KARACHI: A bullish trend continued on Pakistan Stock Exchange on Wednesday on the back of fresh buying by local and foreign investors coupled with institutional support.
The benchmark KSE-100 Index increased by 344.85 points or 0.54 percent and crossed 64,000 psychological level to close at 64,143.87 points.
The daily trading volumes on ready counter stood at 327.591 million shares as compared to 330.921 million shares traded on Tuesday while total daily traded value on the ready counter declined to Rs 14.308 billion against previous session’s Rs 15.195 billion.
BRIndex100 gained 40.84 points or 0.62 percent to close at 6,601.09 points with total daily turnover of 300.352 million shares.
BRIndex30 added 150.81 points or 0.65 percent to close at 23,481.06 points with total daily trading volumes of 257.323 million shares.
Foreign investors also remained net buyers of shares worth $1.416 million. Total market capitalization increased by Rs 34 billion to Rs 9.361 trillion. Out of total 356 active scrips, 203 closed in positive and 125 in negative while the value of 28 stocks remained unchanged.
K-Electric was the volume leader with 44.379 million shares and gained Rs 0.11 to close at Rs 4.86 followed by OGDC that declined by Rs 4.90 to close at Rs 150.67 with 24.951 million shares. Pak Elektron closed at Rs 23.88, up Rs 0.81with 21.266 million shares.
Hoechst Pakistan Limited and Pakistan Services Limited were the top gainers increasing by Rs 76.34 and Rs 41.00 respectively to close at Rs 1,400.00 and Rs 920.00 while Premium Textile Mills and Ismail Industries Limited were the top losers declining by Rs 19.00 and Rs 13.48 respectively to close at Rs 361.00 and Rs 1,261.52.
An analyst at Topline Securities said investors in the Pakistan stock market are optimistic ahead of general elections to be held on Thursday, February 8, 2024.
The positive movement was fueled by HUBC, MEBL, EFERT, UBL, and BAFL, collectively contributing 197 points on the index.
BR Automobile Assembler Index gained 52.75 points or 0.37 percent to close at 14,238.35 points with total turnover of 9.551 million shares.
BR Cement Index increased by 54.59 points or 0.83 percent to close at 6,597.45 points with 15.930 million shares.
BR Commercial Banks Index added 91.74 points or 0.58 percent to close at 15,928.16 points with 20.992 million shares.
BR Power Generation and Distribution Index surged by 283.79 points or 2.04 percent to close at 14,195.03 points with 52.698 million shares.
BR Oil and Gas Index lost 21.1 points or 0.33 percent to close at 6,418.77 points with 51.733 million shares.
BR Tech. & Comm. Index closed at 3,657.53 points, up 30.12 points or 0.83 percent with 30.968 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed higher in the pre-election rally at PSX amid speculations over S&P global ratings projections for upgrade to ‘B’ post elections on new government tough reforms for IMF deal and falling government treasury bond yields.
He said upbeat economic outlook, strong earnings in oil and banking sectors and government resolve over circular debt issue played catalyst role in bullish close.
Copyright Business Recorder, 2024
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