KARACHI: Pakistan Stock Exchange on Monday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of fresh buying, mainly in banking, E&P, fertilizer and power sector stocks.
The benchmark KSE-100 Index increased by 373.82 points or 0.57 percent and closed at 65,525.65 points. The index hit 65,656.50 points intraday high, however briefly dropped into negative zone to hit 65,301.74 points intraday low level due to profit-taking in some stocks.
Trading activity also improved as daily volumes on ready counter increased to 261.194 million shares as compared to 208.408 million shares traded last Friday. Daily traded value on the ready counter increased to Rs 8.945 billion against previous session’s Rs 7.149 billion.
BRIndex100 gained 53.49 points or 0.8 percent to close at 6,748.59 points with daily turnover of 192.657 million shares.
BRIndex30 surged by 266.55 points or 1.21 percent to close at 22,258.62 points with daily trading volumes of 154.669 million shares.
Foreign investors also remained net buyers of shares worth $3.091 million. The market capitalization increased by Rs 41 billion to Rs 9.211 trillion. Out of total 334 active scrips, 169 closed in negative and 145 in positive while the value of 20 stocks remained unchanged.
P.T.C.L. was the volume leader with 27.177 million shares and increased by Rs 1.05 to close at Rs 15.70 followed by Hascol Petroleum that gained Rs 0.54 to close at Rs 8.08 with 21.377 million shares. K-Electric closed at Rs 4.57, up Rs 0.19 to close at Rs 4.57 with 20.911 million shares.
Nestle Pakistan and Sapphire Fibres were the top gainers increasing by Rs 200.00 and Rs 24.39, respectively to close at Rs 7,400.00 and Rs 1,495.00 while Rafhan Maize Products Company and Sapphire Textile Mills were the top losers declining by Rs 199.89 and Rs 45.17, respectively to close at Rs 8,200.11 and Rs 1,479.83.
An analyst at Topline Securities said the KSE-100 Index concluded the trading session on a positive note, achieving an intraday high of plus 504.67 points and an intraday low of minus 149.91 points before settling at 65,525.64, marking a gain of 373.82 points.
The Oil and Exploration Sector spearheaded the market gains following reports of the Pakistani government’s intention to solicit investments from friendly nations for the nation’s largest hydrocarbon explorer. Consequently, OGDC (up 2.90 percent) and PPL (up 1.66 percent) closed in the green trajectory.
Consequently, banking, E&P, fertilizer, and power sectors significantly contributed to the index’s rise. Notably, HUBC, OGDC, NBP, EFERT, and PPL collectively contributed plus 269 points to the index. Conversely, SYS, LUCK, HBL, and SRVI faced selling pressure, resulting in a combined loss of 72 points.
BR Automobile Assembler Index lost 15.23 points or 0.1 percent to close at 15,528.83 points with total turnover of 1.808 million shares.
BR Cement Index fell by 26.08 points or 0.42 percent to close at 6,254.00 points with 3.894 million shares.
BR Commercial Banks Index increased by 102.32 points or 0.61 percent to close at 16,793.78 points with 10.965 million shares.
BR Power Generation and Distribution Index surged by 232.52 points or 1.63 percent to close at 14,520.90 points with 29.552 million shares.
BR Oil and Gas Index added 76.81 points or 1.28 percent to close at 6,096.01 points with 46.114 million shares.
BR Tech. & Comm. Index inched down by 4.42 points or 0.12 percent to close at 3,695.80 points with 49.982 million shares.
Mubashir Anis Naviwala at JS Global Capital said that the PSX remained positive and the KSE-100 Index closed the session at 65,526, gaining 374 points.
Traded volume stood at 261 million shares, with PTC (up 7.2 percent), HASCOL (up 7.2 percent), KEL (up 4.3 percent), OGDC (up 2.9 percent) and PAKRI (up 7.0 percent) emerging as the volume leaders.
Copyright Business Recorder, 2024
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