RECORDER REPORT
KARACHI: The Pakistan Stock Exchange (PSX) extended its bullish momentum on Thursday, buoyed by strong institutional buying, renewed interest in blue-chip stocks, and investor optimism.
The benchmark KSE-100 Index surged 2,285 points or 1.68 percent to a new all-time closing high of 138,665.50 points as compare to its previous close of 136,380 points. The index traded between a low of 136,674.98 points and a high of 138,943.47 points during the day.
On Thursday, BRIndex100 closed at 14,139.26 points gaining 275.26 points or 1.99 percent from the previous close. The total volume stood at 564.69 million shares. Meanwhile, BRIndex30 closed at 40,135.35 points, up 636.29 points or 1.61 percent. Its total turnover stood at 305 million shares.
According to a market review issued by Topline Securities, bulls at PSX roared back after two sessions of mild consolidation, with fertilizers leading the charge. FFC and EFERT collectively contributed 563 points to the index, while UBL, Systems Ltd, Engro Holdings, and Hub Power added another 763 points.
In the ready market, turnover improved to 780 million shares, compared to 706 million in the previous session, while traded value surged to Rs 39.97 billion from Rs 32.18 billion, highlighting revived investor interest and confidence. The market capitalization also increased from Rs 16.41 trillion to Rs 16.62 trillion, a net addition of Rs 204 billion.
Volume leaders on the ready board included Pak International Bulk Terminal, which closed at Rs 10.09 with over 82.6 million shares traded. Other actively traded stocks were First Dawood Properties with 42.47 million shares and closed at Rs 7.00 and Ghani Chemical World with 26 million shares changes hands closed at Rs 13.21.
Among the top gainers in the ready market, PIA Holding Company Limited-B stood out with an exceptional rise of Rs 3,480.96 to close at Rs 38,290.52, while Unilever Pakistan Foods Limited gained Rs 281.14, ending at Rs24,199.14. On the other hand, the biggest losers in the ready market included Pakistan Engineering Company Limited, which fell by Rs 35.79 to close at Rs 740.00, and Bhanero Textile Mills Limited, down Rs 16.48 to Rs 953.39.
The BR Automobile Assembler Index ended the session at 22,568.25 points, registering a net gain of 323.03 points, or 1.45 percent up. The total turnover for the sector stood at 8.23 million shares.
The BR Cement Index advanced to 10,816.19 points, reflecting a positive movement of 143.44 points or a 1.34 percent rise, supported by a robust trading volume of 56.51 million shares.
Closing at 40,451.75 points, the BR Commercial Banks Index recorded a net increase of 543.84 points, equivalent to a 1.36 percent gain, with a cumulative turnover of 52.66 million shares.
The BR Power Generation and Distribution Index also closed on a strong note at 21,759.88 points, up 475.18 points or 2.23 percent, driven by a turnover of 34.54 million shares.
The BR Oil and Gas Index posted a modest gain, closing at 12,054.20 points after adding 59.3 points, which represents a 0.49 percent increase. The sector saw a total volume of 42.33 million shares traded.
Meanwhile, the BR Technology and Communication Index posted a sharp increase of 99.05 points, or 3.32 percent, closing at 3,084.46 points, with a total turnover of 58.22 million shares.
Ahsan Mehanti of Arif Habib Corporation noted that the market’s record-setting close was driven by broad-based buying, spurred by media speculation about a possible US presidential visit in September. He added that optimism over resolution of budgetary matters and improving economic data also helped drive Thursday’s rally.
