The stock market is making a comeback – Markets

KARACHI: The Pakistan Stock Exchange trended higher on Friday and closed on a solid positive note with healthy gains thanks to further bids on available attractive lows, mostly by local investors.

The KSE-100 index jumped 378.91 points or 0.82% to close at 46,489.41 points. The 100 Index hit an intraday high of 46,600.82 points and an intraday low of 46,005.03 points.

Trading activity also improved, with daily volumes on the ready meter rising to 304.213 million shares, from 263.550 million shares traded on Thursday.

BRIndex100 gained 29.76 points or 0.63% to close at 4,787.51 points with total daily revenue of 244.479 million shares.

The BRIndex30, however, fell 183.73 points or 0.91% to close at 19,995.52 points with total daily trading volumes of 154.124 million shares.

Foreign investors, however, remained on the sellers’ side and took $ 12.139 million out of the local capital market. Market capitalization increased by 69 billion rupees to 7,944 billion rupees. Out of a total of 356 active scripts, 215 closed positive and 123 closed while the value of 18 shares remained unchanged.

Ghani Global Holding was the volume leader with 33.898 million shares and gained Rs 0.45 to close at Rs 33.68, followed by Service Fabrics which rose Rs 0.06 to close at Rs 12.93 with 17.868 million shares.

Allawasaya Textile and Colgate Palmolive were the main winners, increasing by Rs 189.00 and Rs 94.94 respectively to close at Rs 2,714.00 and Rs 2,499.99 while Sapphire Textile and Gatron Industries were the main losers, falling by Rs 90.47 and Rs 35.00, respectively to close at Rs 1115.92 and Rs 440.00.

An analyst from Arif Habib Limited said the market has mostly remained in the green zone, mainly led by the banking sector.

During the first session, a positive dynamic was observed as investors became optimistic due to the number of productions of large-scale manufacturing industries (LSMI) which increased by 5.15% in the first quarter (July-September ) of current fiscal year 2021-22 compared to the same period of last fiscal year 2021, when almost all major manufacturing sectors showed growth.

In the second session, profit accounting was observed across the board after the number of current account deficits (CAD) reached $ 1.7 billion on October 21.

On a year-over-year basis, the main reason for the deficit was the 66% year-on-year increase in total imports to $ 6.8 billion. Institutionally, an accumulation was observed in bank stocks. Going forward, the MPC’s decision to raise the policy rate by 150 basis points to 8.75% will create volatility in the coming rollover week.

The sectors contributing to performance are Banks (up 178.98 points), Fertilizers (up 102.24 points), E&P (up 68.03 points) and Cements (up 62 , 03 points).

The BR Automobile Assembler index rose 7.9 points or 0.09% to close at 8,681.82 points with total sales of 2.086 million shares.

The BR Cement index rose 82.39 points or 1.32% to close at 6,301.50 points with 23.466 million shares.

The BR index of commercial banks jumped 172.23 points or 1.7% to close at 10,325.12 points with 33.838 million shares.

The BR Power Generation and Distribution index lost 25.3 points or 0.46% to close at 5,512.24 points with 8.741 million shares.

The BR Oil and Gas index closed at 3,847.70 points, up 41.43 points or 1.09% with 14.519 million shares.

BR Tech. & Comm. The index fell 124.38 points or 2.91% to close at 4,150.92 points with 34.281 million shares.

Copyright Business Recorder, 2021

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