Bulls toss KSE-100 above 42,000 mark

Benchmark index gains 278.77 points to settle at 42,014.73

KARACHI:

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

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

Moving forward, the index dipped and touched an intraday low of 41,715.05 points and was observed oscillating in a narrow range.

However, soon bulls pushed the index upwards.

Strong data on agricultural growth at 4.4% and LSM growth at 10.4% for July- March FY22 boosted investor spirits, helping the market end the session with modest gains.

Investors remained cheerful amid reports of a record federal budget for fiscal year 2023 with an outlay of Rs9.5 trillion.

Furthermore, swelling global crude oil prices also assisted in the bullish close of the stock market.

Earlier, the trading began with a spike but cherrypicking erased the gains in the KSE-100 index in early hours.

After midday, the market witnessed renewed optimism as the 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 lacklustre activity was observed at the bourse, 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.

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 Rs3.07b respectively, Topline said.

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