KARACHI: With a positive start of the week, stocks closed higher by 232 points on Monday to new highs, as investors weigh current account surplus data.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index increased by 232.03 points or 0.24 per cent to 94,995.67 points against 94,763.64 points recorded in the last session. The highest index of the day remained at 95,307.92 points while the lowest level was recorded at 94,620.45 points.
Analyst Ahsan Mehanti at Arif Habib Corp said, “Stocks closed at a new all-time high on reports of current account surplus of $349 million in October 24.” He said that investors weigh surging forex reserves, government decisions over economic reforms for state-owned enterprises (SOEs), independent power producers’ (IPPs) pricing, the finance minister ruling out the possibility of a mini budget, and positive meetings with the IMF played a catalyst role in the bullish activity at the PSX.
The KSE-30 index increased by 71.04 points or 0.24 per cent to 29,481.17 points against 29,410.12 points.Traded shares decreased by 128 million shares to 765.206 million shares from 893.170 million shares. The trading value dropped to Rs23.924 billion from Rs30.811 billion. Market capital expanded to Rs12.233 trillion against Rs12.206 trillion. Of the 457 companies active in the session, 192 closed in green, 220 in red and 45 remained unchanged.
Naveed Nadeem, an analyst at Topline Securities, said the KSE-100 Index closed the session at 94,996, gaining 232 points or 0.24 per cent. The market maintained a positive trajectory, reaching an intraday high of 95,308 and a low of 94,620. Investor confidence was lifted by the encouraging IMF statement, he said.
Key contributors to the index’s upward movement included FFC, HBL, PSEL, SNGP, and LUCK, collectively adding 328 points. Further, UBL, EFERT, and HUBC faced profit-taking, collectively dragging the index down by 164 points.
The highest increase was recorded in Reliance Cotton Spinning Mills Limited, which rose by Rs61.75 to Rs711.75 per share, followed by Pakistan Services Limited, which increased by Rs59.76 to Rs808.51 per share. A significant decline was noted in Bhanero Textile Mills Limited, which fell by Rs85.80 to Rs774.37 per share; Philip Morris (Pakistan) Limited followed it, which closed lower by Rs47.83 to Rs767 per share.
Brokerage Arif Habib Ltd stated that the KSE-100 Index ended the first session of the week on a strong note.In corporate news, FFC revised its offer to Rs39.05 per share for 151 million shares of AGL, up from the previous offer of Rs38.84 per share.
On the economic front, Pakistan recorded a $349 million current account surplus for October, a sharp reversal from the $287 million deficit posted in the same period last year. With near-term support solidifying at 94,000, the index is well-positioned for continued upward movement in the sessions ahead.
Hascol Petrol remained the volume leader with 85.137 million shares which closed higher by Re1 to Rs9.24 per share. Fauji Foods Ltd followed it with 60.498 million shares, which closed lower by 6 paisas to Rs11.55 per share.
Other significant turnover stocks included K-Electric Ltd, Sui South Gas, PTCL, Waves Home App, WorldCall Telecom, Sui North Gas, Treet Battery Ltd and Ghani Glo Hol. In the futures market, 311 companies recorded trading, of which 131 increased, 171 decreased and 9 remained unchanged.
