RECORDER REPORT
KARACHI: Pakistan stock market Wednesday recorded the highest-ever surge in terms of points (up 1,580 points) in a single session in its history, thanks to Kingdom of Saudi Arabia’s much-needed support of $6 billion, analysts said. BRIndex100 gained 190.67 points or 4.8 percent to close at 4,159.20 points. BRIndex100 touched intraday high of 4,160.01 and intraday low of 3,968.64 points. Volumes stood at 311.252 million shares.
BRIndex30 increased by 1,399.43 points or 6.89 percent to close at 21,696.81 points with a turnover of 217.387 million shares.
The benchmark KSE-100 index surged by highest-ever 1,556.22 points or 4.13 percent to close at 39,271.12 points. Trading activity also improved as daily volumes on the ready counter increased by 49 percent to 333.641 million shares as compared to 223.937 million shares traded Tuesday while the traded value rose by 28 percent to $64 million.
The foreign investors remained net sellers of shares worth $9.5 million. The market capitalization increased by Rs 254 billion to Rs 7.975 trillion. Out of total 425 active scrips, 372 closed in positive, only 46 in negative while the value of 7 stocks remained unchanged.
K-Electric was the volume leader with 68.495 million shares. It gained Re 0.71 to close at Rs 6.00 followed by Bank of Punjab that increased by Rs 0.96 to close at Rs 11.79 with 30.331 million shares. Rafhan Maize and Indus Motor Co were the top gainers with Rs 327.05 and Rs 63.55, respectively to close at Rs 6,883.00 and Rs 1,334.60. Indus Dying and Pak Tobacco were the top losers with Rs 26.49 and Rs 17.12, respectively to close at Rs 503.50 and Rs 2,335.64.
BR Commercial Banks Index surged by 299.47 points or 3.78 percent to close at 8,230.60 points with total turnover of 49.570 million shares.
BR Cement Index increased by 193.66 points or 4.98 percent to close at 4,079.23 points with 15.211 million shares.
BR Oil and Gas Index closed at 5,191.44 points, up 192.06 points or 3.84 percent with 6.176 million shares.
BR Tech. & Comm. Index gained 57.12 points or 5.25 percent to close at 1,144.71 points with 26.195 million shares.
BR Power Generation and Distribution Index rose by 444.04 points or 7.88 percent to close at 6,078.28 points with 72.255 million shares.
An analyst at Topline said that Pakistan’s market surged 1,556 points in a single session, falling short of just 10 points in making history.
Prime Minister Imran Khan in his visit to Saudi Arabia managed to get a credit line of up to $6 billion to support Pakistan’s balance of payment account.
Investors sentiments were further fueled by the possibility of a similar arrangement from China (Premier’s visit is expected on November 03, 2018).
Commercial Banks, Fertilizers and Oil & Gas exploration sectors led the way in terms of sector-wise contribution, accounting for more than half the points gained, adding 855 points cumulatively.
