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KARACHI: Pakistan Stock Exchange on Wednesday witnessed sharp recovery and closed on strong positive note on the back of fresh buying on attractive, low levels.

The benchmark KSE-100 Index surged by 1,692.64 points or 2.86 percent and crossed 60,000 psychological level to close at 60,863.62 points. The index hit 61,009.88 points intraday high and 58,758.48 points intraday low.

The daily trading volumes on ready counter stood at 669.356 million shares as compared to 670.859 million shares traded on Tuesday while total daily traded value on the ready counter stood at Rs 16.115 billion against previous session’s Rs 17.129 billion.

BRIndex100 added 196.83 points or 3.26 percent to close at 6,241.94 points with total daily turnover of 613.848 million shares.

BRIndex30 increased by 863.91 points or 4.05 percent to close at 22,176.60 points with total daily trading volumes of 426.311 million shares.

Foreign investors however remained net sellers of shares worth $326,890. Total market capitalization increased by Rs 208 billion to Rs 8.816 trillion. Out of total 357 active scrips, 274 closed in positive and only 63 in negative while the value of 20 stocks remained unchanged.

K-Electric was the volume leader with 102.249 million shares and gained Rs 0.45 to close at Rs 4.89 followed by Fauji Foods that increased by Rs 0.75 to close at Rs 11.25 with 58.130 million shares. PTCL inched up by Rs 0.04 to close at Rs 12.25 with 55.426 million shares.

Pakistan Tobacco Company and Mari Petroleum Company were the top gainers increasing by Rs 56.00 and Rs 43.55 respectively to close at Rs 1100.00 and Rs 1993.26 while Mehmood Textile Mills and Faisal Spinning Mills were the top losers declining by Rs 37.00 and Rs 29.25 respectively to close at Rs 468.00 and Rs 360.75.

An analyst at Topline Securities said Pakistan equities had a recovery day. The day initially carried forward Tuesday’s bearish momentum and made an intraday low at 58,758 level (down 413 points or 0.70 percent). However, value hunters rescued the market at intraday low level which ultimately led to across the board buying.

Resultantly, Power, Banks, Tech, Fertilizer and Cement sectors received considerable buying interest where HUBC, MEBL, SYS, EFERT and LUCK positively contributed 481 points to the index.

BR Automobile Assembler Index inched up by 168.1 points or 1.25 percent to close at 13,603.28 points with total turnover of 4.717 million shares.

BR Cement Index gained 247.66 points or 3.97 percent to close at 6,490.80 points with 27.255 million shares.

BR Commercial Banks Index increased by 408.06 points or 2.84 percent to close at 14,774.53 points with 58.587 million shares.

BR Power Generation and Distribution Index surged by 525.47 points or 3.94 percent to close at 13,852.36 points with 115.128 million shares.

BR Oil and Gas Index closed at 5,630.54 points, up 121.96 points or 2.21 percent with 44.594 million shares.

BR Tech. & Comm. Index added 163.84 points or 4.36 percent to close at 3,920.90 points with 122.380 million shares.

Mubashir Anis Naviwala at JS Global Capital said that the bourse witnessed sharp recovery after Tuesday’s crash. The KSE-100 index moved between 2,252 points, touched a high and a low of 61,010 and 58,758 points, respectively.

Traded volume stood at 669 million shares with KEL (up 10 percent), FFL (up 7.1 percent), PTC (up 0.3 percent), CNERGY (up 11 percent) and WTL (up 5.1 percent) were the volume leaders.

Copyright Business Recorder, 2023

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