KARACHI: The benchmark of representative shares on the Pakistan Stock Exchange hit a new peak by crossing the psychological barrier of 62,000 points on Monday.
Topline Securities Ltd attributed the bull run to the investors’ “fear of missing out” as buying took place across the board.
Any correction is witnessed sector-wise instead of across the board, it said, adding that dips are usually observed on an intraday basis. Cement and banking sectors faced some selling headwinds as investors booked profits in their stocks. Subsequent proceeds were diverted to energy sector stocks, it noted.
Arif Habib Ltd said the KSE-100 index has now risen 55 per cent year-to-date and remains on course for its best year in a decade.
According to JS Global Capital Ltd, investors should use any dips in banking and exploration and production sectors as opportunities to accumulate shares.
As a result, the KSE-100 index closed at 62,493.05 points after gaining 801.80 points or 1.3pc from the preceding session.
The overall trading volume increased 38.2pc to 734.3 million shares. The traded value increased 46.7pc to Rs31.6 billion on a day-on-day basis.
Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (57m shares), Fauji Cement Ltd (41.9m shares), Oil and Gas Development Company Ltd (23.8m shares), Pakistan Petroleum Ltd (23.5m shares) and Pakistan Refinery Ltd (22.6m shares).
Companies registering the biggest increases in their share prices in absolute terms were Unilever Pakistan Foods Ltd (Rs700), Rafhan Maize Products Company Ltd (Rs633.23), Nestle Pakistan Ltd (Rs100.01), Mari Petroleum Company Ltd (Rs72.46) and Ismail Industries Ltd (Rs57.94).
Companies registering the biggest decreases in their share prices in absolute terms were Hoechst Pakistan Ltd (Rs47), Pak Suzuki Motor Company Ltd (Rs40.90), Siemens Pakistan Engineering Ltd (Rs34.99), Mitchells Fruit Farms Ltd (Rs19.78) and Ibrahim Fibres Ltd (Rs10.33).
Foreign investors were net buyers as they purchased shares worth $2.14m.
Published in Dawn, December 5th, 2023