Pakistan News

Stocks rally after four firms added to MSCI index

Stocks rally after four firms added to MSCI index

KARACHI: Shares listed on the Pakistan Stock Exchange moved up on Tuesday as the semi-annual review by global index provider MSCI added four companies to one of its indices.

Topline Securities said the additions resulted in a buying momentum on the bourse and kept blue-chip stocks in the limelight through the day.

Investors’ sentiments improved from previous few sessions that had been rather dull. Arif Habib Ltd said the change in the MSCI index led to comparatively better volumes on the main board of the exchange whereas third-tier shares also attracted decent volumes.

As a result, the KSE-100 index settled at 42,928.63 points, up 167.44 points or 0.39 per cent from the preceding session.

The trading volume increased 47.4pc to 196 million shares while the traded value went up 48.4pc to $30.4m on a day-on-day basis.

Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (18.6m shares), TPL Properties Ltd (18.5m shares), Hascol Petroleum Ltd (15.4m shares), Pak Elektron Ltd (15.3m shares) and Unity Foods Ltd (14m shares).

Sectors that contributed to the index performance were fertiliser (61.1 points), technology and communication (52.9 points), cement (21.8 points), commercial banking (12.6 points) and investment banking (11.8 points).

Companies registering the biggest increase in their share prices in absolute terms were Allawasaya Textile and Finishing Mills Ltd (Rs181.38), Mehmood Textile Mills Ltd (Rs60.60), Premium Textile Mills Ltd (Rs51), Indus Motor Company Ltd (Rs48) and Siemens Pakistan Engineering Ltd (Rs21.56).

Shares that declined the most in rupee terms were Sapphire Fibres Ltd (Rs89.99), the Thal Industries Corporation Ltd (Rs12.99), Suraj Cotton Mills Ltd (Rs12.79), Gadoon Textile Mills Ltd (Rs9.79) and Fazal Cloth Mills Ltd (Rs9).

Foreign investors were net buyers as they purchased shares worth 0.34m.

Published in Dawn, November 23rd, 2022

Similar News
Recent News
Back to top