RECORDER REPORT
KARACHI: The Pakistan Stock Exchange (PSX) staged a strong recovery, driven by reports that the IMF Executive Board will meet on May 9 to consider Pakistan payments, alongside easing political tensions following the Council of Common Interests (CCI) decision to halt the controversial canal project.
The benchmark KSE-100 Index surged by 808.28 points, or 0.71 percent to close at 114,872.18points on Tuesday compared to 114,064 points on Monday. Share trading volume at the ready counter also fell as overall 410 million shares changed hands as against 424 million shares in the previous session.
On Tuesday, BRIndex100 opened at 12,065.49 points and closed at 12,154.23 points, which was 88.74 points or 0.74 percent higher than previous close. Total volume at BRIndex was 329.176 million shares. BRIndex30 also increased by 101.32 points or 0.28 percent to settle at 35,867.56 points with a total volume was 191.499 million shares.
Similarly, the total traded value on the ready counter surged to Rs 19 billion up from Rs26.4 billion in the previous session. The market capitalization also increased by Rs 56billion to Rs 13.948 trillion. Out of 445 active scrips, 211 closed in positive and 183 in negative while the value of 51 stocks remained unchanged.
Ahsan Mehanti of Arif Habib Corp said that stocks turned bullish after reports of IMF Executive Board to meet on May 9 to discuss SLA for new $1.3 billion RSF and first review of $7 billion EFF for approval of $1 billion disbursement. Easing political noise, US China Turkey urge to exercise restraint on Pak-India tensions, expected SBP policy easing played catalyst role in bullish close at PSX.
WorldCall Telecom was the volume leader with 29 million shares and closed at Rs 1.26 followed by Cnergyico PK that closed at Rs 7.81 with 14.8 million shares. At-Tahur Ltd. Ranked third with share trading of 14.7 million shares and it closed at Rs 70.98.
PIA Holding Company LimitedB and Rafhan Maize Products Company Limited the top gainers increasing by Rs 360.85 and Rs 97.61 respectively to close at Rs 3,969.39 and Rs 9,035.23,while Nestle Pakistan Limited and Unilever Pakistan Foods Limited were the top losers declining by Rs 103.17 and Rs 61.00 respectively to close at Rs 6,887.00 and Rs23,100.00.
Analysts at Topline said that the benchmark index saw significant ups and downs during the session. It dropped sharply by 1,128 points early in the day due to selling pressure, especially from leveraged investors. However, the market showed strong recovery in the second half, ending the session at 114,872 points, a gain of 808 points.
Market sentiment improved as margin related selling eased and investors began to buy quality stocks at lower levels. The recovery was mainly supported by key stocks like ENGROH, MARI, SYS, MCB, and SNGP. These names alone contributed around 760 points to the overall index gain, showing their strong impact on market movement.
BR Automobile Assembler Index closed at 22,465.71 points, gaining 285.92 points or 1.29 percent, with a total turnover of 4.06 million.BR Cement Index ended the session at 9,449.00 points, up by 103.27 points or 1.10 percent, with a turnover of 53.56 million.
BR Commercial Banks Index settled at 33,104.88 points, rising 188.07 points or 0.57 percent, with a total turnover of 35.89 million.BR Power Generation & Distribution Index declined to 19,302.81 points, falling 169.52 points or 0.87 percent, with a turnover of 29.87 million.
BR Oil & Gas Index advanced to 11,230.70 points, increasing by 131.90 points or 1.19 percent, with a total turnover of 46.01 million.BR Technology & Communication Index recorded a strong gain, closing at 4,916.30 points, up 102.85 points or 2.14 percent, with a turnover of 48.75 million.
