KARACHI: Despite foreign selling, positive trend continued on Pakistan Stock Exchange on Wednesday due to healthy buying, mainly by local investors coupled with institutional support.
The benchmark KSE-100 Index increased by 368.21 points or 0.57 percent to close at 64,822.43 points. The index crossed 65,000 psychological level to hit 65,063.08 points intraday high, however closed at slightly low due to profit-taking in some stocks.
Trading activity also improved as daily volumes on ready counter increased to 479.982 million shares as compared to 425.709 million shares traded on Tuesday however total daily traded value on the ready counter declined to Rs 22.501 billion against previous session’s Rs 24.995 billion.
BRIndex100 added 40.36 points or 0.61 percent to close at 6,691.89 points with total daily turnover of 416.529 million shares.
BRIndex30 surged by 263.59 points or 1.11 percent to close at 23,985.62 points with total daily trading volumes of 332.471 million shares.
Foreign investors however remained on the selling side and withdrew $3.503 million from the local equity market. Total market capitalization increased by Rs 71 billion to Rs 9.483 trillion. Out of total 353 active scrips, 199 closed in positive and 131 in negative while the value of 23 stocks remained unchanged.
K-Electric was the volume leader with 67.844 million shares however lost Rs 0.04 to close at Rs 5.42 followed by Hascol Petroleum that gained Rs 0.89 to close at Rs 8.40 with 39.612 million shares. PPL increased by Rs 1.03 to close at Rs 127.70 with 34.477 million shares.
Attock Petroleum and Ibrahim Fibres were the top gainers increasing by Rs 28.81 and Rs 23.00 respectively to close at Rs 412.88 and Rs 394.00 while Nestle Pakistan and Pakistan Services were the top losers declining by Rs 50.00 and Rs 50.00 respectively to close at Rs 8,300.00 and Rs 840.00.
“The equity market in Pakistan experienced a positive trend, closing the trading session at 64,822, reflecting a gain of 368 points or 0.57 percent,” an analyst at Topline Securities said.
The index maintained a positive trajectory throughout the day, reaching an intraday high of 65,063 and witnessing a low of 64,461 points.
The aforesaid rally can be attributed to OGDC, BAHL, BAFL, APL, and HMB as they collectively contributed 298 points on the index, positively.
BR Automobile Assembler Index gained 17.51 points or 0.13 percent to close at 13,978.70 points with total turnover of 9.004 million shares.
BR Cement Index increased by 105.09 points or 1.61 percent to close at 6,631.35 points with 40.209 million shares.
BR Commercial Banks Index added 116.55 points or 0.74 percent to close at 15,829.40 points with 26.972 million shares.
BR Power Generation and Distribution Index decreased by 85.0 points or 0.59 percent to close at 14,311.34 points with 72.455 million shares.
BR Oil and Gas Index surged by 134.16 points or 2.07 percent to close at 6,606.59 points with 123.989 million shares.
BR Tech. & Comm. Index lost 3.01 points or 0.08 percent to close at 3,829.51 points with 69.665 million shares.
“Once again, the KSE-100 Index failed to breach the 65,000 level and closed at 64,822, gaining 368 points,” Muhammad Shuja Qureshi at JS Global Capital said.
APL, AIRLINK, and DCL closed at their respective upper circuits. Other notable performers included OGDC which again closed up 6.9 percent along with Cement and Banking sector stocks.
The market turnover increased to 480 million shares, where KEL (down 0.7 percent), HASCOL (up 11.9 percent), PPL (up 0.8 percent), OGDC (up 6.9 percent) and WTL (up 2.3 percent) were the volume leaders.
Copyright Business Recorder, 2024
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