KARACHI: Bullish trend continued on Pakistan Stock Exchange on Friday on the back of healthy buying by both local and foreign investors after signs of easing political situation in the country.
The benchmark KSE-100 index surged by 901.48 points or 1.46 percent and crossed 62,000 psychological level to close at 62,815.82 points. During the session, the index hit 62,845.37 points intra-day high and 61,849.67 points intra-day low level.
Trading activities also improved as total daily volumes on ready counter increased to 377.974 million shares as compared to 324.830 million shares traded on Thursday while total daily traded value on the ready counter increased to Rs 16.011 billion against previous session’s Rs 13.966 billion.
BRIndex100 added 109.09 points or 1.72 percent to close at 6,440.71 points with total daily turnover of 334.933 million shares.
BRIndex30 increased by 461.81 points or 2.13 percent to close at 22,098.49 points with total daily trading volumes of 234.516 million shares.
The foreign investors also remained net buyers of shares worth $2.246 million. Total market capitalization increased by Rs 132 billion to Rs 9.081 trillion. Out of total 339 active scrips, 201 closed in positive and 118 in negative while the value of 20 stocks remained unchanged.
Kohinoor Spining was the volume leader with 36.167 million shares and increased by Rs 1.00 to close at Rs 4.59 followed by K-Electric that gained Re 0.19 to close at Rs 4.39 with 26.534 million shares. Yousuf Weaving closed at Rs 4.12, up Rs 0.74 with 16.722 million shares.
Mari Petroleum Company and Hoechst Pakistan Limited were the top gainers increasing by Rs 52.02 and Rs 29.00 respectively to close at Rs 2,266.70 and Rs 1,350.00 while Reliance Cotton Spinning Mills and Siemens Pakistan Engineering were the top losers declining by Rs 39.88 and Rs 13.63 respectively to close at Rs 492.00 and Rs 586.37.
“Continuing its momentum KSE-100 Index gained 901 points to close at 62,816 level (up by 1.46 percent)”, an analyst at Topline Securities said.
This positivity in market can be attributed to start of process of formation of provincial governments where Punjab Assembly held its first session on Friday and Sindh Assembly first session will take place on Saturday where elected representatives of the province will take their oath.
Investor confidence has increased as things are moving smoothly towards formation of government in Federal and Provinces. News that Pakistan intends to seek at least $6.0 billion from IMF to help repay dollar debt due this year and statement from IMF that they intend to work with the new government in Pakistan to help macroeconomic stability; provided further stimulus to the market.
BR Automobile Assembler Index gained 113.08 points or 0.78 percent to close at 14,562.68 points with total turnover of 11.961 million shares.
BR Cement Index gained 44.93 points or 0.71 percent to close at 6,332.37 points with 10.924 million shares.
BR Commercial Banks Index increased by 251.42 points or 1.6 percent to close at 15,987.61 points with 35.847 million shares.
BR Power Generation and Distribution Index added 131.7 points or 0.96 percent to close at 13,837.72 points with 36.344 million shares.
BR Oil and Gas Index surged by 202.65 points or 3.54 percent to close at 5,929.74 points with 54.722 million shares.
BR Tech. & Comm. Index lost 7.08 points or 0.19 percent to close at 3,739.53 points with 57.365 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed sharply higher after Punjab Assembly newly elected members sworn in easing political noise and IMF affirmation on working with new Government on policies to ensure macroeconomic stability.
He said reports of new Government to seek at least $6.0 billion in new IMF loan program and negotiate extended fund facility to avert economic crises played catalyst role in bullish close.
Copyright Business Recorder, 2024
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