KARACHI: The KSE-100 index continued its upward momentum on Fri­­­day to close at another record high on improving macroeconomic indicators.

Topline Securities Ltd said the stock market responded favourably to the improvement in the country’s economic indicators, including foreign exchange reserves of the State Bank of Pakistan that increased by $77 million to $7.2 billion for the week ending on Nov 24 besides the much-anticipated reduction in the policy rate going forward.

Arif Habib Ltd noted that there was a “heavy skew” in the advancers-to-decliners ratio, which remained 81:13. Biggest contributors to the index gains were Millat Tractors Ltd (7.5pc), Engro Corporation Ltd (3.9pc) and Lucky Cement Ltd (4pc) while major drags were Unilever Pakistan Foods Ltd (4.44pc), Pakistan Oilfield Ltd (0.34pc) and Pakistan Services Ltd (0.55pc).

As a result, the KSE-100 index closed at 61,691.25 points after gaining 1,160 points or 1.92pc from the preceding session.

The overall trading volume increased 13.7pc to 531.3 million shares. The traded value increased 14.9pc to Rs21.5 billion on a day-on-day basis.

Stocks contributing significantly to the traded volume included Maple Leaf Cement Factory Ltd (43m shares), Pak Elektron Ltd (39.8m shares), Fauji Fertiliser Bin Qasim Ltd (27.5m shares), Fauji Cement Ltd (27.2m shares) and Hum Network Ltd (22m shares).

Companies registering the biggest increases in their share prices in absolute terms were Rafhan Maize Products Company Ltd (Rs756.77), Ismail Industries Ltd (Rs93.28), Millat Tractors Ltd (Rs43.93), Lucky Core Industries Ltd (Rs43.39) and Pakistan Engineering Company Ltd (Rs39).

Companies registering the biggest decreases in their share prices in absolute terms were Unilever Pakistan Foods Ltd (Rs1,000), Siemens Pakis­tan Engineering Ltd (Rs58.15), Hoechst Pakis­tan Ltd (Rs15.90), Suraj Cotton Mills Ltd (Rs10.75) and Khyber Tobacco Company Ltd (Rs9.37).

Foreign investors were net buyers as they purchased shares worth $1.89m.

Published in Dawn, December 2nd, 2023