Stocks steamed ahead on Friday, drawing strength from a recouping rupee amid a general consensus that IMF loan programme would ultimately revive, traders said.
Pakistan Stock Exchange's (PSX) benchmark KSE-100 Share Index jumped 238.62 points or 0.52 percent to 46,184.71 points, exploring a session high and low of 46,287.68 and 45,724.53 points.
Analyst Ahsan Mehanti at Arif Habib Corp said bullish trend continued as rupee was continuously gaining against dollar and expectation the IMF will decide in favour of Pakistan.
Strong financial results, fiscal deficit for July-August 21 status quo at 0.9 percent of GDP, and likely PSX’s resolve to remove the trading system glitches kept the stocks on the upward trajectory, Mehanti said.
The KSE-30 Share Index however ended flat with an increase of 1.97 points or 0.01 percent to close at 17,933.41 points.
Traded shares increased 41 million to 270.40 million from 229.57 million shares, while trading value grew to Rs9.73 billion from Rs7.34 billion. Market capital rose to Rs7.953 trillion from Rs7.930 trillion. Out of 361 actives in the session, 200 emerged as advancers, 146 retreaters, while 15 ended neutral.
Topline Securities in a market wrap said it was a range-bound session as the index traded within a range of an intraday high of 273 points and low of 265 points to close at 46,219 level, up by 0.6 percent.
Major contributions to the index came from LUCK, HBL, MLCF, CHCC, and NML, as they together contributed 199 points to the index, whereas TRG, HUBC, MEBL, UBL, and COLG knocked 195 points out of the index, the brokerage said.
Analysts at Abbasi Research expect the national CPI inflation (NCPI) for October 2021 to clock in at 8.40 percent year-on-year (1.2 percent month-on-month) as compared to 8.98 percent year-on-year (2.1 percent month-on-month) in last month.
“Furthermore, urban CPI inflation (UCPI) (60 percent of NCPI) and rural CPI inflation (RCPI) (40 percent of NCPI) are expected to increase by 9.1 percent year-on-year (1.3 percent month-on-month) and 7.3 percent year-on-year (1.0 percent month-on-month) respectively as compared to 9.1 percent year-on-year (1.3 percent month-on-month) and 8.8 percent year-on-year (2.2 percent month-on-month) respectively in last month,” the brokerage said.
In terms of gains Allawasaya Textile was the best performer, up Rs151.42 to end at Rs2,170.42/share, followed by Sapphire Textile that gained Rs70.01 to close at Rs1,220/share.
Rafhan Maize led the losers by giving up Rs350 to settle down at Rs9,900/share, followed by Colgate Palm that was stripped of Rs100.34 to finish at Rs2,566.91/share.
Hum Network was the session’s volume leader with a trade of 27.91 million shares, trailed by Merit Pack (R) that saw its 27.01 million shares changing hands in the day.
Stocks that registered notable trade volume included Azgard Nine, WorldCall Telecom, Bank of Punjab, TRG Pakistan Ltd, Unity Foods Ltd, Maple Leaf, Fauji Cement, and Byco Petroleum.
Percentage-wise, the highest increase of price was recorded in stocks of SLL, FEM, PINL, DWSM, UCAPM, DFSM, SPLC, PIM XD, SHNI, and LMSM. Whereas, percentage-wise top decliners included JUBS, TPLT, SURC XD XB, KHTC, ZIL, ELSM XD, IDRT XD, BTL XD, SITC XD, and JATM.
Shares’ turnover in the future contracts decreased to 220.83 million shares from 352.59 million shares.
