KARACHI: Share prices rose on the Pakistan Stock Exchange on Monday despite a selloff in the early hours of trading.
Topline Securities Ltd said the KSE-100 index slid into the red zone in the early part of the session but buying interest resumed in the last hour, letting the benchmark close on the higher side.
The sell-off in the initial hours could be attributed to an uptick in international oil prices against the backdrop of the Middle East crisis, which has turned into a full-blown war between Israel and Hamas.
Arif Habib Corporation analyst Ahsan Mehanti said the stock market closed on a bullish note amid the ongoing rupee recovery and an expected surge in exports following the four-year extension in the country’s GSP+ status.
As a result, the KSE-100 index settled at 47,721.80 points, up 228.23 points or 0.48 per cent from the preceding session.
The overall trading volume decreased 5.1pc to 233.6 million shares. The traded value decreased 1.5pc on a day-on-day basis to Rs7bn.
Stocks contributing significantly to the traded volume included K-Electric Ltd (38.5m shares), WorldCall Telecom Ltd (25.2m shares), Pakistan International Airlines Corporation Ltd (12.3m shares), Pak Elektron Ltd (8.7m shares) and Telecard Ltd (8.4m shares).
Companies registering the biggest increases in their share prices in absolute terms were Sapphire Fibres Ltd (Rs38.95), Siemens Pakistan Engineering Ltd (Rs35.25), Philip Morris Pakistan Ltd (Rs30.77), Pakistan Hotels Developers Ltd (Rs27.68) and Bata Pakistan Ltd (Rs25).
Companies that recorded the biggest declines in their share prices in absolute terms were Mehmood Textile Mills Ltd (Rs41.25), Pakistan Engineering Company Ltd (Rs26.96), JDW Sugar Mills Ltd (Rs22.64), Khyber Tobacco Company Ltd (Rs22.37) and Colgate-Palmolive Pakistan Ltd (Rs16.05).
Foreign investors were net sellers as they offloaded shares worth $1.16m.
Published in Dawn, October 10th, 2023
