AIRLINK 173.60 Increased By ▲ 3.03 (1.78%)
BOP 11.34 Increased By ▲ 0.16 (1.43%)
CNERGY 8.64 Increased By ▲ 0.23 (2.73%)
CPHL 101.39 Increased By ▲ 1.66 (1.66%)
FCCL 46.65 Increased By ▲ 0.05 (0.11%)
FFL 15.43 Increased By ▲ 0.28 (1.85%)
FLYNG 27.80 Increased By ▲ 0.25 (0.91%)
HUBC 143.90 Increased By ▲ 6.12 (4.44%)
HUMNL 13.00 Increased By ▲ 0.08 (0.62%)
KEL 4.50 Decreased By ▼ -0.04 (-0.88%)
KOSM 5.73 Increased By ▲ 0.37 (6.9%)
MLCF 62.60 Increased By ▲ 0.20 (0.32%)
OGDC 212.00 Decreased By ▼ -0.16 (-0.08%)
PACE 5.45 Increased By ▲ 0.03 (0.55%)
PAEL 47.17 Decreased By ▼ -0.01 (-0.02%)
PIAHCLA 18.10 Decreased By ▼ -0.38 (-2.06%)
PIBTL 10.86 Increased By ▲ 0.50 (4.83%)
POWER 12.25 Decreased By ▼ -0.08 (-0.65%)
PPL 171.20 Increased By ▲ 1.60 (0.94%)
PRL 35.88 Increased By ▲ 0.03 (0.08%)
PTC 23.48 Increased By ▲ 0.39 (1.69%)
SEARL 96.90 Increased By ▲ 0.64 (0.66%)
SSGC 41.89 Increased By ▲ 2.37 (6%)
SYM 14.21 Increased By ▲ 0.37 (2.67%)
TELE 7.16 Increased By ▲ 0.01 (0.14%)
TPLP 10.03 No Change ▼ 0.00 (0%)
TRG 63.84 Increased By ▲ 0.36 (0.57%)
WAVESAPP 10.00 Increased By ▲ 0.01 (0.1%)
WTL 1.33 Increased By ▲ 0.02 (1.53%)
YOUW 3.75 Increased By ▲ 0.09 (2.46%)
BR100 12,438 Increased By 133.4 (1.08%)
BR30 37,883 Increased By 467.6 (1.25%)
KSE100 116,390 Increased By 1536.7 (1.34%)
KSE30 35,696 Increased By 479.1 (1.36%)

KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing two-day trading week ended on June 21, 2024 and hit new historic highest ever levels due to investor strong interest and aggressive buying in various sectors.

The benchmark KSE-100 index surged by 2,103.72 points on week-on-week basis and closed at new highest ever level of 78,810.49 points.

Average daily volumes on the ready counter stood at 461.991 million shares while average daily traded value on the ready counter stood at Rs 20.6 billion.

BRIndex100 added 299.44 points during this week to close at 8,341.08 points with average daily turnover of 378.885 million shares.

BRIndex-30 increased by 930.52 points on week-on-week basis to close at 26,456.69 points with average daily trading volumes of 224.437 million shares.

The foreign investors also remained net buyers of shares worth $642,688.

An analyst at Topline Securities said that the KSE-100 Index gained 2.74 percent on WoW basis, as no increase in taxes on income from equities i.e. capital gain and dividend for filers in budget for FY25 continued to garner investor sentiment.

Increase in taxes on other asset classes in budget announcement and global ratings agency Fitch statement that increase in taxation measures in budget has increased the likelihood of securing an IMF deal also provided support to the market.

“During the two-day trading week, the market sustained its positive momentum, surging from 76,707points to 78,810points, closing an all-time high”, an analyst at Arif Habib Limited said.

Investors remain optimistic amid expectations of the new IMF program, declining inflation, favourable interest rate trajectory, and the shift of funds from fixed income to equities. Moreover, on Friday, the market cap reached a historic level of Rs 10.55trillion, surpassing the previous high of Rs 10.45 trillion set in May’17. Additionally, the State Bank of Pakistan’s exchange reserves increased by $31 million WoW to $9.1 billion. Furthermore, Pak Rupee remained stable against the USD at 278.5.

Sector-wise positive contributions came from Commercial Banks (up 1,486points), Power Generation & Distribution (up 409points), Fertilizer (up 151points), Chemical (up 76points), and Textile (up 55points). Meanwhile, the sectors that mainly contributed negatively were Cement (down 89points), Technology & Communication (down 67points) and OMCs (down 41points). Scrip-wise positive contributors were UBL (up 403points), HUBC (up 397points), MCB (up 278points), HBL (up 248points), and BAHL (up 193points). Meanwhile, scrip-wise negative contributions came from LUCK (down 81points), SYS (down 66points), MARI (down 46points), ENGRO (down 31points), and PSO (down 30points).

Foreign buying was witnessed during the week, clocking in at $ 0.6million compared to a net sell of $5.8 million last week. Major buying was witnessed in Commercial Banks ($2.5 million) and Power ($0.8 million). On the local front, selling was reported by Mutual Funds ($10.0 million) followed by Insurance ($1.3 million).

Copyright Business Recorder, 2024

Comments

Comments are closed.