KARACHI: The stock market delivered another strong performance on Tuesday, propelling the KSE 100 index to a record high, closing above 79,000 for the first time in its history.

Ahsan Mehanti of Arif Habib Corporation said stocks closed bullish ahead of corporate earnings season as investors weighed upbeat data on CPI inflation, which stood at 12.6pc year-on-year in June, averaging 23.4pc in FY24.

He said surging global crude oil prices, expectations for strong dividend payouts by the oil sector dominated by state-owned enterprises, and ongoing positive talks for an IMF bailout deal this month contributed to bullish activity at the PSX.

Topline Securities Ltd said the fertiliser, exploration and production, and banking sectors were key contributors, led by Fauji Fertiliser, Pakistan Petroleum, National Bank, International Industries Ltd, and United Bank, which collectively added 340 points.

As a result, the benchmark index hit an intraday high at 79,740.35 points and a low of 78,978.55. However, the index closed at an all-time high of 79,552.89 after rallying 728.55 points or 0.92pc on a day-on-day basis.

However, the overall trading volume jumped 35.00pc to 413.15 million shares. The traded value also rose 20.73pc to Rs16.59bn on a day-on-day basis.

Stocks contributing significantly to the traded volume included Worldcall Telecom (23.80m shares), K-Electric (23.10m shares), National Bank (20.12m shares), Dewan Motors (19.25m shares) and Fauji Fertiliser (13.67m shares).

The shares registering the most significant increases in their share prices in absolute terms were Philip Morris (Rs50.28), Data Agro Ltd (Rs24.07), International Industries Ltd (Rs17.63), Kohat Cement (Rs13.08) and ZIL Ltd (Rs11.93).

The companies registering significant decreases in their share prices in absolute terms were Sapphire Fibres (Rs123.80), Nestle Pak­istan (Rs69.95), Rafhan Maize (Rs34.25), Ibrahim Fibres (Rs30.05) and Pak Tobacco (Rs27.82).

Foreign investors remained net sellers as they sold shares worth $0.01m.

Published in Dawn, July 3rd, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Moments of dread

Moments of dread

Prophecies are not needed. It does not take much looking around to note that the world is undergoing exceptional mayhem.

Editorial

Constitutional courts
Updated 02 Oct, 2024

Constitutional courts

How can the govt expect any court established by it to be seen as fair and impartial?
Lebanon invasion
Updated 02 Oct, 2024

Lebanon invasion

Hezbollah is at heart a guerrilla movement, and though it may be severely degraded, its cadres on the ground are not likely to be deterred.
Painful loop
02 Oct, 2024

Painful loop

PAKISTAN’S polio situation has drastically deteriorated with the country now reporting 24 cases this year — four...
Punitive tax plan
Updated 01 Oct, 2024

Punitive tax plan

FBR strategy appears to rely solely on enforcement through punitive actions without actually reforming the complicated tax regime.
US sabre-rattling
Updated 01 Oct, 2024

US sabre-rattling

If America is serious about preventing a wider regional war, it should reconsider its military deployment plans.
Balochistan bleeds
01 Oct, 2024

Balochistan bleeds

BALOCHISTAN continues to sink into an abyss of violence and despair, with the province once again experiencing a...