KARACHI: Amid prevailing financial optimism, the inventory market maintained its record-breaking streak for the seventh consecutive session on Friday. Buoyant traders engaged in aggressive value-hunting throughout the board propelled the KSE 100 index to a historic closing above 75,000 for the primary time.
Ahsan Mehanti of Arif Habib Company said that the current account surplus of $491 million in April, reflecting rising remittances and exports and the nation’s general international change reserves rising to $14.62 billion, continued to maintain the market bullish.
He stated the information report that the federal government was decided to safe a five-year extension in refee of the $15.36 bn debt to Chinese language Independent Energy Producers additionally contributed to a document shut on the PSX.
Topline Securities attributed the market’s constructive efficiency to a decline in yields on T-bills. The market often considers this an indicator of a probable lower within the State Financial institution’s coverage fee since inflation has decelerated sharply and is anticipated to be 13-15pc in Could.
Dawood Hercules, Hub Energy Firm, Thal Ltd, Engro Fertilisers and Fauji Fertiliser positively contributed 222 factors to the index.
In consequence, the benchmark index hit an intraday excessive of 75,401.12 and a low of 74,947.71. Nevertheless, the KSE 100 index closed at a brand new peak of 75,342.35 factors after gaining 411.65 factors or 0.55pc on a day-on-day foundation.
Nevertheless, the general buying and selling quantity rose 21.85pc to 496.69 million shares. The traded worth, nevertheless, rose meagrely by 3.84pc to Rs17.63bn day-on-day.
Shares contributing considerably to the traded quantity included Kohinoor Spinning (44.61m shares), PIA (28.76m shares), Okay-Electric (23.05m shares), Dewan Cement (22.45m shares) and Pak Elektron (20.06m shares).
The shares registering probably the most important increases of their share costs in absolute phrases have been Nestle Pakistan (Rs149.82), Ismail Industries (Rs104.14), Hoechst Pak (Rs92.92), Unilever Meals (Rs40.54) and Thal Ltd (Rs33.48).
The businesses registering the key decreases of their share costs in absolute phrases have been Service Industries Ltd (Rs23.52), Khyber Textile (Rs19.98), Hinopak Motors (Rs10.16), Pakistan Nationwide Shipping (Rs8.72) and Philip Morris (Rs6.99).
Overseas traders remained busy in value-hunting and picked extra shares value $0.45m.
Revealed in Daybreak, Could 18th, 2024