PSX at new highest-ever level

KARACHI: Pakistan Stock Exchange on Monday opened on strong positive note and hit new historic highest ever levels, however selling pressure during mid-session minimized its intra-day gains.

The benchmark KSE-100 index crossed 91,000 historic level for the first time in its history to hit 91,054.84 points intra-day highest ever level, however failed to sustain this level as the investors opted to book profit on available margins.

The Index finally closed at 90,195.52 points, which was its new highest ever level with net gain of 201.55 points or 0.22 percent.

Trading activities remained low as total daily volumes on ready counter decreased to 567.264 million shares as compared to 695.544 million shares traded on last Friday while total daily traded value on the ready counter declined to Rs 29.210 billion against previous session’s Rs 37.873 billion.

BRIndex100 lost 18.21 points or 0.19 percent to close at 9,635.72 points with total daily turnover of 479.730 million shares.

BRIndex30 decreased by 93.2 points or 0.32 percent to close at 28,619.98 points with total daily trading volumes of 283.985 million shares.

The foreign investors remained net buyers of shares worth $1.473 million. Total market capitalization increased by Rs 39 billion to Rs 11.728 trillion. Out of total 456 active scrips, 222 closed in negative and 179 in positive while the value of 55 stocks remained unchanged.

Fauji Foods was the volume leader with 53.645 million shares and gained Re 0.43 to close at Rs 10.44 followed by K-Electric that lost Re 0.22 to close at Rs 4.36 with 29.876 million shares. SSGC increased by Re 0.85 to close at Rs 12.83 with 27.406 million shares.

Unilever Pakistan Foods and Siemens Pakistan Engineering were the top gainers increasing by Rs 333.00 and Rs 111.47 respectively to close at Rs 19,018.00 and Rs 1,226.19 while Hoechst Pakistan and Pakistan Engineering Company were the top losers declining by Rs 147.72 and Rs 85.46 respectively to close at Rs 2,202.28 and Rs 838.57.

An analyst at Topline Securities said that the KSE-100 index closed at 90,196, reflecting an increase of 202 points, or 0.22 percent.

The trading session exhibited significant volatility, with the index reaching a high of 91,055 and a low of 89,733 as investors took advantage of profit opportunities.

However, upward momentum was driven by expectations of an imminent rate cut in the upcoming monetary policy, alongside strong corporate earnings. Furthermore, investor sentiment was bolstered by the announcement of a $1.4 billion loan sought from China.

Key contributors to the index included SYS, COLG, PSO, POL, and PPL, which collectively added 341 points.

BR Automobile Assembler Index lost 14.2 points or 0.08 percent to close at 17,878.39 points with total turnover of 6.537 million shares.

BR Cement Index inched up by 8.77 points or 0.09 percent to close at 9,492.77 points with 40.828 million shares.

BR Commercial Banks Index increased by 138.61 points or 0.55 percent to close at 25,415.93 points with 35.012 million shares.

BR Power Generation and Distribution Index fell by 16.19 points or 0.11 percent to close at 14,974.33 points with 46.355 million shares.

BR Oil and Gas Index added 74.02 points or 0.85 percent to close at 8,738.22 points with 81.717 million shares.

BR Tech & Comm Index soared by 70.38 points or 1.68 percent to close at 4,270.05 points with 54.917 million shares.

Mohammed Waqar Iqbal at JS Global Capital said that the KSE-100 index sustained its momentum, with local investors opting to book profits around the 90,000 level.

Despite this, local investors continued to drive the rally, fueled by strong corporate profitability and expectations of an interest rate cut in the upcoming November 04, 2024, monetary policy meeting.

Lower commodity prices and macroeconomic stability are likely to push the index to new highs.