KARACHI: Pakistan Stock Exchange on Thursday witnessed a mixed trend and after moving in both directions, closed on new highest-ever level on the back of continuous buying by local and foreign investors coupled with institutional support.
The benchmark KSE-100 Index increased by 266.72 points or 0.36 percent and closed at new highest ever level of 74,930.70 points. During the session, the index crossed 75,000 psychological level to hit 75,029.03 points, however failed to sustain this level due to profit taking in some stocks.
Trading activity however remained low as total daily volumes on ready counter decreased to 407.625 million shares as compared to 572.420 million shares traded on Wednesday while total daily traded value on the ready counter declined to Rs 16.978 billion against previous session’s Rs 25.947 billion.
BRIndex100 gained 19.15 points or 0.24 percent to close at 7,838.12 points with total daily turnover of 342.912 million shares.
BRIndex30 declined by 117.2 points or 0.46 percent to close at 25,459.64 points with total daily trading volumes of 217.162 million shares.
Foreign investors also remained net buyers of shares worth $4.316 million. Total market capitalization increased by Rs 15 billion to Rs 10.085 trillion. Out of total 377 active scrips, 194 closed in negative and 161 in positive while the value of 22 stocks remained unchanged.
P.I.A.C. (A) was the volume leader with 34.846 million shares and increased by Rs 1.14 to close at Rs 26.20 followed by Pak Elektron that lost Rs 0.49 to close at Rs 26.47 with 28.542 million shares. WorldCall Telecom closed at Rs 1.38, down Rs 0.02 with 24.078 million shares.
Sapphire Fibres and Mehmood Textile Mills were the top gainers increasing by Rs 57.78 and Rs 23.11 respectively to close at Rs 1,549.95 and Rs 468.11 while Nestle Pakistan and Hallmark Company were the top losers declining by Rs 100.00 and Rs 42.59 respectively to close at Rs 7,280.00 and Rs 525.30.
An analyst at Topline Securities said that Pakistan equities had a mixed day. Continuing Wednesday’s buoyant momentum, the day commenced on a positive note and the KSE-100 Index made an intraday high at 75,029 levels (up 365 points; up 0.49 percent) by penetrating into 75,000 territory.
However, the benchmark index couldn’t withstand 75,000 level due to profit taking at the day’s high. Resultantly, KSE-100 Index went into negative zone and subsequently witnessing an intraday low at 74,750 (down 214 points) before ultimately calling the day at 74,931 levels (net gain 267 points; up 0.36 percent).
Banks, Technology and Steel sectors contributed positively where UBL, MCB, SYS, BAFL, MEBL and ISL added 328 points. On the flip side, HUBC, EFERT and OGDC cumulatively lost 97 points due to some profit taking witnessed in them.
BR Automobile Assembler Index declined by 96.11 points or 0.59 percent to close at 16,255.16 points with total turnover of 21.665 million shares.
BR Cement Index lost 8.85 points or 0.12 percent to close at 7,669.47 points with 58.418 million shares.
BR Commercial Banks Index increased by 313.96 points or 1.59 percent to close at 20,024.44 points with 21.801 million shares.
BR Power Generation and Distribution Index decreased by 67.76 points or 0.4 percent to close at 16,773.56 points with 14.819 million shares.
BR Oil and Gas Index fell by 27.4 points or 0.4 percent to close at 6,849.11 points with 21.411 million shares.
BR Tech. & Comm. Index gained 15.04 points or 0.39 percent to close at 3,835.44 points with 47.842 million shares.
Mohammed Waqar Iqbal at JS Global Capital said the market opened on the positive note. Profit-taking by opted investor dragged market slightly down. The market closed 267 points up at 74,931 points after touching the high of 75,029 points.
Traded volume stood at 408 million shares with PIAA (up 4.5 percent), PAEL (down 1.8 percent), WTL (down 1.4 percent), DCL (up 9.6 percent) and PSX (up 1.5 percent) were the volume leaders.
Copyright Business Recorder, 2024
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