KARACHI: A bullish trend continued on Pakistan Stock Exchange on the back of aggressive buying by local and foreign investors coupled with institutional support on Tuesday.
The benchmark KSE-100 Index surged by 796.10 points or 1.26 percent and closed at 63,799.02 points. During the session, the index hit 63,885.10 points intraday high however closed at slightly lower level due to profit-taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 330.921 million shares as compared to 263.547 million shares traded on last trading session. The daily traded value on the ready counter increased to Rs 15.195 billion against previous session’s Rs 10.730 billion.
BRIndex100 added 104.82 points or 1.62 percent to close at 6,560.25 points with total daily turnover of 304.479 million shares.
BRIndex30 increased by 573.33 points or 2.52 percent to close at 23,330.25 points with total daily trading volumes of 247.812 million shares.
Foreign investors also remained net buyers of shares worth $2.079 million. Total market capitalization increased by Rs 121 billion to Rs 9.327 trillion. Out of total 336 active scrips, 230 closed in positive and only 79 in negative while the value of 27 stocks remained unchanged.
P.I.A.C. (A) was the volume leader with 47.061 million shares however lost Rs 0.10 to close at Rs 10.84 followed by OGDC that increased by Rs 7.97 to close at Rs 155.57 with 23.123 million shares. Cnergyico PK gained Rs 0.16 to close at Rs 4.15 with 21.272 million shares.
Mari Petroleum Company and Pakistan Services Limited were the top gainers increasing by Rs 77.73 and Rs 39.00 respectively to close at Rs 2,316.57 and Rs 879.00 while Attock Petroleum Limited and Baluchistan Wheels Limited were the top losers declining by Rs 11.88 and Rs 10.87 respectively to close at Rs 397.85 and Rs 171.13.
An analyst at Topline Securities said that the KSE-100 Index maintained its upward momentum from the previous week, reaching an intraday high of plus 882.18 points and closing at the 63,799.01 level, marking a gain of 796.10 points.
Notably, within the E&P Sector, OGDC and PPL saw increases, buoyed by news of the caretaker government’s formal discussions with the International Monetary Fund (IMF) to settle gas circular debt to the tune of around Rs 1.2 trillion.
In the banking sector, MCB disclosed its FY23 results, revealing an EPS of Rs 50.32 and a cash dividend of Rs 9.0 per share. Activity in the Cement Sector was also observed, with DGKC, LUCK and CHCC closed higher than the previous day’s figures, partly due to the drop in international coal prices to $94 per ton.
BR Automobile Assembler Index inched up by 16.78 points or 0.12 percent to close at 14,185.60 points with total turnover of 2.087 million shares.
BR Cement Index added 66.22 points or 1.02 percent to close at 6,542.86 points with 13.154 million shares.
BR Commercial Banks Index increased by 165.68 points or 1.06 percent to close at 15,836.42 points with 28.930 million shares.
BR Power Generation and Distribution Index gained 63.06 points or 0.46 percent to close at 13,911.24 points with 24.702 million shares.
BR Oil and Gas Index surged by 204.26 points or 3.28 percent to close at 6,439.87 points with 57.422 million shares.
BR Tech. & Comm. Index closed at 3,627.41 points, up 18.2 points or 0.5 percent with 22.715 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed bullish on speculations over the IMF approval on the SIFC directed proposals to resolve power sector circular debt issue and power tariff.
He said S&P projections for ratings upgrade upon working together with financial institutions for securing IMF deal and upbeat economic data for exports, trade deficit in January 2024 played catalyst role in bullish close in the earnings season rally at PSX.
Copyright Business Recorder, 2024
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