KARACHI: Pakistan Stock Exchange on Monday witnessed a bullish trend and hit new high on the back of aggressive buying, mainly by local investors coupled with institutional support.
The benchmark KSE-100 Index increased by 356.64 points or 0.38 percent and closed at its new highest-ever level of 93,648.33 points. The index crossed historic 94,000 level to hit 94,020.03 points, however could not sustain this level due to profit-taking in some stocks.
Trading activity also improved as total daily volumes on ready counter increased to 815.188 million shares as compared to 763.255 million shares traded on last Friday while total daily traded value on the ready counter increased to Rs 37.324 billion against previous session’s Rs 30.206 billion.
BRIndex100 gained 14.9 points or 0.15 percent to close at 9,972.26 points with total daily turnover of 715.007 million shares.
BRIndex30 soared by 327.72 points or 1.07 percent to close at 31,097.77 points with total daily trading volumes of 486.130 million shares.
Foreign investors however remained net sellers of shares worth $65,557. Total market capitalization increased by Rs 78 billion to Rs 12.055 trillion. Out of total 454 active scrips, 227 closed in positive and 184 in negative while the value of 43 stocks remained unchanged.
Cnergyico PK was the volume leader with 98.601 million shares and gained Rs 0.40 to close at Rs 4.52 followed by Pak Elektron that increased by Rs 2.15 to close at Rs 29.01 with 78.094 million shares. K-Electric inched up by Rs 0.14 to close at Rs 4.98 with 70.187 million shares.
Rafhan Maize Products Company and Abbott Laboratories were the top gainers increasing by Rs 211.95 and Rs 87.42 respectively to close at Rs 7,522.00 and Rs 984.72 while Ismail Industries and Sapphire Fibres were the top losers declining by Rs 87.46 and Rs 60.29 respectively to close at Rs 1,515.54 and Rs 1,129.08.
An analyst at Topline Securities said that the market showed positive momentum, with the index reaching a peak of 94,020 and dipping to a low of 93,319, as investors took a directional stance, driven by lower valuations in the Pharma Sector.
The index was lifted by positive contributions from OGDC, PPL, ABOT, SEARL, and GLAXO, which collectively added 399 points.
BR Automobile Assembler Index lost 10.48 points or 0.05 percent to close at 19,547.30 points with total turnover of 7.397 million shares.
BR Cement Index decreased 122.36 points or 1.2 percent to close at 10,089.02 points with 38.245 million shares.
BR Commercial Banks Index fell by 76.58 points or 0.31 percent to close at 24,726.77 points with 56.298 million shares.
BR Power Generation and Distribution Index declined by 174.82 points or 1.06 percent to close at 16,256.17 points with 88.054 million shares.
BR Oil and Gas Index increased by 136.69 points or 1.49 percent to close at 9,338.00 points with 74.491 million shares.
BR Tech. & Comm. Index gained 32.99 points or 0.72 percent to close at 4,614.86 points with 88.261 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks at new all-time high led by blue chip scrips on the IMF calls for privatisation of SOEs and expected foreign interest after MSCI standard index weight revised to 4.4 percent.
He said Pak rupee stability and falling bank lending rates following slump in Government bond yields played a catalytic role in bullish activity at PSX.
Copyright Business Recorder, 2024
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