KARACHI: Bulls continued to charge relentlessly, marking the 5th consecutive record-setting session at the stock market on Tuesday, catapulting the benchmark KSE 100 index above the 96,000 milestone intraday for the first time on the growing economic optimism.
The index rallied 1,040.82 points to hit an intraday record high of 96,036.49. However, profit-taking towards the session’s close saw the trimming of some early gains, but it still settled at an all-time high of 95,856.67 after gaining 861.75 points amid improved volumes day-on-day.
Systems Ltd drew considerable investor interest after its subsidiary, OneZapp, officially secured approval from the State Bank of Pakistan to commence commercial operations as an Electronic Money Institute.
Topline Securities Ltd noted that the index demonstrated exceptional bullish momentum buoyed by expectations of the Consumer Price Index (CPI) falling within the 4.5 per cent to 5pc year-on-year range. Notably, this marks the first time in 78 months that inflation is anticipated to drop below 5pc.
The pharmaceutical sector continued its upward trajectory, extending its recent rally. Key contributors to the index’s upward movement included Systems Ltd, United Bank Ltd, Abbott Laboratories, PSO, and Engro Fertiliser, collectively adding 484 points.
Ahsan Mehanti of Arif Habib Corporation said stocks hit a new all-time high as investors weigh robust economic data, including a third straight monthly current account surplus in October thanks to higher remittances, exports and foreign direct investment.
Surging global crude oil prices and speculations over likely government patch-up with the PTI ahead of the protest call for next week played a catalyst role in record bullish activity at the PSX.
The trading volume rose 8.5pc to 830.93m shares, and its value surged 25.47pc to Rs30.01 day-on-day.
Stocks contributing significantly to the traded volume included WorldCall Telecom (77.99m shares), Fauji Foods (70.72m shares), Hascol Petroleum (55.50m shares), K-Electric (36.88m shares) and Sui Southern Gas Company (36.29m shares).
The shares registering the most significant increases in their prices in absolute terms were Unilever Foods (Rs279.82), Pakistan National Shipping Corporation (Rs29.88), Pakistan Engineering Company (Rs27.74), Philip Morris (Rs24.61) and Nestle Pakistan (Rs18.01).
The companies that suffered significant losses in their share prices in absolute terms were Hallmark Company (Rs42.47), Khyber Textile (Rs39.19), Sapphire Textile (Rs33.17), Haleon Pakistan (Rs21.56) and Service Industries (Rs17.90).
Foreigners remained net sellers as they offloaded shares worth $8.80m. However, mutual funds extended their buying spree, picking shares worth $4.37m.
Published in Dawn, November 20th, 2024
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