Pakistan Stock Market Up Over 300 Points

KARACHI: Tuesday saw a bullish trend on the Pakistan Stock Exchange, with trading activity rising as a result of active purchasing by both domestic and foreign investors and institutional backing.

The benchmark KSE-100 Index closed at 57,371.59 points, up 293.63 points, or 0.51 percent. The index concluded at a lower level despite reaching an intraday high of 57,691.22 points in several firms due to profit-taking.

As daily volumes on the main counter surged to 1,012.258 million from 718.285 million shares traded on Monday, trading activity also markedly improved. Compared to the previous session’s Rs 16.686 billion, the daily traded value on the ready counter jumped to Rs 19.338 billion.

Read More: Pakistan Stock Exchange Crosses Historic 58,000 Points Mark

With a daily turnover of 893.074 million shares, the BRIndex100 closed at 5,848.97 points, up 27.93 points or 0.48 percent.

With 666.658 million shares traded daily, the BRIndex30 closed at 20,678.89 points, up 79.43 points, or 0.39 percent.

Additionally, foreign purchasers continued to purchase shares worth $895,037 net. To reach Rs 8.322 trillion, the total market capitalization grew by Rs 27 billion. Of the 390 active scrips in total, 231 closed in the green and 143 in the red, with the value of 16 stocks remaining constant.

With 254.276 million shares, WorldCall Telecom led the trade and closed at Rs 1.67, up Rs 0.05. K-Electric, with 63.355 million shares, closed at Rs 3.51, down Rs 0.04. With 38.044 million shares, Hum Network closed at Rs 7.99, up Rs 0.32.

Colgate Palmolive and Bata Pak were the top losers, falling by Rs 34.71 and Rs 32.44 to finish at Rs 1648.17 and Rs 1656.56, respectively. Unilever Foods and Rafhan Maize were the top gainers, rising by Rs 499.85 and Rs 207.16, respectively, to conclude at Rs 23000.00 and Rs 10550.00.

According to Mohammed Waqar Iqbal of JS Global Capital, investors continued to book profits despite rangebound action. 1,012 million shares were traded overall, with WTL (up 3.1%), KEL (down 1.1%), HUMNL (up 4.2%), FFL (down 6.1%), and SILK (up 12%) exhibiting the highest volume.

With a total activity of 7.048 million shares, the BR Automobile Assembler Index closed at 12,294.37 points, down 10.67 points or 0.09 percent.

With 35.906 million shares, the BR Cement Index gained 48.89 points, or 0.81 percent, to close at 6,094.74 points.

With 87.629 million shares, the BR Commercial Banks Index closed at 13,265.75 points, up 157.93 points or 1.2 percent.

With 78.409 million shares, the BR Power Generation and Distribution Index closed at 13,787.84 points, up 256.96 points or 1.9 percent.

With 40.800 million shares, the BR Oil and Gas Index closed at 5,233.80 points, down 24.0 points, or 0.46 percent.

With 374.055 million shares, the BR Tech. & Comm. Index closed at 3,948.37 points, up 1.36 points or 0.03 percent.

Pakistan’s stock market continued to rise, according to an analyst at Topline Securities, closing at 57,371 after gaining 293 points, or 0.51 percent. The International Monetary Fund’s (IMF) provisional December 07 date for the Executive Board to ratify the Staff-Level Agreement (SLA) with Pakistan provided the impetus for this favorable development. Furthermore, as of October 2023, Pakistan’s Current Account Deficit (CAD) was $74 million, up from $46 million in September 2023.

The Power, Banks, Fertilizer, and Cement sectors contributed positively throughout the day; HUBC, UBL, FFBL, LUCK, and BAHL added a combined plus 181 points to the index. On the other hand, OGDC, COLG, and PPL lost 68 points as a group.

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