KARACHI: Despite negative opening, fresh buying at attractive, low levels supported the Pakistan Stock Exchange on Monday to close on strong positive note.
The benchmark KSE-100 Index surged by 586.79 points or 0.98 percent and closed at 60,459.75 points. After negative opening, the index hit 59,191.86 points intraday low, however fresh buying in various sectors supported the index to turn bullish to hit 60,504.48 points intraday high.
Trading activity however remained low as daily volumes on the ready counter decreased to 261.799 million shares as compared to 314.247 million shares traded last Friday. The daily traded value on the ready counter declined to Rs 9.907 billion against previous session’s Rs 12.243 billion.
BRIndex100 added 95.07 points or 1.57 percent to close at 6,168.37 points with total daily turnover of 241.876 million shares.
BRIndex30 increased by 644.48 points or 3.17 percent to close at 20,965.54 points with total daily trading volumes of 191.426 million shares.
Foreign investors however remained on the selling side and withdrew $1.051 million from the local equity market. The market capitalization increased by Rs 87 billion to Rs 8.804 trillion. Out of total 330 active scrips, 170 closed in positive and 139 in negative while the value of 21 stocks remained unchanged.
P.I.A.C. (A) was the volume leader with 21.406 million shares and gained Rs 0.89 to close at Rs 11.06 followed by WorldCall Telecom that inched up by Rs 0.02 to close at Rs 1.23 with 20.034 million shares. Pak Refinery increased by Rs 1.14 to close at Rs 25.33 with 15.164 million shares.
Rafhan Maize Products Company and Indus Motor Company were the top gainers increasing by Rs 373.35 and Rs 51.28 respectively to close at Rs 8,739.00 and Rs 1,501.94 while Nestle Pakistan and Pakistan Engineering Company were the top losers declining by Rs 289.89 and Rs 38.25 respectively to close at Rs 7,910.11 and Rs 471.75.
An analyst at Topline Securities said that the KSE-100 Index opened on a negative note as the index declined to make an intraday low of minus 681 points, however investors came in to accumulate after Supreme Court on Monday postponed the hearing of the petition that sought to declare the February 08 national elections as ‘null and void’ due to the petitioner’s non-appearance.
Major positive contribution to the index came from OGDC, PPL, HUBC, ENGRO and BAHL as they cumulatively contributed plus 419 points to the index. On the flip side, UBL, NESTLE, COLG, DAWH and POL lost value to weigh down on the index by negative 88 points.
BR Automobile Assembler Index increased by 277.36 points or 2.01 percent to close at 14,057.22 points with total turnover of 10.358 million shares.
BR Cement Index gained 75.92 points or 1.25 percent to close 6,164.78 points with 16.171 million shares.
BR Commercial Banks Index inched up by 17.07 points or 0.11 percent to close at 15,490.02 points with 19.210 million shares.
BR Power Generation and Distribution Index added 250.47 points or 1.91 percent to close at 13,361.33 points with 21.342 million shares.
BR Oil and Gas Index surged by 181.08 points or 3.32 percent to close at 5,630.04 points with 34.867 million shares.
BR Tech. & Comm. Index closed at 3,386.69 points, up 17.22 points or 0.51 percent with 45.848 million shares.
Mohammed Waqar Iqbal at JS Global Capital said that the KSE-100 Index opened in red owing to continued political uncertainty but eventually gained to close at 60,460, gaining 587 points.
Traded volume stood at 262 million shares where PIAA (up 8.8 percent), WTL (up 1.7 percent), PRL (up 4.7 percent), CNERGY (up 7.0 percent) and KEL (up 4.9 percent) were the volume leaders.
Copyright Business Recorder, 2024
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