Bullish trend persists on PSX

KARACHI: Bullish trend continued on Pakistan Stock Exchange on Friday on the back of aggressive buying in almost all sectors on expectation of resumption of IMF programme.

The market opened under pressure, however across the board healthy buying supported the market to close on strong positive note with healthy gains.

The benchmark KSE-100 index surged by 666.12 points or 1.64 percent and crossed 41,000 psychological level to close at 41,337.00 points. During the session, the index hit 41,361.64 points intra-day high and 40,487.35 points intra-day low level.

Trading activities also improved as total daily volumes on ready counter increased to 194.817 million shares as compared to 152.162 million shares traded on Thursday however total daily traded value on ready counter declined to Rs 7.768 billion against previous session’s Rs 8.150 billion.

BRIndex100 added 75.73 points or 1.88 percent to close at 4,100.58 points with total daily turnover of 162.052 million shares.

BRIndex30 increased by 466.61 points or 3.32 percent to close at 14,505.99 points with total daily trading volumes of 113.301 million shares.

The foreign investors were also net buyers of shares worth $589,822. Total market capitalization increased by Rs 79 billion to Rs 6.356 trillion. Out of total 342 active scrips, 221 closed in positive and only 93 in negative while the value of 28 stocks remained unchanged.

BankIslami Pak was the volume leader with 15.739 million shares however lost Re 0.76 to close at Rs 11.07 followed by WorldCall Telecom that gained Re 0.03 to close at Rs 1.30 with 15.470 million shares. OGDC increased by Rs 6.08 to close at Rs 88.12 with 13.422 million shares.

Pak Services and Nestle Pakistan were the top gainers increasing by Rs 152.39 and Rs 100.22 respectively to close at Rs 2193.00 and Rs 5400.00 while Unilever Foods and Rafhan Maize were the top losers declining by Rs 1687.42 and Rs 200.00 respectively to close at Rs 20811.58 and Rs 8500.00.

An analyst at Arif Habib Limited said that the bulls prevailed at the PSX. The session began in the negative zone, but bulls quickly turned the tide, with the index reaching an intraday high of plus 688.23 points. Investors rejoiced in the aftermath of optimism for the resumption of the stalled IMF program following the interest rate hike, which provided much needed clarity in the market, as well as the Finance Minister’s statement that the staff level agreement was anticipated in the coming week. Volumes remained robust across the board as investors sought to increase the value of their portfolio holdings.

Sectors contributing to the performance include E&P (up 204.6 points), Commercial Banks (up 93.3 points), Miscellaneous (up 77.9 points), Technology & Communication (up 72.2 points) and OMCs (up 69.3 points).

BR Automobile Assembler Index increased by 116.04 points or 1.56 percent to close at 7,534.38 points with total turnover of 2.056 million shares.

BR Cement Index added 61.22 points or 1.66 percent to close at 3,745.09 points with 13.629 million shares.

BR Commercial Banks Index gained 84.01 points or 1.02 percent to close at 8,302.23 points with 42.618 million shares.

BR Power Generation and Distribution Index inched up by 43.27 points or 0.62 percent to close at 6,972.83 points with 10.365 million shares.

BR Oil and Gas Index surged by 164.2 points or 4.26 percent to close at 4,015.26 points with 35.902 million shares.

BR Tech. & Comm. Index closed at 4,204.10 points, up 81.26 points or 1.97 percent with 28.306 million shares.

An analyst at Topline Securities said that the KSE-100 Index continued its positive momentum as the index gained to close at 41,337 level, up by 1.64 percent.

Major contribution to the index came from OGDC, PPL, PSEL, SYS and PSO, as they cumulatively contributed plus 361 points to the index, on the flip side ENGRO, PAKT, UPFL, JVDC and POL lost value to weigh down on the index by minus 72 points.

Copyright Business Recorder, 2023