KARACHI: A bullish trend continued and Pakistan Stock Exchange on Monday hit new highest-ever level on the back of strong interest of local investors coupled with institutional support.
The benchmark KSE-100 Index increased by 232.03 points or 0.24 percent and closed at new highest-ever level of 94,995.67 points. The index crossed 95,000 psychological level to hit 95,307.92 points intra-day high, 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 765.206 million shares as compared to 893.170 million shares traded on last Friday while total daily traded value on the ready counter declined to Rs 23.924 billion against previous session’s Rs 30.811 billion.
BRIndex100 gained 25.98 points or 0.26 percent to close at 10,111.55 points with total daily turnover of 596.043 million shares.
BRIndex30 inched up by 17.5 points or 0.06 percent to close at 31,187.72 points with total daily trading volumes of 318.962 million shares.
Foreign investors however remained on the selling side and withdrew $1.468 million from the local equity market. Total market capitalization increased by Rs 27 billion to Rs 12.233 trillion. Out of total 457 active scrips, 220 closed in negative and 192 in positive while the value of 45 stocks remained unchanged.
Hascol Petroleum was the volume leader with 85.137 million shares and increased by Rs 1.00 to close at Rs 9.24 followed by Fauji Foods that lost Rs 0.06 to close at Rs 11.55 with 60.498 million shares. K-Electric gained Rs 0.13 to close at Rs 5.17 with 58.382 million shares.
Reliance Cotton Spinning Mills and Pakistan Services Limited were the top gainers increasing by Rs 61.75 and Rs 59.76 respectively to close at Rs 711.75 and Rs 808.51 while Bhanero Textile Mills and Philip Morris Pakistan were the top losers declining by Rs 85.80 and Rs 47.83 respectively to close at Rs 774.37 and Rs 767.00.
An analyst at Topline Securities said that the market maintained a positive trajectory, reaching an intraday high of 95,308 and a low of 94,620 as the investor confidence was lifted by the encouraging IMF statement.
Key contributors to the index’s upward movement included FFC, HBL, PSEL, SNGP, and LUCK, collectively adding 328 points. On the other hand, UBL, EFERT, and HUBC faced profit-taking, collectively dragging the index down by 164 points.
BR Automobile Assembler Index lost 8.86 points or 0.05 percent to close at 19,220.65 points with total turnover of 3.815 million shares.
BR Cement Index soared by 75.89 points or 0.74 percent to close at 10,273.15 points with 37.172 million shares.
BR Commercial Banks Index decreased by 62.78 points or 0.25 percent to close at 25,253.34 points with 23.036 million shares.
BR Power Generation and Distribution Index declined by 152.14 points or 0.92 percent to close at 16,329.69 points with 65.513 million shares.
BR Oil and Gas Index increased by 84.3 points or 0.88 percent to close at 9,682.52 points with 168.865 million shares.
BR Tech. & Comm. Index fell by 20.73 points or 0.44 percent to close at 4,637.85 points with 95.769 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks at new all time high on reports of current account surplus of $349 million in October 2024.
He said investor weigh surging FX reserves, Government decisions over economic reforms for SOEs, IPPs pricing and FM ruling out mini budget, positive meetings with IMF played a catalytic role in bullish activity at PSX.
Copyright Business Recorder, 2024
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