Bullish spell sets in at the stock market
KARACHI: The stock market stayed on its bullish course on Thursday as the benchmark index hit the highest level of six years, according to Arif Habib Ltd.
It said the highlight of the day was Pak Suzuki Motor Company Ltd, which rose 5.47 per cent on the news that its majority shareholders are considering buying the firm’s outstanding shareholding held by others and delist it from the Pakistan Stock Exchange.
The benchmark index is expected to make further gains into the 49,000-50,000-point zone in the near term before reaching a point of correction, it added.
Topline Securities Ltd said the KSE-100 index saw a “substantial decline” because media reports hurt the stock of TRG Pakistan Ltd. The company labelled the negative press as a “malicious media campaign” that contains “misleading and false” information.
As a result, the KSE-100 index settled at 48,771.71 points, up 297.17 points or 0.61pc from the preceding session.
The overall trading volume decreased 13.6pc to 342.2 million shares. The traded value increased 11.4pc on a day-on-day basis to Rs11.7 billion.
Stocks contributing significantly to the traded volume included K-Electric Ltd (112.9m shares), WorldCall Telecom Ltd (17.1m shares), Nishat Chunian Power Ltd (12.1m shares), Pakistan Refinery Ltd (11.5m shares) and TRG Pakistan Ltd (11.3m shares).
Companies registering the biggest increases in their share prices in absolute terms were Rafhan Maize Products Company Ltd (Rs350), Bata Pakistan Ltd (Rs50.61), Sapphire Fibres Ltd (Rs50.01), Pakistan Hotels and Developers Ltd (Rs34.38) and Pakistan Tobacco Company Ltd (Rs30.74).
Companies that recorded the biggest declines in their share prices in absolute terms were Pakistan Engineering Company Ltd (Rs24.93), Dawood Lawrencepur Ltd (Rs17.99), Colgate-Palmolive Pakistan Ltd (Rs10.73), Fazal Cloth Mills Ltd (Rs7.64) and Packages Ltd (Rs7.11).
Foreign investors were net sellers as they offloaded shares worth $0.17m.
Published in Dawn, October 13th, 2023