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Stocks add 314 points to overnight rally
KARACHI: The bull run on the Pakistan Stock Exchange (PSX) continued on Thursday as the index of major shares extended its gains recorded earlier in the week.
Topline Securities Ltd said some profit-taking kicked in after a positive start of the trading session. However, investors continued their buying spree that helped the stock market sustain its rally.
The upswing can be attributed to a decline in the bond yields witnessed in the auction held by the State Bank of Pakistan a day ago, said the brokerage. Yields were slashed by 25, 41 and 40 basis points in three-, six- and 12-month papers, respectively.
In addition, easing international oil prices after the US Federal Reserve’s decision to maintain interest rates lured investors towards cyclical stocks. Cement, power, textile, fertiliser and banking shares contributed positively to the index close on the higher side.
As a result, the KSE-100 index closed at 52,656.76 points after gaining 314.12 points or 0.60 per cent from the preceding session.
The overall trading volume decreased 9.7pc to 475 million shares. The traded value increased 11.7pc to Rs14.5bn on a day-on-day basis.
Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (39.1m shares), TPL Properties Ltd (30.4m shares), Pakistan Refinery Ltd (25.9m shares), Cnergyico PK Ltd (22.7m shares) and Ghani Global Holdings Ltd (19.2m shares).
Companies registering the biggest increases in their share prices in absolute terms were Pakistan Tobacco Company Ltd (Rs60.38), Packages Ltd (Rs31.72), Pak Suzuki Motor Company Ltd (Rs29.61), Mari Petroleum Company Ltd (Rs28.25) and Indus Motor Company Ltd (Rs22.75).
Companies registering the biggest decreases in their share prices in absolute terms were Faisal Spinning Mills Ltd (Rs25), Philip Morris Pakistan Ltd (Rs13.99), Ibrahim Fibres Ltd (Rs8.60), Khyber Tobacco Company Ltd (Rs8.53) and Al-Ghazi Tractors Ltd (Rs7.11).
Foreign investors were net buyers as they purchased shares worth $0.08m.
Published in Dawn, November 3rd, 2023
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