KARACHI: The benchmark of listed companies hit another all-time high on Thursday, thanks to the improving macroeconomic outlook following the successful review of the International Monetary Fund (IMF) programme.
Topline Securities Ltd said the session commenced on a buoyant note and the momentum remained strong throughout the day.
Market participants opted to switch their positions by booking profits in energy sector stocks namely Oil and Gas Development Company Ltd, Pakistan Petroleum Ltd, the Hub Power Company Ltd and Pakistan State Oil Company Ltd against the backdrop of declining international oil prices.
Subsequently, technology and banking sector stocks like Meezan Bank Ltd, Systems Ltd, TRG Pakistan Ltd, Habib Metropolitan Bank Ltd and Bank Alfalah Ltd received rejuvenated buying interest.
According to Arif Habib Ltd, technology sector stocks should remain in the limelight as the KSE-100 index moves closer to 60,000 points.
As a result, the KSE-100 index closed at 58,899.84 points after gaining 701.08 points or 1.2 per cent from the preceding session.
The overall trading volume increased 12.2pc to 669.2 million shares. The traded value increased 14.4pc to Rs25.2 billion on a day-on-day basis.
Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (40.2m shares), Telecard Ltd (32.4m shares), Pakistan Refinery Ltd (32.3m shares), Air Link Communication Ltd (23.8m shares) and Hum Network Ltd (19.9m shares).
Companies registering the biggest increases in their share prices in absolute terms were Hoechst Pakistan Ltd (Rs76.25), Ismail Industries Ltd (Rs65), Pakistan Services Ltd (Rs56.21), Mari Petroleum Company Ltd (Rs47.68) and Indus Motor Company Ltd (Rs38.40).
Companies registering the biggest decreases in their share prices in absolute terms were Nestle Pakistan Ltd (Rs50), Pakistan Engineering Company Ltd (Rs46.80), Mehmood Textile Mills Ltd (Rs38.32), Sapphire Textile Mills Ltd (Rs37.76) and Shield Corporation Ltd (Rs23.50).
Foreign investors were net buyers as they purchased shares worth $0.38m.
Published in Dawn, November 24th, 2023
