KARACHI: Pakistan Stock Exchange (PSX) continued to rise to new highs for the fifth consecutive day in a choppy session on Tuesday; The benchmark KSE-100 Index gained 142.35 points (0.25 percent) and closed at 56,665.93 points, the highest level ever witnessed. on.
The market opened with a sharply positive opening, but after reaching the day’s high in the first hour of trading, it immediately turned to profit taking and touched the day’s low, losing over 750 points. However, the bulls stepped in again to support the market. The purchases in the last hour helped the indices to compensate for their losses during the day and close the session in green.
Investors are also awaiting the outcome of an upcoming review by global index provider Morgan Stanley Capital International (MSCI). There are speculations that Pakistan’s weight in the global index may increase. Additionally, the market is monitoring the ongoing talks between the government and the International Monetary Fund (IMF). Regarding fiscal issues, the IMF and the Federal Board of Revenue exchanged views on the implementation of structural adjustments in tax collection, including the introduction of taxes on agriculture, real estate and retail sectors.
The benchmark index was traded within a range of 755.81 points, with an intraday high of 56,873.98 points and an intraday low of 56,118.17 points. Among other indices, the KSE All Share Index closed at 37,542.84 points, up 153.08 points (+0.41 percent). Similarly, KMI All Share Islamic Index closed at 27,793.77 points, with an increase of 231.22 points (+0.83 percent).
The total trading volume of the KSE-100 Index decreased by 44.80 million to 255.54 million shares compared to 300.34 million shares in the previous session. Overall market volumes fell by 134.29 million shares to 526.36 million shares compared to 660.65 million shares traded a session earlier.
Among the stocks, CNERGY ranked first with 35.19 million shares, followed by PRL (35.15 million) and WTL (25.93 million). Stocks that contributed significantly to volumes included CNERGY, PRL, WTL, MLCF and PAEL, which accounted for more than 24 percent of the total volume.
While a total of 363 companies traded against 382 companies in the stock market one session ago, 182 of them were closed, the shares of 160 companies were closed, and the shares of 21 companies remained unchanged. A total of 97 companies traded against 100 shares in the KSE-100 Index in the previous session; The share prices of 48 of them were closed, 47 were closed, and the share prices of two companies remained unchanged.
While the total number of transactions decreased to 232,768 from 239,829 in the previous session, the value traded fell by Rs 2.87 billion to Rs 19.54 billion as compared to Rs 22.41 billion in the previous session.
In rupee terms, NESTLE remained the top gainer with an increase of Rs 552.5 per share (+7.04 per cent) and closed at Rs 8,400. RMPL, ranked second, saw its share price rise by Rs 75.25 (+0.88 percent) to Rs 8,600. FASM was among the top losers, falling by Rs 30.15 (-7.5 per cent) to close at Rs 371.85 per share, followed by AABS, which fell by Rs 27.99 (-5.33 per cent) to close at Rs 497. did. 01 per share.
Major sectors driving the index northward include energy production and distribution (115 points), technology and communications (81 points), auto assembler (64 points), food and personal care products (55 points) and oil and gas marketing companies (55 points). took place. 29 points). The main companies that added points to the index were HUBC (88 points), MTL (64 points), SYS (54 points), NESTLE (38 points) and TRG (25 points).-TLTP
news source (thefinancialdaily.com)