KARACHI: Late value-hunting on the back of positive economic numbers propelled the benchmark KSE 100-share index above the 62,000 level on Thursday.
Topline Securities Ltd said continuing the overnight momentum, the equities began trading on a negative note as the index made an intraday low at 61,765 levels by losing 215 points.
However, at the day’s low, value hunters resorted to cherry-picking which helped the index to regain the lost ground. Oil and Gas Development Company Ltd, Meezan Bank Ltd, Mari Petroleum Ltd, Pakistan Petroleum Ltd and Engro Corporation collectively contributed 360 points to the index’s recovery drive.
However, Pakistan Tobacco, Engro Fertilisers and Bank Al-Habib remained under selling pressure and negatively contributed 85 points.
The commerce ministry announced that the merchandise export proceeds hit a 17-month high in January totalling $2.78 billion, up 27pc from $2.19bn in the same month last year. Also, the trade deficit year-on-year narrowed by 30pc to $1.879bn in the first month of the current calendar year.
Ahsan Mehanti of Arif Habib Corporation said the Election Commission of Pakistan’s announcement of holding general elections on Feb 8 despite pre-poll violence ended the uncertainty on the political front which boosted investor confidence.
As a result, the KSE-100 index closed at 62,393.74 points after adding 414.56 points or 0.67 per cent from the preceding session.
The overall trading volume dipped 2.14pc to 270.53 million shares. The traded value however jumped by 25.39pc to Rs11.62bn on a day-on-day basis.
Stocks contributing significantly to the traded volume included K-Electric (33.96m shares), Soneri Bank (28.11m shares), Pakistan Refinery Ltd (26.12m shares), Pakistan Petroleum Ltd (19.78m shares) and Pakistan International Airline Corporation Ltd (18.83m shares).
Shares registering the biggest increases in their share prices in absolute terms were Mari Petroleum Ltd (Rs68.41), Philip Morris (Rs38.08), Highnoon Laboratories (Rs13.96), Attock Refinery Ltd (Rs13.56) and Gatron Industries Ltd (Rs10.67).
Companies registering the biggest decreases in their share prices in absolute terms were Rafhan Maize Products Company Ltd (Rs550.00), Ismail Industries (Rs93.00), Pakistan Tobacco Company Ltd (Rs82.12), Indus Motor Company Ltd (Rs35.04) and Atlas Honda Cars Ltd (Rs14.59).
Foreign investors turned net buyers as they picked shares worth $1.71m.
Published in Dawn, February 2nd, 2024
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