Bulls returned to the trading floor to record the third-largest single-day gain on Wednesday a day after the Pakistan Stock Exchange (PSX) witnessed its highest ever day-on-day points decline, with the benchmark KSE-100 Index gaining 1,692.65 points (+2.86 percent) to close at 60,863.62 points.
The market opened on a negative note and shed over 400 points at the start. It switched between the red and green territories during the first hour trading; however, later the bulls controlled the market. According to experts, the KSE-100 bounced back from technical support levels. They said that the high-leverage issue also appeared to be over. They were of the view that there will be nervous days as elections approach, but it is encouraging to see the market is forming a base after its recent sharp decline.
They said the KSE-100 Index had gained faster than what fundamentals dictated so a ‘correction’ was expected. A lot depends on foreign exchange inflows and whether Pakistan can attract investment in its state-owned companies, and if it can resolve power sector woes, they further said, adding without these investment flows, the PSX will continue to see a volatile ride. Across-the-board buying was witnessed as index-heavy sectors including automobile assemblers, chemical, commercial banks, fertilizer, oil and gas marketing companies, oil and gas exploration companies, property and refineries traded in the green.
The benchmark index traded in a range of 2,251.39 points, showing an intraday high of 61,009.87 points and an intraday low of 58,758.48 points. Among other indices, the KSE All Share Index gained 965.86 points (+2.37 percent) to close at 40,684.62 points. Similarly, the KMI All Share Islamic Index gained 777.77 points (+2.62 percent) to close at 29,666.38 points.
Total volumes traded for the KSE-100 Index decreased by 2.16 million shares to 394.32 million shares against 396.48 million traded in the previous session. Similarly, the overall market volumes decreased by 1.5 million shares to 669.36 million shares against 670.86 million shares traded a session earlier. Among scrips, KEL topped the volumes with 102.25 million shares, followed by FFL (58.13 million) and PTC (55.43 million). Stocks that contributed significantly to the volumes included KEL, FFL, PTC, CNERGY, and WTL, which formed over 45 percent of total volumes.
A total of 355 companies traded shares in the stock exchange against 366 in the previous session, out of which shares of 274 closed up, shares of 61 companies closed down while shares of 20 companies remained unchanged. A total of 96 companies traded shares in the KSE-100 Index against 97 in the previous session, out of which share prices of 88 companies closed up, three companies closed down and five remained unchanged.
The number of total trades increased to 213,260 from 194,452 in the previous session, while the value traded decreased by Rs1.01 billion to Rs16.12 against Rs17.13 billion in the previous session.
In terms of rupee, PAKT remained the top gainer with an increase of Rs56 (+5.36 percent) per share, closing at Rs1,100. The runner-up remained MARI, the share price of which climbed up by Rs43.55 (+2.23 percent) to Rs1,993.26. MEHT remained the top loser with a decrease of Rs37 (-7.33 percent) per share, closing at Rs468, followed by FASM, the share price of which fell by Rs29.25 (-7.5 percent) to close at Rs360.75 per share.
The major sectors taking the index towards north remained commercial banks (415 points), cement (205 points), power generation & distribution (178 points), fertilizer (163 points), oil & gas exploration companies and technology & communication (147 points each), refinery (76 points), and oil & gas marketing companies (62 points). Ten major companies adding points to the index remained HUBC (80 points), MEBL (74 points), SYS (53 points), EFERT (39 points), LUCK (28 points), TRG and PPL (25 points each), OGDC (23 points), and BAHL and BAFL (21 points each).
The major sectors taking the index towards south were The major sectors taking the index towards south were property (0ne point), and leasing companies (0.22 points). Ten major companies depriving the index of points remained MEHT (7 points), ATLH and FML (3 points each), JSBL and AICL (2 points each), and SBL, AABS, DLL, TATM and MSOT (one point each).
