Bank, food scrips lead 522-point rally on PSX
KARACHI: The Pakistan Stock Exchange (PSX) witnessed another positive session on Friday, which was led by banking and food companies.
Topline Securities said investors’ interest grew following the announcement of a hefty dividend of Rs11 per share by United Bank Ltd a day ago. A court verdict against the super tax on high-earning firms also helped elevate sentiments.
Arif Habib Ltd said the KSE-100 index rose 1.89 per cent during the week as banking and food stocks remained in focus in the last trading session.
“New highs set the market up nicely to have a smooth run to 47,000 points and beyond in the coming weeks. Enjoy this bullish period in the market and don’t chase prices… let your portfolio do the heavy lifting now,” it said.
As a result, the KSE-100 index settled at 45,920.73 points, up 522.42 points or 1.15pc from the preceding session.
The overall trading volume increased 8.6pc to 504.5 million shares. The traded value went up 18.9pc to Rs12bn on a day-on-day basis.
Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (106.5m shares), Fauji Foods Ltd (44.2m shares), Cnergyico PK Ltd (35.9m shares), TPL Properties Ltd (32.1m shares) and K-Electric Ltd (24.7m shares).
Companies registering the biggest increases in their share prices in absolute terms were Colgate-Palmolive Pakistan Ltd (Rs89.45), Mehmood Textile Mills Ltd (Rs29), Siemens Pakistan Engineering Ltd (Rs13.29), Wah Noble Chemicals Ltd (Rs11.59) and Honda Atlas Cars Ltd (Rs8.88).
Companies that recorded the biggest declines in their share prices in absolute terms were Bhanero Textile Mills Ltd (Rs30), Philip Morris Pakistan Ltd (Rs14.99), Sunrays Textile Mills Ltd (Rs8.05), Abbott Laboratories Pakistan Ltd (Rs7.58) and Otsuka Pakistan Ltd (Rs5.22).
Foreign investors were net buyers as they purchased shares worth $0.8m.
Published in Dawn, July 22nd, 2023