KARACHI: The KSE-100 index made further strides on Friday as analysts attributed the rally to the investors’ optimism about the ongoing corporate results season in which companies are expected to announce good pay-outs.
Topline Securities Ltd said the stock of Pak Suzuki Motor Company Ltd made gains and almost hit its upper circuit based on its announcement from the preceding day about the possibility of a delisting from the stock exchange. The announcement gave confidence to investors and highlighted the company’s cheap valuation, it added.
Arif Habib Ltd said stock prices hit their August highs after posting 4.18 per cent week-on-week gains, taking the KSE-100 index to the brokerage’s 49,000-point near-term target.
“The 50,000-point level is now in sight… a strong momentum is likely to see that level in the coming week,” it said.
The brokerage expects volatility to increase as the index is in the 49,000-50,000-point zone.
As a result, the KSE-100 index settled at 49,493.47 points, up 721.76 points or 1.48pc from the preceding session.
The overall trading volume increased 62.5pc to 556.4 million shares. The traded value increased 31.6pc on a day-on-day basis to Rs15.4 billion.
Stocks contributing significantly to the traded volume included K-Electric Ltd (134.8m shares), Pakistan Telecommunication Company Ltd (48.4m shares), WorldCall Telecom Ltd (33.5m shares), Pak Petroleum Ltd (15.1m shares) and Oil and Gas Development Company Ltd (12.2m shares).
Companies registering the biggest increases in their share prices in absolute terms were Nestle Pakistan Ltd (Rs56.89), Mari Petroleum Company Ltd (Rs33.34), Pakistan Hotels Developers Ltd (Rs30.22), Rafhan Maize Products Company Ltd (Rs28.11) and Pakistan Engineering Company Ltd (Rs21.89).
Companies that recorded the biggest declines in their share prices in absolute terms were Sapphire Fibres Ltd (Rs82.31), Bhanero Textile Mills Ltd (Rs14), Pakistan Tobacco Company Ltd (Rs11.44), National Refinery Ltd (Rs7.34) and Al-Abbas Sugar Mills Ltd (Rs4.99).
Foreign investors were net buyers as they purchased shares worth $1.99m.
Published in Dawn, October 14th, 2023
