KARACHI: Stocks surged Wednesday making new highs above 58,000-point level on upbeat economic indicators on current account deficit and other triggers, traders said.
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index closed higher by 827.17 points or 1.44 per cent to 58,198.76 points against 57,371.59 points recorded in the last session. The highest index of the day remained at 58,405.92 points, while the lowest level was recorded at 57,418.50 points.
Ahsan Mehanti, an analyst at Arif Habib Corp., said: “Stocks closed to new all-time high amid record trades and ongoing rupee recovery, upbeat economic indicators on current account deficit, home remittances, surge in exports and IMF receipts following executive board meeting on Dec 7.”
Surging dollar bond prices on IMF completion of the first quarterly review under the stand-by arrangement (SBA) and government deliberations to resolve gas sector circular debt crisis played a catalyst role in the record close.
The KSE-30 index also increased by 328.34 points or 1.72 per cent to 19,374.88 points against 19,046.54 points. Traded shares dropped by 416 million shares to 596.217 million shares from 1.012 billion shares. The trading value increased to Rs22.054 billion from Rs19.338 billion. Market capital rose to Rs8.444 trillion against Rs8.322 trillion. Out of 389 companies active in the session, 236 closed in green, 136 in red and 17 remained unchanged. Analyst Naveed Nadeem at Topline Securities said the stock market saw a notable upswing, reaching a new pinnacle with 827 points increase, corresponding to a 1.44 per cent rise, and concluding the day at 58,198. This positive trajectory is influenced by the anticipation of improved economic conditions.
Throughout the day, sectors such as exploration and production (E&P), banks, and cement made favourable contributions. Notably, MEBL, BAHL, LUCK, PSO, and PPL collectively bolstered the index by 352 points. Conversely, THALL, ABL, and DAWH collectively offset some gains, resulting in a loss of 27.72 points.
The highest increase was recorded in Ismail Ind., which rose by Rs60.47 to Rs866.72 per share, followed by Siemens Pak., which increased by Rs50.40 to Rs812.40 per share. A significant decline was noted in Rafhan Maize, which fell by Rs225.22 to Rs10,324.78 per share, followed by Philip Morris Pak., which decreased by Rs20 to Rs516 per share.
Brokerage Arif Habib Ltd said the PSX marked another historic day as the bull market continued its relentless climb, closing above the 58k mark with an impressive day-on-day gain of +1.38 per cent.
The support level has now risen to 57.8k, underlining the resilience of the current bullish trend. Investors are closely monitoring this new threshold, evaluating opportunities amid the continued record-setting performance of the bull market.
WorldCall Telecom remained the volume leader with 50.345 million shares which closed lower by 3 paisas to Rs1.64 per share. It was followed by Fauji Fert Bin with 23.277 million shares, which closed higher by 31 paisas to Rs22.94 per share.
Other significant turnover stocks included Fauji Foods Ltd, K-Electric Ltd., Sui North Gas, Telecard Limited, Sui South Gas, Air Link Commun., Al-Shaheer Corp and Pak Refinery.
Shares’ turnover in the future contracts decreased to 257.409 million shares from 369.792 million shares.
Meanwhile, the Pakistani Rupee continued to strengthen against the US Dollar for the fifth consecutive time and was traded at Rs285.13 in the interbank market after experiencing gains of 66 paisas, on Wednesday.
As per the State Bank of Pakistan, the Rupee appreciated 0.23% at the close of the trading session on Wednesday evening.
The local currency continues to strengthen against the Greenback, and started the currency trading session with an exchange rate of Rs285.36 in the interbank market after experiencing gains of 43 paisas, appreciating by 0.15pc. On Tuesday, the Pakistani Rupee closed the day’s session with a rate of Rs285.79 against the US Dollar in the interbank market after witnessing an increase of 18 paisas.
In the open market also, the Pakistani Rupee saw a marginal gain and was available for Rs287.50 for selling and Rs284.50 for buying.
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