HomeNewsStocks add 238 points on foreign buying - Business

Stocks add 238 points on foreign buying – Business

KARACHI: The equities market experienced a strong weekly start with the benchmark index surging by 426 points within the first five minutes of trading on Monday.

Topline Securities Ltd said investors decided to lock in their profits as the index started approaching the significant 50,000-point level.

Profit-taking led to a brief dip in the KSE-100 index to the intraday low of 49,317 before it eventually bounced back.

The market’s positive momentum was driven by banking, technology and cement sectors, it added.

Arif Habib Ltd said volatility is rising in the 49,000-50,000-point zone. The market also recorded the highest daily volume since the August highs of 370 million shares.

“Be alert for sharp lower moves in the near term especially when the market crosses 50,000 points,” it added.

As a result, the KSE-100 index settled at 49,731.35 points, up 237.88 points or 0.48 per cent from the preceding session.

The overall trading volume decreased 15.9pc to 467.3m shares. The traded value decreased 8.6pc on a day-on-day basis to Rs14.1 billion.

Stocks contributing significantly to the traded volume included K-Electric Ltd (98.1m shares), Pakistan Telecommunication Company Ltd (22.6m shares), Pakistan International Bulk Terminal Ltd (22m shares), WorldCall Telecom Ltd (18.5m shares) and Pak Elektron Ltd (17m shares).

Companies registering the biggest increases in their share prices in absolute terms were Nestle Pakistan Ltd (Rs102), Philip Morris Pakistan Ltd (Rs40.50), Pakistan Services Ltd (Rs39.92), Pakistan Tobacco Company Ltd (Rs32.70) and Siemens Pakistan Engineering Ltd (Rs26.99).

Companies that recorded the biggest declines in their share prices in absolute terms were Rafhan Maize Products Company Ltd (Rs178.11), Pakistan Hotels Developers Ltd (Rs38.30), Faisal Spinning Mills Ltd (Rs15), Sapphire Fibres Ltd (Rs12.69) and Premium Textile Mills Ltd (Rs12.01).

Foreign investors were net buyers as they purchased shares worth $1.67m.

Published in Dawn, October 17th, 2023

Source: dawn.com

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