KARACHI: Stocks trad­ed on the higher side on Wednesday as the KSE-100 index crossed the 47,000-point psychological barrier.

Topline Securities Ltd said investors chose to reinforce their positions in the banking sector’s stocks in anticipation of the quarterly results, which are set to commence next week. Investors are accumulating blue-chip stocks that are currently available at attractive levels and offer a decent dividend yield, it added.

According to Arif Habib Ltd, the KSE-100 index unlocked the 47,000-point barrier on the back of a strong rally in blue-chip stocks like Habib Bank Ltd, MCB Bank Ltd and United Bank Ltd. Air Link Communication Ltd rose 7.1 per cent following its dividend announcement of Rs2.50 per share.

“The upside should now accelerate as the index targets the August highs,” it added.

As a result, the KSE-100 index settled at 47,079.83 points, up 323 points or 0.69pc from the preceding session.

The overall trading volume increased 54.9pc to 330.2 million shares. The traded value increased 19.8pc on a day-on-day basis to Rs7.3 billion.

Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (150.5m shares), Pakistan Refinery Ltd (12.9m shares), BankIslami Pakistan Ltd (11.2m shares), Cnergyico PK Ltd (8.8m shares) and Habib Bank Ltd (6.4m shares).

Companies registering the biggest increases in their share prices in absolute terms were Colgate-Palmolive Pakistan Ltd (Rs45), Mehmood Textile Mills Ltd (Rs23.63), Pakistan Hotels Developers Ltd (Rs22.28), Pakistan Engineering Company Ltd (Rs21) and Murree Brewery Company Ltd (Rs11.20).

Companies that recorded the biggest declines in their share prices in absolute terms were Bata Pakistan Ltd (Rs24), Premier Sugar Mills Ltd (Rs21.37), Mari Petroleum Company Ltd (Rs13.39), Indus Motor Company Ltd (Rs10.48) and Khyber Tobacco Company Ltd (Rs8.25).

Foreign investors were net sellers as they offloaded shares worth $2.34m.

Published in Dawn, October 5th, 2023