KARACHI: The stock market maintained its bullish trend on the eve of general elections as investors continued cherry-picking, propelling the benchmark KSE 100-share index above the 64,000 level on Wednesday.

The index remained in the green from the start of trading extending overnight gains as investors stayed optimistic despite two bomb blasts in Balochistan near electroal candidates offices leaving over two dozen innocent people dead and many critically injured.

However, the caretaker provincial administration announced that polls would be held across the province on Thursday.

Topline Securities Ltd said Hub Power, Meezan Bank, Engro Fertiliser, United Bank and Bank Alfalah attracted investor interest as a result these scrips collectively contributed 197 points to the index.

Ahsan Mehanti of Arif Habib Corporation said an upbeat economic outlook, strong earnings in the oil and banking sectors and the government’s resolve to reduce energy sector circular debt helped the equity market to stay bullish.

As a result, the KSE-100 index closed at 64,143.87 points after adding 344.85 points or 0.54 per cent from the preceding session.

The overall trading volume fell just 1pc to 327.59 million shares. The traded value also dipped by 5.83pc to Rs14.30bn on a day-on-day basis.

Stocks contributing significantly to the traded volume included Pakistan K-Electric (44.37m shares), Oil and Gas Development Company Ltd (24.95m shares), Pak Elektron (21.26m shares) and Pakistan Refinery Ltd (18.71m shares) and Cnergyico PK (17.22m shares).

Shares registering the biggest increases in their share prices in absolute terms were Hoechst Pakistan Ltd (Rs76.34), Pakistan Services Ltd (Rs41.00), Hallmark Company Ltd (Rs21.20), Lucky Core Industries Ltd (Rs18.18) and Service Industries Ltd (Rs15.00).

Companies registering the biggest decreases in their share prices in absolute terms were Premium Textile Mills Ltd (Rs19.00), Ismail Industries Ltd (Rs13.48), JS Global Capital Ltd (Rs10.95), Philip Morris Pakistan Ltd (Rs10.00) and Shield Corporation Ltd (Rs9.90).

Foreign investors remained net buyers as they purchased shares worth $1.41m.

Published in Dawn, February 8th, 2024