Daily Times

The Pakistan Stock Exchange (PSX) continued with a bullish trend on Thursday on the first day of the new financial year 2021-22 with the benchmark KSE-100 Index gaining 444.55 (+0.94 points) to close at 47,800.57 points.

The market opened on a positive note and remained positive throughout the session to welcome the financial year 2021-22 with a bullish activity. The KSE-100 Index touched the intraday high of 47,843.3 points.

Among other indices, the KSE All Share Index gained 341.93 points (+1.05 percent) to close at 32,821.75 points, while All Share Islamic Index gained 339.03 points (+1.47 percent) to close at 23,453.29 points.

A total of 391 companies traded shares in the stock exchange, out of them shares of 273 closed up, shares of 105 closed down while shares of 13 companies remained unchanged. The overall market volumes increased by 210.31 million to 759.98 million shares. The number of total trades increased by 26,740 to 171,206, while value traded increased by Rs0.37 billion to Rs16.25 billion.

Among scrips, WTL topped the volumes with 198.7 million shares, followed by SILK (51.4 million) and TPL (48.2 million). Stocks that contributed significantly to the volumes include WTL, SILK, TPL, HUMNL and PACE, which formed 48 per cent of total volumes.

The sectors contributing to the performance include cement (+102 points), E&P (+67 points), textile (+41 points), chemical (+34 points) and fertilizer (+29 points).

The stocks that contributed positively to the index include LUCK (+65 points), PPL (+30 points), COLG (+22 points), NML (+21 points) and HBL (+19 points). The stocks that contributed negatively include MCB (-12 points), BAFL (-11 points), TRG (-7 points), ABL (-6 points) and PKGS (-5 points).

Analysts at Arif Habib Limited said that the market performed well on the first day of FY22, adding a total of 487 points on the board and maintained the momentum by session’s end, closing +445 points. Profit booking by institutions in the past couple of sessions in the wake of closing FY21 with decent returns, left the institutions with deployable funds that will likely route back to equities in the coming days, they said.

They said that buying activity was observed across the board with technology, cement and banking stocks contributing the most. Positive news triggers on the economic front, including the textile sector posting healthy export growth kept the momentum alive, they added.