Pakistan stock Exchange welcome new era with historic single day gain 1700+ points

[muhammadhafeezmalik]

In a historic first, PSX posts over 1,700-point single-day gain ​

Investors at Pakistan Stock Exchange on Monday warmly welcomed the new coalition government in the country as a bull-run witnessed since start of the session and the market registered historic high with tremendous trading volumes.

The market opened on a strong positive note due to clarity on political front. Strong appreciation in PKR against US$ also invited healthy buying in all sectors. The PKR gained against the dollar with PKR/USD closing at 183.3 in the interbank.

Buying was seen from local and foreign investors coupled with institutional support that kept the index in green zone throughout the day where majority of stocks registered healthy gains while over two dozen stocks hit their upper circuits during the session.

The benchmark KSE-100 Index posted highest ever single day gain (in terms of points) of 1,700.38 points or 3.83 percent and closed above 46,000 psychological at 46,144.95 points. The index opened 964 points or 2.0 percent up and hit 46,215.54 points intra-day high level.

Muhammad Sohail, leading analyst and CEO of Topline Securities said that the PSX made new history where the KSE-100 Index posted historic single day gain in term of index points. He said that the KSE-100 Index gained 1,700 points in a single day which is a new record in the history of PSX.

Trading activity also tremendously improved as total daily trading volumes on ready counter surged to 557.672 million shares as compared to 227.885 million shares traded on previous session while total daily traded value increased to Rs 13.362 billion against previous session’s Rs 6.785 billion.

BRIndex100 increased by 216.51 points or 4.87 percent to close at 4,660.23 points with total daily turnover of 508.457 million shares. BRIndex30 surged by 1344.04 points or 8.45 percent to close at 17,258.12 points with total daily trading volumes of 377.494 million shares.

Foreign investors also remained net buyers of shares worth $1.430 million. The market capitalization increased by Rs 236 billion to Rs 7.710 trillion. Out of total 386 active scrips, 330 closed in positive and only 45 in negative while the value of 11 stocks remained unchanged.

WorldCall Telecom was the volume leader with 140.797 million shares and gained Rs 0.40 to close at Rs 2.13 followed by Cnergyico PK that closed at Rs 6.00, up Rs 0.80 with 40.149 million shares. Fauji Cement increased by Rs 0.76 to close at Rs 17.86 with 18.176 million shares.

Bata Pak and Rafhan Maize were the top gainers increasing by Rs 145.19 and Rs 100.00 respectively to close at Rs 2,484.39 and Rs 11,500.00 while Gatron Industries and Mithchells Fruit were the top losers declining by Rs 30.23 and Rs 9.21, respectively to close at Rs 471.67 and Rs 118.82.

An analyst at Arif Habib Limited said that bullish momentum was recorded due to clarity over political unrest and appreciation of Pak rupee against dollar.

The market celebrated the long-awaited clarity as KSE-100 Index posted historic single day gain in terms of index points.

Across-the-board rally was witnessed regardless of foreign selling spree. Main board activity remained healthy. Moreover, market even witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include Banks (up 385.4 points), Cement (up 228.5 points), Technology (up 199.3 points), Fertilizer (up 129.8 points) and E&P’s (up 117.1 points).

BR Automobile Assembler Index increased by 230.96 points or 2.46 percent to close at 9,618.35 points with total turnover of 2.288 million shares.

BR Cement Index surged by 303.72 points or 5.94 percent to close at 5,414.69 points with 46.694 million shares.

BR Commercial Banks Index gained 373.41 points or 3.73 percent to close at 10,387.45 points with 31.495 million shares.

BR Power Generation and Distribution Index added 239.14 points or 4.17 percent to close at 5,973.32 points with 19.891 million shares.

BR Oil and Gas Index inched up by 122.83 points or 3.31 percent to close at 3,837.38 points with 27.362 million shares.

BR Tech. & Comm. Index closed at 3,859.23 points, up 255.32 points or 7.08 percent with 193.015 million shares.

Neelam Naz at JS Global Capital said that the benchmark KSE-100 Index saw a buoyant day closing above the psychological barrier of 46,000 amid political clarity over the weekend.

Total traded volume stood at 557 million shares where WTL (up 23 percent), CNERGY (up 15 percent), FCCL (up 4.4 percent), HUMNL (up 9.1 percent) and PIBTL (up 17 percent) were the highest contributors.

More than 25 stocks hit their upper circuit during the day where LUCK, HUBC, HBL, MEBL and TRG contributed almost 387 points to the index. Rupee also gained against the dollar with PKR/USD closing at 183.3 in the interbank.

BR-ePaper | Apr 12, 2022 | Page Front Page 1

epaper.brecorder.com

Pakistan Stock Exchange Limited -

PSX provides a reliable, orderly, liquid and efficient digitized market place where investors can buy and sell listed companies’ common stocks and other securities. For over 60 years, the Exchange has facilitated capital formation, serving a wide spectrum of participants, including individual...

www.psx.com.pk

 

[Jango]

I'm a bit confused here so help me my friend.

When corporations and companies were having record profits and revenues, N league and their supporters argued that it is all going into the pockets of industralists and CEO's, and had no tangible benefit.

So, do the stock exchange returns go to the poor man?

Please explain, I don't know stock markets or the economy all that well.

 

[muhammadhafeezmalik]

I'm a bit confused here so help me my friend.

When corporations and companies were having record profits and revenues, N league and their supporters argued that it is all going into the pockets of industralists and CEO's, and had no tangible benefit.

So, do the stock exchange returns go to the poor man?

Please explain, I don't know stock markets or the economy all that well.

At that time our Insafi friends used to remind us "Trickle Down Theory"

 

[Bilal.]

Any resolution (good or bad) is always welcomed by stock markets. They just hate uncertainty.

 

[Jango]

At that time our Insafi friends used to remind us "Trickle Down Theory"

To woh us time theek thay ya ab aap theek ho?

 

[Clutch]

View attachment 833195

Pakistan Stock Exchange Limited -

PSX provides a reliable, orderly, liquid and efficient digitized market place where investors can buy and sell listed companies’ common stocks and other securities. For over 60 years, the Exchange has facilitated capital formation, serving a wide spectrum of participants, including individual...

www.psx.com.pk

Smart move would be to get out now before it all comes crashing down when the 10% Zardari and Ishaq Dar corruption disaster shows up....

 

[daring dude]

I think it is only temporary as foreign funded bribes money has been inducted by Mutahida #imported_government to show off such indicators..
So we can only came to know later what this brings for us in long run with all the indicators…

 

[Qmjd]

welcome to slavery

 

[Menace2Society]

You do realise corrupt men with a track record of 30 years of failure are about to take control?

The stock market was their favourite place to launder money and they would cash out in hong kong. Pump and dump schemes incoming

 

[muhammadhafeezmalik]

To woh us time theek thay ya ab aap theek ho?

I never said it is useless that our stock exchange is performing better.

 

[V. Makarov]

The stock exchange responds to political turmoil, and not governance. When the stock exchange rises by 1500 points, the billionaires are the sole beneficiaries. They don't care if NAB is dissolved, or Shahbaz Sharif politicizes the Election Commission of Pakistan. They are not affected by these measures.

 

[Waterboy]

The stock exchange responds to political turmoil, and not governance. When the stock exchange rises by 1500 points, the billionaires are the sole beneficiaries. They don't care if NAB is dissolved, or Shahbaz Sharif politicizes the Election Commission of Pakistan. They are not affected by these measures.

Hmm okay. I remember vividly on how PTI fanboys used to celebrate when stock market went up. Now when it's going up, it's a pump and dump scheme. Lol

 

[V. Makarov]

Hmm okay. I remember vividly on how PTI fanboys used to celebrate when stock market went up. Now when it's going up, it's a pump and dump scheme. Lol

That is why you don't quote unaware public when you want to show data on economic growth. Let fanboys say what they want. And let the billionaires profit from the political turmoil.

 

[muhammadhafeezmalik]

The stock exchange responds to political turmoil, and not governance. When the stock exchange rises by 1500 points, the billionaires are the sole beneficiaries. They don't care if NAB is dissolved, or Shahbaz Sharif politicizes the Election Commission of Pakistan. They are not affected by these measures.

https://www.facebook.com/video.php?v=10155029545344527

 

[pak-marine]

PSX soars over 1,500 points as 'political drama' concludes​

Talqeen ZubairiPublished April 11, 2022 - Updated about 4 hours ago

The benchmark KSE-100 index soared more than 1,500 points on Monday. — Photo courtesy: PSX website
The benchmark KSE-100 index soared more than 1,500 points on Monday with analysts attributing the rally to an end to weeks of political instability that saw Imran Khan ousted from power.
The index opened at 44,444.58 and was up by 1541.57 points, or 3.47 per cent, by 12:30pm.
"Pakistan Stock Exchange (PSX) is bullish on speculations ahead of voting to elect new prime minister," said Ahsan Mehanti of of Arif Habib Corporation.
"Stock market and the rupee have shown a major recovery after the no-confidence vote eased political uncertainty," he said.

Raza Jaffrey, head of research at Intermarket Securities, said that KSE-100 index was up more than three per cent after the end of the "high political drama" over the last few weeks.
"Attention will quickly turn to the economy and initial soundbites from the PML-N, to quickly approach the International Monetary Fund (IMF) and to improve administrative efficiency, are encouraging," he said.

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More to follow.