KARACHI: Pakistan Stock Exchange on Friday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of aggressive buying by local and foreign investors coupled with institutional support.
The benchmark KSE-100 Index surged by 1,244.45 points or 1.76 percent and closed at 71,902.09 points. The index hit 71,986.43 points intraday high and 70,671.72 points intraday low.
Trading activity also improved as daily volumes on ready counter increased to 452.155 million shares as compared to 436.993 million shares traded on Thursday. The daily traded value on the ready counter increased to Rs 24.542 billion against previous session’s Rs 19.024 billion.
BRIndex100 soared by157.71 points or 2.13 percent to close at 7,566.43 points with total daily turnover of 384.800 million shares.
BRIndex30 increased by 749.44 points or 3.12 percent to close at 24,785.85 points with total daily trading volumes of 253.094 million shares.
Foreign investors also remained net buyers of shares worth $1.870 million. Total market capitalization increased by Rs 140 billion to Rs 9.797 trillion. Out of total 378 active scrips, 248 closed in positive and 104 in negative while the value of 26 stocks remained unchanged.
PPL was the volume leader with 26.658 million shares and surged by Rs 7.73 to close at Rs 124.33 followed by Hascol Petroleum that gained Rs 0.70 to close at Rs 8.06 with 26.575 million shares. Fauji Cement increased by Rs 1.20 to close at Rs 21.36 with 19.309 million shares.
Unilever Pakistan Foods and Nestle Pakistan were the top gainers increasing by Rs 240.83 and Rs 100.11 respectively to close at Rs 19,379.98 and Rs 7,585.11 while Hallmark Company and Shahmurad Sugar Mills were the top losers declining by Rs 68.03 and Rs 24.61 respectively to close at Rs 994.94 and Rs 550.38.
An analyst at Topline Securities said that bullish session was observed at the PSX as KSE-100 Index increased 1,245 points to close at 71,902 level (up by 1.76 percent).
This positivity in the market can be attributed to news that 50-member Saudi team will arrive for investment talks on Sunday. Weekly SPI that came in at 1.0 percent WoW lower for the week ending May 02, 2024 (down by 24.4 percent on YoY basis after 02 years) provided further stimulus to the market, as investors came in to accumulate cyclical stocks on lower inflation number.
Major positive contribution to the index came from PPL, HUBC, OGDC, BAHL and DAWH, as they cumulatively contributed plus 569 points to the index.
BR Automobile Assembler Index increased by 336.86 points or 2.14 percent to close at 16,102.78 points with total turnover of 21.897 million shares.
BR Cement Index soared by 200.8 points or 2.85 percent to close at 7,252.68 points with 49.533 million shares.
BR Commercial Banks Index gained 175.59 points or 0.94 percent to close at 18,897.26 points with 37.589 million shares.
BR Power Generation and Distribution Index added 409.64 points or 2.58 percent to close at 16,282.31 points with 33.422 million shares.
BR Oil and Gas Index surged by 229.07 points or 3.54 percent to close at 6,697.54 points with 83.128 million shares.
BR Tech. & Comm. Index inched up by 31.01 points or 0.86 percent to close at 3,621.39 points with 56.257 million shares.
Mohammed Waqar Iqbal at JS Global Capital said bulls pulled the KSE-100 to an intraday high of 71,986 points, Oil & Gas sector eventually leading the market to close at 71,902, up 1,244 points.
Traded volume stood at 452 million shares where PPL (up 6.6 percent), HASCOL (up 9.5 percent), FCCL (up 6.0 percent), PAEL (up 0.9 percent) and KEL (up 3.1 percent) were the highest contributors.
Copyright Business Recorder, 2024
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