KARACHI: Pakistan Stock Exchange on Friday achieved another milestone and closed on new highest-ever level on the back of aggressive buying by local and foreign investors coupled with institutional support.
The benchmark KSE- 100 Index surged by 427.45 points or 0.59 percent and closed at new highest-ever level of 73,085.50 points. The index hit 73,449.38 points intraday high, however closed at lower level due to profit-taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 741.196 million shares as compared to 674.981 million shares traded on Thursday. The daily traded value on the ready counter increased to Rs 25.268 billion against previous session’s Rs 24.053 billion.
BRIndex100 gained 40.08 points or 0.53 percent to close at 7,673.50 points with total daily turnover of 656.462 million shares.
BRIndex30 increased by 285.06 points or 1.13 percent to close at 25,456.94 points with total daily trading volumes of 455.875 million shares.
Foreign investors also remained net buyers of shares worth $302,960. Total market capitalization increased by Rs 57 billion to Rs 9.878 trillion. Out of total 381 active scrips, 217 closed in positive and 132 in negative while the value of 32 stocks remained unchanged.
WorldCall Telecom was the volume leader with 85.720 million shares and gained Rs 0.04 to close at Rs 1.55 followed by Hum Network that lost Rs 0.33 to close at Rs 9.70 with 51.463 million shares. Pak Elektron increased by Rs 1.43 to close at Rs 28.98 with 33.646 million shares.
Hoechst Pakistan Limited and Bhanero Textile Mills were the top gainers increasing by Rs 94.71 and Rs 74.75 respectively to close at Rs 1,444.71 and Rs 1,071.36 while Unilever Pakistan Foods and Hallmark Company Limited were the top losers declining by Rs 99.98 and Rs 58.18 respectively to close at Rs 19,090.00 and Rs 717.54.
An analyst at Topline Securities said that rangebound activity was observed during the early hours of trade, however as the day progressed rally was observed in the market where the KSE-100 Index gained to make an intraday high of plus 791 points. The KSE-100 Index settled at 73,086 level (up by 0.59 percent), highest ever closing.
This positivity in the market can be attributed to weekly SPI number which posted a decline for 4th consecutive week (down by 1.39 percent WoW for the week ending May 09, 2024).
Cement and Steel sectors remained in lime light as they gained to close higher from their Thursday`s closing; interest in the aforementioned sector was on account of weekly SPI number which increased investor`s confidence with respect to decline in policy rate going forward.
Major positive contribution to the index came from LUCK, DGKC, PIOC, POL and ILP, as they cumulatively contributed plus 218 points.
BR Automobile Assembler Index gained 6.92 points or 0.04 percent to close at 16,057.39 points with total turnover of 14.455 million shares.
BR Cement Index surged by 276.21 points or 3.77 percent to close at 7,600.62 points with 109.677 million shares.
BR Commercial Banks Index lost 26.9 points or 0.14 percent to close at 18,910.42 points with 29.533 million shares.
BR Power Generation and Distribution Index increased by 77.63 points or 0.46 percent to close at 16,874.02 points with 41.178 million shares.
BR Oil and Gas Index added 33.75 points or 0.51 percent to close at 6,642.53 points with 49.500 million shares.
BR Tech. & Comm. Index closed at 3,842.78 points, up 24.07 points or 0.63 percent with 188.570 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed all time high in the pre budget rally at PSX after robust data on $2.81 billion remittances surging by 28 percent YoY in April 2024.
He said Cement Sector outperformed on Government target of 27 percent hike in PSDP to Rs 1.2 trillion for FY25, Pak Rupee stability on surging FX reserves to $9.12 billion and speculations ahead of Pak- IMF new loan talks this month played catalyst role in record close.
Copyright Business Recorder, 2024
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