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Thursday, February 2, 2023
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HomeBusinessPSX rallies for sixth session as foreign investment returns

PSX rallies for sixth session as foreign investment returns

The Pakistan Stock Exchange (PSX) remained in tight grip of bulls for the sixth straight session on Tuesday, with the benchmark KSE-100 Index gaining 503.95 points (+1.12 percent) to close at 45,390.84 points.

The market opened on a positive note and remained positive throughout the session. The benchmark index crossed the 45,000 psychological mark at the opening and later consolidated gains. One of the main reasons behind this bullishness is return of foreign investment, as foreign investors remained net buyers of $5.41 million worth of shares. The foreign buying remained $11.78 million and gross selling remained $6.37 million.

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The KSE-100 Index moved in a range of 519.19 points, showing an intraday high of 45,406.08 points and a low of 44,886.89 points, the last day closing point. Among other indices, the KSE All Share Index gained 323.44 points (+1.05 percent) to close at 31,112.71 points, while KMI All Share Islamic Index gained 297.43 points (+1.34 percent) to close at 22,428.07 points.

A total of 380 companies traded shares in the stock exchange, out of them shares of 267 closed up, shares of 89 closed down while shares of 24 companies remained unchanged. Out of 95 traded companies in the KSE-100 Index, 78 closed up, 13 closed down and four remained unchanged.

The overall market volumes increased by 180.82 million to 375.99 million shares. Total volumes traded for the KSE-100 Index increased by 42.56 million to 134.27 million shares. The number of total trades increased by 60,504 to 153,991, while the value traded decreased by Rs6.26 billion to Rs12.78 billion. Overall market capitalisation increased by Rs87.78 billion.

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Among scrips, UNITYR3 topped the volumes with 25.72 million shares, followed by TRG (23.02 million) and WTL (22.06 million). Stocks that contributed significantly to the volumes included UNITYR3, TRG, WTL, TELE, and FNEL, which formed over 29 percent of total volumes.

The major sectors taking the index towards north were technology & communication with 112 points, cement with 72 points, oil & gas exploration companies with 59 points, power generation & distribution with 42 points, and pharmaceuticals with 36 points. The most points added to the index were by TRG which contributed 57 points followed by SYS with 40 points, LUCK with 33 points, HUBC with 31 points, and UNITY with 24 points.

The major sectors taking the index toward south were fertilizer with 2 points and real estate investment trust with one point. The most points taken off the index were by ENGRO which stripped the index of 8 points followed by KTML with 6 points, UBL with 6 points, ILP with 5 points and BAFL with 4 points.

According to experts, technology, refinery and cement sectors led the rally during the session. They said that the market seems positive in the near-term. They said that the revival of the IMF programme may push the market further up in the coming days, as the executive board of the global lender will take up Pakistan’s case on January 12.

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