Stocks up 107 points amid recovery in global markets

KARACHI: Stocks remained positive and slightly increased by around 107 points on Tuesday amid recovery in global stock markets.

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 share index increased by 106.85 points or 0.14 per cent to 77,191.34 points against 77,084.49 points recorded in the last session. The highest index of the day remained at 77,746.56 points while the lowest level was recorded at 77,035.96 points.

Analyst Ahsan Mehanti at Arif Habib Corp said, “Stocks closed higher led by second and third scrips amid the recovery in global equities and strong corporate earnings.”He said POL discovery at the TAL block and the surge in global crude oil prices played a catalyst role in the positive close at the PSX.

The KSE-30 index increased by 50.61 points or 0.20 per cent to 24,902.54 points against 24,851.94 points.Traded shares rose by 99 million shares to 600.9 million shares from 501.191 million shares. The trading value decreased to Rs17.127 billion from Rs21.057 billion. Market capital expanded to Rs10.285 trillion against Rs10.269 trillion. Of 443 companies active in the session, 206 closed in green, 176 in red and 61 remained unchanged.

Maaz Mulla, analyst at Topline Securities, said equities experienced recovery in the trading session, mirroring the trends of international markets. However, this resurgence was short-lived. The index reached an intraday high of 662 points (0.86 per cent) before closing at 77,193, marking a modest gain of 0.14 per cent.

HUBC from the power sector gained on the back of the news that the Chinese automotive giant BYD is set to make its official entry into the Pakistani market with a grand brand launch scheduled for August 17, 2024.

Throughout the day, stocks such as SYS, HUBC, PSEL, HMB, and HBL contributed positively, collectively adding 242 points to the index. Conversely, BAHL, LUCK, and PSO had a negative impact, collectively subtracting 159 points.

The highest increase was recorded in Nestle Pakistan Limited shares, which rose by Rs148.69 to Rs6,997.21 per share, followed by Sapphire Fibres Limited, which increased by Rs109.60 to Rs1,589.70 per share. A significant decline was noted in Unilever Pakistan Foods Limited, which fell by Rs165.50 to Rs17,685 per share; JDW Sugar Mills Limited followed it, which closed lower by Rs25.78 to Rs485.47 per share.

Brokerage Arif Habib Ltd stated that despite a rebound across Asian markets, Pakistan’s stock market closed flat on the day.

Market analysts indicate that until the KSE-100 can regain the 78,000-point mark, lower levels are likely to persist. The market’s current resistance highlights the importance of surpassing this threshold to establish a more positive outlook and sustain upward momentum.

Kohinoor Spinning remained the volume leader with 147.513 million shares which closed higher by 69 paisas to Rs6.10 per share. Yousuf Weaving followed it with 53.67 million shares, which closed higher by 2 paisas to Rs4.16 per share.

Other significant turnover stocks included Hascol Petrol, WorldCall Telecom, Telecard Limited, PIA Holding Company, Flying Cement, Quice Food and Pace (Pak) Ltd.In the futures market, 344 companies recorded trading, of which 183 increased, 160 decreased and one remained unchanged.