KARACHI, : Pakistan Stock Exchange (PSX) extended gains on Thursday amid ongoing bullish impulse, with the benchmark KSE-100 Index gaining 314.13 points (+0.60 percent) to close at 52,656.76 points, the highest level in over six years.
The market opened on a positive note and maintained its bullish momentum for the first 45 minutes. However, profit-taking checked in and stayed for around an hour, which brought the index to its day’s lowest level. Later, the bulls took back control of the market to close the index at the highest level of the last six years.
Experts said investors rejoiced over improved corporate profitability, and the government’s decision to raise gas tariffs, which is expected to boost the profitability of the energy sector. The positive sentiment was fuelled by an expected favorable International Monetary Fund (IMF) review that is scheduled to start this week, they added. A successful IMF review will pave the way for a $700 million instalment.
The benchmark index traded in a range of 466.42 points, showing an intraday high of 52,706 points and an intraday low of 52,239.58 points. Among other indices, the KSE All Share Index gained 242.13 points (+0.69 percent) to close at 35,061.51 points, while KMI All Share Islamic Index gained 164.08 points (+0.64 percent) to close at 25,647.55 points.
Total volumes traded for the KSE-100 Index decreased by 75.25 million to 182.99 million shares against 258.24 million shares a session earlier. The overall market volumes decreased by 51.37 million shares to 475.09 million shares against 526.46 million shares traded a session earlier.
Among scrips, WTL topped the volumes with 39.17 million shares, followed by TPLP (30.39 million) and PRL (25.93 million). Stocks that contributed significantly to the volumes included WTL, TPLP, PRL, CNERGY, and GGL, which formed around 29 percent of total volumes.
A total of 349 companies traded shares in the stock exchange against 353 a session earlier, out of which shares of 192 closed up, shares of 132 companies closed down while shares of 25 companies remained unchanged. A total of 87 companies traded shares in the KSE-100 Index against the same number of companies a session earlier, out of which share prices of 52 companies closed up, 34 closed down and one remained unchanged.
The number of total trades decreased to 186,232 from 210,945 a session earlier, while the value traded decreased by Rs1.93 billion to Rs14.58 billion against Rs16.51 billion in the previous session.
In terms of rupee, PAKT remained the top gainer with an increase of Rs60.38 (+7.5 percent) per share, closing at Rs865.38. The runner-up remained PKGS, the share price of which climbed up by Rs31.72 (+7.38 percent) to Rs461.57. FASM remained the top loser with a decrease of Rs25 (-7.14 percent) per share, closing at Rs325, followed by PMPK, the share price of which fell by Rs13.99 (-2.55 percent) to close at Rs535 per share.
The major sectors taking the index towards north remained cement (104 points), fertilizer (66 points), power generation & distribution (52 points), textile composite (48 points), and paper & board (34 points). The major companies adding points to the index remained LUCK (53 points), HUBC (52 points), ILP (34 points), FFC (29 points), and HBL (28 points).
The sectors taking the index towards south were commercial banks (26 points), investment banks/ investment companies/ securities companies (13 points), oil & gas marketing companies (11 points), refinery (7 points), and technology & communication (5 points). The major companies depriving the index of points remained MEBL (25 points), MCB (19 points), DAWH (15 points), SYS (11 points),
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