KARACHI: The stock market extended its bullish trend for the third consecutive session after clarity emerged on the timely holding of general elections and persistent economic optimism as a result the KSE 100-share index crossed another barrier to settle above the 63,000 points level on Friday.
Ahsan Mehanti of Arif Habib Corporation said strong corporate results attracted buying at current levels as robust growth in merchandise exports boosted investor confidence in the economic performance of the country.
He added that speculations ahead of IMF approval on the SIFC-directed proposals to reduce the power sector circular debt and industrial power tariff to revive economic activities, stable rupee and higher global crude oil prices contributed to a bullish close at the PSX.
Topline Securities Ltd said overall investor participation remained on the lower side as they preferred to remain on the sideline before the upcoming general elections on Feb 8.
As a result, the KSE-100 index closed at 63,002.92 points after adding 609.18 points or 0.98 per cent from the preceding session.
The overall trading volume fell 2.5pc to 263.54 million shares. The traded value also dipped 7.7pc to Rs10.63bn on a day-on-day basis.
Stocks contributing significantly to the traded volume included K-Electric (26.58m shares), Pakistan International Airline Corporation Ltd (25.83m shares), Pakistan Petroleum Ltd (18.48m shares), Hascol Petroleum Ltd (17.53m shares) and Oil and Gas Development Company Ltd (13.57m shares).
Shares registering the biggest increases in their share prices in absolute terms were Ismail Industries Ltd (Rs83.00), Pakistan Tobacco Company Ltd (Rs37.11), Indus Motor Company Ltd (Rs35.04), Millat Tractor (Rs30.08) and Siemens (Pakistan) Ltd (Rs25.63).
Companies registering the biggest decreases in their share prices in absolute terms were KSB Pumps Company Ltd (Rs9.40), Bela Automotives Ltd (Rs6.58), Packages Ltd (Rs5.55), Faran Sugar Mills Ltd (Rs4.95) and Shahtaj Textile (Rs4.59).
Foreign investors remained net buyers as they bought shares worth $0.65m.
Published in Dawn, February 3rd, 2024
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