KARACHI: Pakistan Stock Exchange on Tuesday achieved another milestone, hitting new highest-ever level on the back of strong interest of investors coupled with institutional support.
The benchmark KSE-100 Index surged by 732.08 points or 0.99 percent and closed above 74,000 psychological level for the first time in its history at 74,531.19 points, which is its highest-ever closing level. The index hit 74,575.31 points intraday highest level.
Trading activity however remained low as daily volumes on ready counter decreased to 574.182 million shares as compared to 721.597 million shares traded on Monday. The daily traded value on the ready counter declined to Rs 23.425 billion against previous session’s Rs 25.649 billion.
BRIndex100 soared by 78.11 points or 1.01 percent to close at 7,802.82 points with total daily turnover of 505.924 million shares.
BRIndex30 increased by 214.92 points or 0.84 percent to close at 25,815.69 points with total daily trading volumes of 339.447 million shares.
Foreign investors also remained net buyers of shares worth $2.804 million. Total market capitalization increased by Rs 79 billion to Rs 10.037 trillion. Out of total 388 active scrips, 190 closed in positive and 178 in negative while the value of 20 stocks remained unchanged.
Cnergyico PK was the volume leader with 35.483 million shares however lost Rs 0.11 to close at Rs 4.63 followed by WorldCall Telecom that inched down by Rs 0.04 to close at Rs 1.44 with 29.894 million shares. K-Electric closed at the previous session’s closing level at Rs 4.64 without any change with 28.167 million shares.
Ismail Industries and Mari Petroleum Company were the top gainers increasing by Rs 96.28 and Rs 73.68, respectively to close at Rs 1,385.57 and Rs 2,792.28 while Nestle Pakistan and Rafhan Maize Products Company were the top losers declining by Rs 94.42 and Rs 59.43 respectively to close at Rs 7,306.58 and Rs 7,962.00.
An analyst at Topline Securities said that Pakistan equities continued its north-bound journey and crossed 74,000 level to close the business at 74,531 points, reflecting a gain of 732 points (up 0.99 percent).
The market momentum remained buoyant as investors welcomed initiation of dialogue between Pakistan Government and the IMF regarding forthcoming EFF program of $6 billion for the next 3 years. Encouraging Auto Sales numbers for April 2024 showing early sign of industry’s turnaround on the back of stability on PKR front and anticipation of monetary easing kept the automobile sector onto investors’ radar throughout the trading hours.
In addition, prospects of reduction in domestic petroleum product prices in the next review (fortnightly review schedule for tomorrow’s evening) kept the bears at the bay as this decline would further cool down inflationary environment in the months to come.
The top index contributors were Fertilizer, E&P and Banking sector stocks as EFERT, OGDC, MEBL, MCB and MARI contributed positively by value adding 428 points. On the contrary, TRG, DAWH and ILP cumulatively shed 33 points due to some selling sentiments in them.
BR Automobile Assembler Index gained 71.77 points of 0.44 percent to close at 16,258.42 points with total turnover of 20.606 million shares.
BR Cement Index soared by 54.7 points or 0.72 percent to close at 7,660.45 points with 48.364 million shares.
BR Commercial Banks Index increased by 285.28 points or 1.5 percent to close at 19,329.89 points with 31.925 million shares.
BR Power Generation and Distribution Index inched up by 7.62 points or 0.05 percent to close at 16,917.18 points with 37.533 million shares.
BR Oil and Gas Index surged by 142.93 points or 2.11 percent to close at 6,924.80 points with 58.323 million shares.
BR Tech. & Comm. Index lost 16.41 points or 0.43 percent to close at 3,838.64 points with 78.652 million shares.
Mohammed Waqar Iqbal at JS Global Capital said bullish trend continued at PSX as KSE-100 index closed at 74,531, gaining 732 points. With news of government reducing NSS rates, a drift in investor interest toward equities was natural.
Traded volume stood at 574 million shares with CNERGY, WTL, KEL, PAEL and FFL as volume leaders.
Copyright Business Recorder, 2024
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