KARACHI: The benchmark of the representative shares rose for the seventh consecutive session in a broad-based rally on Tuesday.

Arif Habib Ltd said the KSE-100 index breached the barrier of 48,000 points amid big moves in refinery stocks like Attock Refinery Ltd (7.5 per cent) and National Refinery Ltd (6.5pc).

“The KSE-100 index can continue to move sharply higher while it holds (at) 47,900 points, below which some consolidation can be seen,” the brokerage said.

The momentum of share prices remains strong as the benchmark approaches the August highs of 49,000 points. Investors need to be more cautious as the market trades in the 49,000-50,000-point range, it added.

“Going forward, the stock market is expected to test the 48,500-point level,” said JS Global Capital Ltd.

As a result, the KSE-100 index settled at 48,140.28 points, up 418.48 points or 0.88pc from the preceding session.

The overall trading volume increased 49.8pc to 350 million shares. The traded value increased 52pc on a day-on-day basis to Rs10.7 bn.

Stocks contributing significantly to the traded volume included K-Electric Ltd (33.9m shares), Pakistan Refinery Ltd (26.3m shares), WorldCall Telecom Ltd (21.4m shares), Pak Elektron Ltd (19.2m shares) and Dewan Motors Ltd (11.5m shares).

Companies registering the biggest increases in their share prices in absolute terms were Unilever Pakistan Foods Ltd (Rs550), Sapphire Fibres Ltd (Rs69.99), Philip Morris Pakistan Ltd (Rs33.08), Pakistan Hotels Developers Ltd (Rs29.75) and Premium Textile Mills Ltd (Rs28.14).

Companies that recorded the biggest declines in their share prices in absolute terms were Nestle Pakistan Ltd (Rs100), the Thal Industries Corporation Ltd (Rs10.90), Colgate-Palmolive Pakistan Ltd (Rs8.62), Mitchells Fruit Farms Ltd (Rs8.18) and Gatron Industries Ltd (Rs5.79).

Foreign investors were net sellers as they offloaded shares worth $0.16m.

Published in Dawn, October 11th, 2023