Stocks maintain bullish tone
KARACHI: A bullish trend continued on Pakistan Stock Exchange on Thursday after announcement of the IMF’s staff level agreement with Pakistan.
The market opened on a positive note and remained in green zone throughout the day with increased trading volumes due to amplifying investor confidence on announcement of the IMF deal.
The benchmark KSE-100 Index surged by 486.14 points or 1.16 percent and crossed 42,000 psychological level to close at 42,348.91 points. Trading activities also improved as total daily volumes on ready counter increased to 227.848 million shares as compared to 164.827 million shares traded on Wednesday while total daily traded value on ready counter increased to Rs 7.429 billion against previous day’s Rs 6.488 billion.
BRIndex100 added 59.24 points or 1.42 percent to close at 4,223.18 points with total daily turnover of 215.224 million shares.
BRIndex30 increased by 154.2 points or 1.0 percent to close at 15,556.14 points with total daily trading volumes of 138.685 million shares.
Foreign investors also remained net buyers of shares worth $168,711. Total market capitalization increased by Rs 61 billion to Rs 7.076 trillion. Out of total 330 active scrips, 198 closed in positive and 101 in negative while the value of 31 stocks remained unchanged.
K-Electric was the volume leader with 32.154 million shares and gained Rs 0.16 to close at Rs 3.08 followed by TPL Properties that lost Rs 0.03 to close at Rs 20.59 with 14.153 million shares. SSGC closed at Rs 10.57, up Rs 0.47 with 9.157 million shares.
Nestle Pakistan and Mari Petroleum were the top gainers increasing by Rs 150.00 and Rs 30.60 respectively to close at Rs 6,000.00 and Rs 1,770.29 while Colgate Palmolive and Bata Pak were the top losers declining by Rs 95.00 and Rs 20.00 respectively to close at Rs 2,100.00 and Rs 2,350.00.
An analyst at Arif Habib Limited said that the bulls continued to dominate the PSX throughout the day as KSE-100 index went up by 500 points during the session, as Pakistan has reached a staff level agreement with the International Monetary Fund (IMF) amplifying investors’ confidence. Participation remained healthy across the board although cyclical stocks stayed in the limelight.
Sectors contributing to the performance include Banks (up 123.2 points), Cement (up 81.9 points), Fertilizer (up 76.2 points), Engineering (up 37.2 points) and Technology (up 36.1 points).
BR Automobile Assembler Index lost 48.68 points or 0.49 percent to close at 9,851.84 points with total turnover of 1.787 million shares.
BR Cement Index surged by 106.14 points or 2.64 percent to close at 4,128.44 points with 12.859 million shares.
BR Commercial Banks Index increased by 112.71 points or 1.29 percent to close at 8,817.97 points with 6.975 million shares.
BR Power Generation and Distribution Index gained 68.29 points or 1.21 percent to close at 5,705.92 points with 37.404 million shares.
BR Oil and Gas Index inched up by 32.33 points or 0.83 percent to close at 3,921.17 points with 28.590 million shares.
BR Tech. & Comm. Index closed at 3,455.35 points, up 37.69 points or 1.1 percent with 30.490 million shares.
Waqar Iqbal at JS Global Capital said that the market opened on a positive note on back of announcement by the IMF regarding the Staff Level Agreement with Pakistan.
Traded volume stood at 228 million shares where KEL (up 5.5 percent), TPLP (down 0.1 percent), SSGC (up 4.7 percent), UNITY (up 2.1 percent) and SNGP (down 0.5 percent) were the major contributors.