KARACHI: Pakistan Stock Exchange on Friday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of fresh buying on attractive, low levels.
The benchmark KSE-100 Index surged by 927.86 points or 0.84 percent and closed at 111,351.18 points. The index hit 112,043.77 points intraday high and 110,246.93 points intraday low.
Trading activity also improved as volumes on ready counter increased to 815.920 million shares as compared to 628.026 million shares traded on Thursday. The traded value on the ready counter declined to Rs 32.917 billion against previous session’s Rs 33.582 billion.
BRIndex100 soared by 94.48 points or 0.79 percent to close at 11,988.51 points with total daily turnover of 702.517 million shares.
BRIndex30 increased by 300.94 points or 0.82 percent to close at 37,155.71 points with total daily trading volumes of 469.494 million shares.
Foreign investors however remained on the selling side and withdrew $2.170 million from the local equity market. Total market capitalization increased by Rs 112 billion to Rs 14.126 trillion. Out of total 443 active scrips, 223 closed in positive and 176 in negative while the value of 44 stocks remained unchanged.
Fauji Foods was the volume leader with 104.428 million shares and increased by Rs 0.69 to close at Rs 17.08 followed by WorldCall Telecom that closed at Rs 1.71, down Rs 0.01 with 74.132 million shares. Cnergyico PK gained Rs 0.23 to close at Rs 6.52 with 40.469 million shares.
Hoechst Pakistan and Ismail Industries were the top gainers increasing by Rs 147.06 and Rs 79.71 respectively to close at Rs 2,847.06 and Rs 1,964.71 while Rafhan Maize Products Company and Nestle Pakistan were the top losers declining by Rs 113.46 and Rs 53.11 respectively to close at Rs 8,888.44 and Rs 7,377.70.
An analyst at Topline Securities said that recovery was observed as the KSE-100 Index largely traded in positive zone.
Traded value wise TRG (Rs2.92 billion), MARI (Rs.2 billion), PSO (Rs1.77 billion), OGDC (Rs1.28 billion) and MEBL (Rs835 million) dominated the trading activity.
Top contribution to the index came from MARI, MEBL, PSO, BAFL and TRG, as they cumulatively contributed plus 416 points to the index TRG again remain in lime light, as disclosure with respect to Greentree Holdings (substantial shareholder) intention to buy up to 35.145 percent stake in TRG Pakistan (TRG) garnered investor interest.
BR Automobile Assembler Index inched up by 7.71 points or 0.04 percent to close at 20,593.76 points with total turnover of 13.287 million shares.
BR Cement Index surged by 250.59 points or 2.39 percent to close at 10,755.39 points with 47.807 million shares BR Commercial Banks Index increased by 243.78 points or 0.87 percent to close at 28,168.07 points with 60.765 million shares.
BR Power Generation and Distribution Index declined by 139.23 points or 0.77 percent to close at 17,952.61 points with 31.446 million shares.
BR Oil and Gas Index soared by 129.0 points or 1.04 percent to close at 12,566.74 points with 86.967 million shares.
BR Tech. & Comm. Index added 34.18 points or 0.61 percent to close at 5,622.73 points with 163.164 million shares.
Ali Najib at Insight Securities said PSX had smooth sailing day as after two bearish sessions, investors opted to do some shopping and did some value hunting in E&P, Banks, OMC, Tech and Cement sector stocks.
Consequently, MARI, MEBL, PSO, BAFL, TRG and CHCC saw some buying interest in them as they contributed plus 455 points.
Copyright Business Recorder, 2024
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