KARACHI: Pakistan Stock Exchange on Monday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of fresh buying, mainly by local investors at attractive, low levels.
The benchmark KSE-100 Index surged by 657.19 points or 1.04 percent and closed at 63,939.41 points. The index hit 64,090.88 points intraday high and 63,139.73 points intraday low.
Trading activity also improved as daily volumes on ready counter increased to 298.699 million shares as compared to 287.310 million shares traded on last Friday while total daily traded value on the ready counter increased to Rs 12.515 billion against previous session’s Rs 9.320 billion.
BRIndex100 added 89.92 points or 1.39 percent to close at 6,578.21 points with total daily turnover of 277.419 million shares.
BRIndex30 increased by 584.12 points or 2.54 percent to close at 23,548.01 points with total daily trading volume of 229.076 million shares.
Foreign investors however remained net sellers of shares worth $262,486. Total market capitalization increased by Rs 96 billion to Rs 9.361 trillion. Out of total 335 active scrips, 171 closed in negative and 140 in positive while the value of 24 stocks remained unchanged.
K-Electric was the volume leader with 97.700 million shares and gained Rs 0.13 to close at Rs 5.57 followed by PPL that increased by Rs 8.73 to close at Rs 131.01 with 23.338 million shares. P.I.A.C. (A) inched up by Rs 0.03 to close at Rs 12.07 with 21.105 million shares.
Nestle Pakistan and Mari Petroleum Company were the top gainers increasing by Rs 70.00 and Rs 53.28 respectively to close at Rs 8,270.00 and Rs 2,428.65 while Honda Atlas Cars Pakistan and JDW Sugar Mills were the top losers declining by Rs 20.53 and Rs 19.00 respectively to close at Rs 254.06 and Rs 415.00.
“Pakistan equities commenced this week on a positive note as the KSE-100 Index closed the day at 63,939 levels, up 657 points or 1.04 percent,” an analyst at Topline Securities said.
Significant buying momentum was seen during the latter half of trading session post reports circulated on different media channel regarding Finance Ministry’s consideration to issue Rs 1.25 trillion to energy sector for the settlement of circular debt.
The aforesaid development assisted energy stocks to show strong rally, with both OGDC and PPL hitting their upper limit for the day. In addition, BAHL also hit upper circuit (post their Board of Director Meeting announcement which is scheduled on January 31, 2024 to consider CY23 financials) in anticipation of better result along with good dividend.
Resultantly, OGDC, PPL, BAHL, HUBC and MARI contributed positively by adding 546 points, cumulatively.
BR Automobile Assembler Index declined by 158.68 points or 1.12 percent to close at 14,021.63 points with total turnover of 7.207 million shares.
BR Cement Index lost 17.82 points or 0.27 percent to close at 6,501.36 points with 4.786 million shares.
BR Commercial Banks Index added 105.75 points or 0.69 percent to close at 15,500.36 points with 15.522 million shares.
BR Power Generation and Distribution Index increased by 214.35 points or 1.51 percent to close at 14,422.06 points with 103.223 million shares.
BR Oil and Gas Index surged by 269.53 points or 4.34 percent to close at 6,474.55 points with 59.646 million shares.
BR Tech. & Comm. Index closed at 3,786.51 points, down 12.13 points or 0.32 percent with 21.856 million shares.
Muhammad Shuja Qureshi at JS Global Capital said the week started on a positive note with the KSE-100 Index gaining 657 points to close at 63,939.
News regarding the settlement of circular debt turned a dull day around with OGDC closing at its upper lock and PPL gaining 7.1 percent for the day. Auto stocks saw profit taking with HCAR losing 7.5 percent. However, GAL closed at its upper circuit.
The market turnover increased slightly to 299 million shares, where KEL (up 2.4 percent), PPL (up 7.1 percent), PIAA (up 0.2 percent), OGDC (up 7.5 percent), and WTL (down 0.8 percent) were the volume leaders.
Copyright Business Recorder, 2024
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