HomeNewsIndex rises to six-year high - Newspaper

Index rises to six-year high – Newspaper

KARACHI: The outgoing week saw the benchmark index crossing 49,000 points, which is the level last seen in June 2017.

Arif Habib Ltd said the stock market maintained its bullish trend on the back of robust corporate results that exceeded participants’ expectations. A record-setting 27th consecutive session of the strengthening rupee against the dollar boosted investors’ confidence.

Furthermore, Pakistan was granted the GSP+ extension for four years. Auto sales for August increased to 7,600 units, up 49 per cent month-on-month. Moreover, remittances for September increased 5pc month-on-month to settle at $2.21 billion.

On top of this, foreign exchange reserves of the State Bank of Pakistan rose $31 million to $7.6bn as of Oct 6. The rupee closed at 277.6 against the greenback after appreciating 1.83pc from a week ago.

As a result, the index closed at 49,493 points after gaining 2,000 points or 4.2pc from the preceding week.

Sector-wise, positive contributions came from commercial banking (498 points), fertiliser (447 points), exploration and production (283 points), power (250 points) and cement (127 points).

Meanwhile, sectors that contributed negatively were technology (79 points), and chemical (21 points).

Scrip-wise, positive contributors were the Hub Power Company Ltd (182 points), Fauji Fertiliser Company Ltd (178 points), Pakistan Petroleum Ltd (151 points), United Bank Ltd (123 points) and Engro Corporation Ltd (118 points).

Negative contributions came from TRG Pakistan Ltd (123 points), Colgate-Palmolive Pakistan Ltd (14 points), Lotte Chemical Company Ltd (eight points), Ghani Glass Ltd (five points) and Frieslandcampina Engro Pakistan Ltd (three points).

Foreign buying continued in the outgoing week and clocked in at $1.4m versus a net sale of $12m a week ago. Major buying was witnessed in technology and communication ($1m) and exploration and production ($0.8m). On the local front, selling was reported by insurance ($2.1m) and individuals ($2m).

The average daily volume arrived at 376m shares, up 29pc week-on-week. The average value traded settled at $36m, up 38pc from the preceding week.

Published in Dawn, October 15th, 2023

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