KARACHI: In mixed trading on Thursday, the stock market continued its overnight surge as political clarity increased.
The benchmark KSE 100-share index experienced intraday losses of 98.71 points at 61,460.45 and gains of 392.94 points at 61,952.10.
According to Topline Securities Ltd, the buying impulse can be ascribed to agreement between the PMLN and PPP about the creation of a new administration and their knowledge of the coalition’s impending setup.
System Ltd., Meezan Bank Ltd., TRG Pakistan, Engro Fertilizers, and United Bank collectively added 367 points to the index’s performance, indicating that the technology, bank, and fertiliser sectors benefited positively to the index.
According to Ahsan Mehanti of Arif Habib Corporation, market mood was enhanced by the political stability that outperformed Pakistan’s sovereign dollar bonds and the second reduction in savings plan profit rates.
According to Tradeweb statistics, the nation’s foreign bonds with a 2031 maturity date of 61.7 cents had the largest gains on Wednesday, rising 2.7 cents on the dollar. To 76.95 cents, the 2026 notes had a 2.6 cent increase.
He continued by saying that the rupee’s stability and a solid profits forecast contributed to the market’s optimism.
Consequently, the KSE-100 index ended the day at 61,914.34 points, up 335.19 points, or 0.58%, from the previous trading session.
The total number of shares traded decreased by 10.45 percent to 324.83 million. On a daily basis, however, the transacted value increased by 11.79 percent to Rs13.96 billion.
Pak Elektron (23.11 million shares), Cnergyico PK Ltd (21.24 million shares), Pakistan International Bulk Terminal (16.25 million shares), K-Electric (16.20 million shares), and TRG Pakistan Ltd (13.54 million shares) were among the stocks that made up a substantial portion of the traded volume.
The companies whose share prices increased the most in absolute terms were Honda Atlas Cars Ltd (Rs10.26), Sazgar Engineering Ltd (Rs21.45), Mari Petroleum Ltd (Rs12.22), Systems Ltd (Rs23.03), and Service Industries Ltd (Rs29.56).
Indus Motor Company Ltd (Rs82.07), Reliance Cotton Spinning Mills Ltd (Rs43.12), Mehmood Textile Mills Ltd (Rs29.13), Highnoon Laboratories (Rs21.51), and Faisal Spinning Mills Ltd (Rs14.52) were the companies experiencing the most declines in their share prices in absolute terms.
Foreign investors bought shares worth $2.28 million, turning them into net purchasers.
SOURCE: DAWN NEWS
