KSE-100 gains 881 points following record current account surplus

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KARACHI: Pakistan Stock Exchange (PSX) bounced back and closed high on Thursday. Among the strong economic data, especially among the additional number of record current account, the benchmark KSE-100 index increased by 881 points.

The index increased by 881.03 points, or 0.76 percent to 116,901.13 points, which increased by 116,020.11 points in the final session. The highest index of the day was 117,216.03 points, while the lowest level was recorded at 115,818.07 points.

Arif Habib Limited analyst Ahsan Mahanti said, “Stocks showed a rapid recovery between a record current account surplus of $ 1.195 billion in March, and Kuwait expanded the oil credit facility to reduce rupee volatility and attract foreign arrival.”

He said that Fitch rating upgrades default rating and stable outlook, increasing Asian equity and crude oil prices, economic data related to remittances and economic data about inflation played a faster role.

The KSE 30 index increased 326.18 points or 0.92 percent to 35,606.48 points, 35,932.66 points. Trade shares decreased by 73 million shares to 408.066 million shares by 481.813 million shares. The commercial value dropped from Rs 38.536 billion to Rs 32.127 billion. Market Capital increased by Rs 14.193 trillion to Rs 14.292 trillion. Of the 445 companies operating in the session, 212 were closed in green, 172 and 61 in Red.

Naveed Nadeem, analyst in Topline Securities, said that PSX ended the session on a sharp note, in which the KSE -100 index increased 881 points, or 0.76 percent, closed at 116,901 levels. “The sentiments of investors were overwhelmed with a record remittance, which participated in an additional amount of a historic current account in March,” he said.

Cement stock rally was fueled by Rs 25 per bag in cement prices, which further supported the market’s top speed.

The index’s performance was widely operated by heavyweight stocks, including UBL, PSO, NBP, Mari and MLCF, which collectively helped 515 points, which identified their important role in maintaining market speed.

PIA Holding Company Limited B recorded the highest increase, which increased from Rs 175.36 to Rs 1,928.97 per share, after which the Sezgar Engineering Works Limited increased by Rs 662.44. A significant reduction was noted in Hochast Pakistan Limited, which was reduced by Rs 153.86 to Rs 3,041.09 per share. Unilever Pakistan Foods Limited, which was reduced from Rs 56.65 to Rs 22,911.32 per share.

JS Global analyst Mohammad Hassan Athar said that several catals operated the rally, including Fitch’s credit upgrade and progress on solving circular loans. “This development indicates potentially reducing inflation, while the new property is more likely to be relieved of taxes,” he said. “The decisive interval of more than 117,000 markets sets solid pace, which can advance the index towards 118,500 nearby, especially if foreign influys are faster on macro economic indicators.”

Maple Leaf remained the volume leader with 23.794 million shares, which closed from Rs 3.81 to Rs 64.57 per share. Bow Punjab, with 23.321 million shares, followed it, which closed at Rs 11.26 per share by 15 bucks.

Other important business stocks include Kanjiko PK, Military Cement, National Bank XD, World Call Telecom, PACE (PAC) Ltd., Sui South Gas, Hospital Petrol and United Bank.

In the futures market, 309 companies recorded trade, out of which 163 increased, 136 declined, and 10 changed.