66,273.73 points intra-day high level.

Trading activity further improved as total daily volumes on ready counter increased to 1.329 billion shares as compared to 1.316 billion shares traded on Thursday however total daily traded value on ready counter declined to Rs 33.377 billion against previous session’s Rs 37.179 billion.

BRIndex100 added 171.98 points or 2.59 percent to close at 6,815.34 points with total daily turnover of 1.195 billion shares.

BRIndex30 increased by 695.52 points or 2.95 percent to close at 24,249.43 points with total daily trading volumes of 840.316 million shares.

The market capitalization increased by Rs 183 billion to Rs 9.498 billion. Out of total 395 active scrips, 257 closed in positive and 127 in negative while the value of 11 stocks remained unchanged.

K-Electric was the volume leader with 342.535 million shares and gained Rs 0.46 to close at Rs 4.43 followed by WorldCall Telecom that inched up by Rs 0.05 to close at Rs 1.67 with 98.557 million shares. PTCL increased by Rs 0.93 to close at Rs 9.65 with 58.736 million shares.

Nestle Pakistan and Sapphire Fibres were the top gainers increasing by Rs 200.02 and Rs 97.31 respectively to close at Rs 8900.00 and Rs 1505.00 while Unilever Pakistan Foods and Ismail Industries were the top losers declining by Rs 599.75 and Rs 95.00 respectively to close at Rs 21,600.25 and Rs 1300.00.

Ahsan Mehanti at Arif Habib Corporation said stocks closed new record surge and new all-time high amid Pak rupee stability and Government plan to launch of Rs 90 billion auctions on Islamic Ijarah Sukuks to retail investors to diversify funding.

He said falling external debt, positive outcome of SIFC initiatives and expectations for a current account surplus in November 2023 played catalyst role in new record close at PSX.

BR Automobile Assembler Index inched up by 1.21 points or 0.01 percent to close at 14,617.51 points with total turnover of 8.861 million shares.

BR Cement Index lost 2.91 points or 0.04 percent to close at 6,971.78 points with 52.622 million shares.

BR Commercial Banks Index surged by 707.02 points or 4.49 percent to close at 16,443.82 points with 103.621 million shares.

BR Power Generation and Distribution Index increased by 252.88 points or 1.76 percent to close at 14,637.36 points with 366.002 million shares.

BR Oil and Gas Index added 157.01 points or 2.61 percent to close at 6,162.85 points with 88.111 million shares.

BR Tech. & Comm. Index gained 28.7 points or 0.67 percent to close at 4,312.50 points with 217.300 million shares.

Mubashir Anis Naviwala at JS Global Capital said the KSE-100 Index crossed the 66,000 level, gaining 4,532 points in a week. Expectations over economic revival and foreign flows further boosted the bullish trend.

Traded volume stood at 1,330 million shares where KEL (up 12 percent), WTL (up 3.1 percent), PTC (up 11 percent), KOSM (up 9.4 percent) and FFL (up 9.1 percent) were the volume leaders.

Copyright Business Recorder, 2023

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