KARACHI: The Pakistan Stock Exchange (PSX) turned bullish on Wednesday, with the benchmark KSE-100 Index gaining 241.9 points (+0.51 percent) to close at 47,377.38 points.
The market opened on a positive note and remained positive throughout the session. The KSE-100 Index moved in a range of 492.1 points, showing an intraday high of 47,627.5 points.
Among other indices, the KSE All Share Index gained 98.99 points (+0.31 percent) to close at 32,402.18 points, while All Share Islamic Index gained 92.96 points (+0.4 percent) to close at 23,214.46 points.
A total of 382 companies traded shares in the stock exchange, out of them shares of 177 closed up, shares of 182 closed down while shares of 23 companies remained unchanged. Out of the 97 companies which traded shares in the KSE-100 Index, shares of 49 closed up, 42 closed down, while shares of six companies remained unchanged.
The overall market volumes increased by 12.61 million to 382.64 million shares. Total volume traded for the KSE-100 Index was 138.31 million shares. The number of total trades increased by 12,992 to 138,329; and the value traded increased by Rs3.62 billion to Rs15.71 billion. Likewise, the market capitalisation increased by Rs19.48 billion.
Among scrips, GGL topped the volumes with 27.6 million shares, followed by WTL (26.71 million) and EPCL (25.98 million). Stocks that contributed significantly to the volumes include GGL, WTL, EPCL, BYCO, and TELE, which formed 31.5 percent of total volumes.
The sectors propping up the index were technology & communication with 99 points, power generation & distribution with 26 points, fertilizer with 24 points, automobile assembler with 17 points and pharmaceuticals with 16 points. The most points added to the index was by TRG which contributed 77 points followed by HUBC with 27 points, ENGRO with 26 points, SYS with 24 points and INDU with 22 points.
Sector wise, the index was let down by commercial banks with 7 points, miscellaneous with 4 points, tobacco with 3 points, and insurance and vanaspati & allied industries with one point each. The most points taken off the index was by BAHL which stripped the index of 15 points followed by MCB with 9 points, EFERT with 6 points, CHCC with 5 points and FABL with 5 points.
Indus Motor witnessed maximum increase of Rs69.36 per share, closing at Rs1334.45. Sapphire Fiber was runner up, share prices of which increased by Rs58.79, closing at Rs934.99. Philip Morris Pak recorded a maximum decrease of Rs34.98 per share, closing at Rs930 followed by Nestle Pakistan XD, the prices of which declined by Rs20 per share, closing at Rs5850.
According to analysts, the local bourse remained positive throughout the day owing to the positive economic developments, i.e. the volume of remittances for the month of July surged to Rs2.71 billion. Meanwhile, the government has also announced cash rewards worth Rs10 billion along with a 5 percent tax rebate on IT exports which kept the investors’ sentiments upbeat all day.
Moreover, the ongoing earning season also contributed to keep the bourse climate optimistic, where the majority of the companies are posting healthy financial results, said the analysts.
