KARACHI: Stocks hit on Monday another all-time high on the Pakistan Stock Exchange amid a strong earnings outlook.
Arif Habib Corporation Ltd analyst Ahsan Mehanti said the announcement of general elections on February 8, 2024, and deliberations by the government on the Special Investment Facilitation Council initiatives helped sustain the momentum on the bourse.
In addition, planned reforms in state-owned enterprises and projects in the China-Pakistan Economic Corridor along with positive technical talks with the International Monetary Fund for the ongoing $3 billion Stand-By Arrangement played the role of a catalyst in the bullish close, he said.
JS Global Capital Ltd recommended that investors should avail any downside as an opportunity to buy in cement, technology and exploration and production sectors.
As a result, the KSE-100 index closed at 53,860.37 points after gaining 737.33 points or 1.39 per cent from the preceding session.
The overall trading volume increased 7.3pc to 546 million shares. The traded value increased 14.8pc to Rs17.9bn on a day-on-day basis.
Stocks contributing significantly to the traded volume included Cnergyico PK Ltd (68m shares), Pakistan Refinery Ltd (37.3m shares), Pakistan International Bulk Terminal Ltd (34.5m shares), Hascol Petroleum Ltd (32.7m shares) and Hum Network Ltd (29.8m shares).
Companies registering the biggest increases in their share prices in absolute terms were Colgate-Palmolive Pakistan Ltd (Rs65.75), Rafhan Maize Products Company Ltd (Rs55), Pakistan Tobacco Company Ltd (Rs37), Bata Pakistan Ltd (Rs29.50) and Lucky Cement Ltd (Rs28.37).
Companies registering the biggest decreases in their share prices in absolute terms were Pakistan Hotels Developers Ltd (Rs38.27), Pak Suzuki Motor Company Ltd (Rs18.03), Sazgar Engineering Works Ltd (Rs13.12), Archroma Pakistan Ltd (Rs12.09) and Honda Atlas Cars Pakistan Ltd (Rs9.56).
Foreign investors were net sellers as they offloaded shares worth $0.78m.
Published in Dawn, November 7th, 2023
