Bulls toss KSE-100 above 42,000 point-mark

Market watch

Bulls toss KSE-100 above 42,000 point-mark

Benchmark index gains 278.77 points to settle at 42,014.73

OUR CORRESPONDENT

KARACHI

The Pakistan Stock Exchange maintained its bullish run and closed the week in the green zone on Friday, as the investors showed optimism toward the approaching budget announcement.  

The benchmark KSE-100 index witnessed a lacklustre trading session but maintained its bullish run as investors anticipated budget announcement for the fiscal year 2023.

Moving forward, the index witnessed a dip as it touched an intra-day low of 41,715.05 points and was observed oscillating in a narrow range but soon bulls pulled the index upwards.

Strong data on Agriculture growth at 4.4pc and LSM growth at 10.4pc for July-March 2022 boosted investor spirits to end the session with modest gains.

The investors’ sentiment remained cheerful amid reports of a record federal budget for the fiscal year 2023 outlay of 9.5 trillion.

Furthermore, the swell in global crude oil prices also assisted in the bullish close.

Earlier, the trading began with a spike but cherry-picking erased the gains in the KSE-100 index in the early hours. After midday, the market witnessed renewed optimism as a surge in oil prices enticed investors to make fresh buying. As a result, the market made a rapid climb and closed above the 42,000 point mark.

At close, the benchmark KSE-100 index recorded an increase of 278.77 points, or 0.67%, to settle at 42,014.73 points.

Topline Securities, in its report, said that lackluster activity was observed at the bourse today, as the index traded between its intraday high of 340 points and intraday low of -21 points with low volumes to finally close at 42,015 level.

The major contribution to the index came from Millat Tractors, Oil and Gas Development Company, PR, Systems Limited and ENGRO, as they cumulatively contributed 124 points, the report added.

On the flip side Bank AL Habib Limited, Thal Limited, National Bank of Pakistan, Meezan Bank Limited and Service Industries Limited lost value to weigh down on the index by 47 points.

Traded volume and value for the declined to 155.6m shares and Rs.3.07b respectively, Topline said.

TPLP was today's volume leader with 12m shares.