KARACHI: The stock market soared on Monday in a session marked by an uptick in trade volumes.

Topline Securities said the KSE-100 index commenced the week on a positive note and stayed in the green zone throughout the trading hours before settling on the higher side.

The brokerage attributed the rally to the rejuvenated buying interest in the technology sector. Systems Ltd remained the “darling stock” owing to its attractive price of less than Rs400 apiece.

In addition, the recent announcement by Engro Corporation Ltd about the in-principle understanding with a potential acquirer for the divestment of selective assets of thermal energy brought the stock under the radar of investors.

Furthermore, anticipated gas price hikes to fulfil the condition of the International Monetary Fund and a decline in the international oil price kept the energy sector in the limelight.

As a result, the KSE-100 index settled at 46,627.08 points, up 394.49 points or 0.85 per cent from the preceding session.

The overall trading volume increased 14pc to 202.6 million shares. The traded value also increased 6.8pc on a day-on-day basis to Rs7.4 billion.

Stocks contributing significantly to the traded volume included World­Call Telecom Ltd (44.9m shares), Cnergyico PK Ltd (17m shares), Oil and Gas Development Company Ltd (17m shares), Pakistan Petro­leum Ltd (6.6m shares) and BankIslami Pakistan Ltd (4.7m shares).

Companies registering the biggest increases in their share prices in absolute terms were Ismail Industries Ltd (Rs48.75), Pakistan Hotels and Developers Ltd (Rs19.28), Premium Textile Mills Ltd (Rs16.47), Systems Ltd (Rs14.60) and Khyber Tobacco Company Ltd (Rs14.15).

Companies that recorded the biggest declines in their share prices in absolute terms were Al-Abbas Sugar Mills Ltd (Rs33.84), Abbott Laboratories Ltd (Rs9.49), JDW Sugar Mills Ltd (Rs9), Ibrahim Fibres Ltd (Rs6.99) and EFU Life Assurance Ltd (Rs6.25).

Foreign investors were net sellers as they offloaded shares worth $1.35m.

Published in Dawn, October 3rd, 2023