KARACHI: Despite falling volumes, the stock market continued its upward journey as swearing in of MNAs-elect on Thursday paved the way for the formation of a coalition government in the centre ending uncertainty on the political front, propelling the benchmark KSE 100-share index above 64,000 level.
In addition to emerging political clarity, the steady rupee and rollover of a $2bn loan by the Chinese government helped the market extend overnight bullish sentiments.
Topline Securities Ltd said the maiden session of the 16th National Assembly towards the fulfilment of the democratic process boosted investor confidence as the new government will take charge going forward.
Major positive contributions to the index came from Engro Fertilisers, Millat Tractors Ltd, Pakistan Petroleum Ltd, Hub Power Company, United Bank Ltd and Meezan Bank Ltd cumulatively added 516 points to the index.
As a result, the KSE-100 index closed at 64,578.52 points after gaining 875.07 points or 1.37 per cent from the preceding session.
The overall trading volume fell 8.09pc to 424.04 million shares. The traded value, however, increased by 6.57pc to Rs17.05bn on a day-on-day basis.
Stocks contributing significantly to the traded volume included K-Electric (54.95m shares), Hascol Petroleum Ltd (31.86m shares), Kohinoor Spinning Mills Ltd (19.82m shares), Unity Foods Ltd (19.37m shares) and Telecard Ltd (17.38m shares).
Shares registering the biggest increases in their share prices in absolute terms were Pakistan Services Ltd (Rs52.18), Millat Tractors Ltd (Rs42.27), Pakistan Hotels Developers Ltd (Rs32.70), Al-Ghazi Tractors (Rs25.50) and Mari Petroleum Ltd (Rs21.24).
Companies registering the biggest decreases in their share prices in absolute terms were Bata Pakistan (Rs33.00), Reliance Cotton Mills Ltd (Rs31.45), Sapphire Fibres Ltd (Rs30.01) and Dawood Lawrencepur Ltd (Rs16.28). Foreign investors remained net buyers as they purchased shares worth $4.14m.
Published in Dawn, March 1st, 2024
