Daily Times

Stocks continue to post strong rally at Pakistan Stock Exchange, lifting benchmark KSE-100 index past 48,000 level, touching nearly another 4-year high as a bull-run continues with strong volumes.

On Tuesday the index clocked at 48,191 level after gaining around 294 points by the closing bell, highest closing since June 9, 2017, as the Index remained in a positive territory throughout the session, showing an intraday high of 48,241.55.

Irfan Saeed, Senior Vice President, BMA Capital Management Limited, said that Market is excited to witness strong economic indicators, and therefore it is posting record volumes. Mr Saeed noted that the recently-announced revised up GDP growth figures, which are now backed up by intrernational credit rating agencies Moody’s and Fitch, and expectations of pro growth and business friendly budget by the federal government, is driving the market to record highs.

Investors also cheered yet another positive milestone achieved by the Federal Board of Revenue (FBR) which surpassed its collection target by 7.82 per cent to hit Rs386 billion in May, the third highest collection in the second half of the current fiscal year (FY21), provisional data collected by the tax authorities on Monday showed.

During the session Market Capital increased by Rs.48.16 billion, while total value traded decreased by Rs1.56 billion to Rs.30.49 billion.

The volume at KSE-100 surged from 409.98 million shares recorded in the previous session to 456.37 million shares, while all shares index remained around 1.4 billion shares.

At KSE-100 the volume chart was led by World Call telecom limited followed by Byco petroleum Pakistan Limited and Silk Bank limited. The scrips exchanged 354 million, 94.6 million and 86.09 million shares.

During the session, sectors which lifted the index were Oil & Gas Exploration Companies with 83 points, Fertilizer with 57 points, Power Generation & Distribution with 25 points, Pharmaceuticals with 23 points and Food & Personal Care Products with 17 points.

Among the scrips, the most points added to the index was by ENGRO which contributed 41 points followed by Pakistan Petroleum Limited with 39 points, Lucky Cement with 22 points, Hub Power Company with 22 points and Oil & Gas Development Company Limited with 21 points.

However, sectors which dented the index were Automobile Assembler with 14 points, Oil & Gas Marketing Companies with 13 points, Sugar & Allied Industries with 1 points, Real Estate Investment Trust with 1 points and Leasing Companies with 1 points.

Among the scrips, the most points taken off the index was by Meezan Bank Limited which stripped the index of 13 points followed by Sui North Gas Pipeline limited with 10 points, Pakistan State Oil with 10 points, Fauji Cement Company Limited with 8 points and TRG Pakistan with 8 points.