BRIndex100 turns green

Pakistan Stock Exchange ended on a positive note on the back of fresh buying by local and foreign investors. BRIndex100 gained 16.01 points or 0.34 percent to close at 4,683.22 points Thursday. BRIndex100 touched intraday high of 4,724.46 and intraday low of 4,664.27 points. Volumes stood at 161.940 million shares.
BRIndex30 increased by 67.59 points or 0.29 percent to close at 23,474.12 points with a turnover of 86.656 million shares.
The benchmark KSE-100 index surged by 60.78 points to close at 43,855.78 points. Daily trading volumes increased to 196.268 million shares as compared to 191.850 million shares traded Wednesday.
Foreign investors emerged net buyers of equities worth $2.4 million. The market capitalization stood at Rs 9.021 trillion, down Rs 8 billion. Out of total 364 active scrips, 196 closed in positive, 156 in negative while the value of 12 stocks remained unchanged.
1st Dawood Bank was the volume leader with 13.666 million shares. It gained Re 1.00 to close at Rs 5.01 followed by Dewan Cement that lost Rs 1.02 to close at Rs 19.50 with 11.122 million shares. Bata Pak and Hinopak Motor were the top gainers with Rs 45.01 and Rs 23.50, respectively to close at Rs 2,429.00 and Rs 1,098.00. Unilever Foods and Colgate Palmolive were the top losers with Rs 444.95 and Rs 58.67, respectively to close at Rs 8,454.05 and Rs 3,000.00.
BR Commercial Banks Index decreased by 30.64 points or 0.35 percent to close at 8,653.97 points with 14.483 million shares.
BR Cement Index increased by 96.94 points or 1.78 percent to close at 5,554.98 points with 29.042 million shares.
BR Oil and Gas Index gained 29.81 points or 0.54 percent to close at 5,515.65 points with 12.775 million shares.
BR Tech. & Comm. Index lost 5.35 points or 0.46 percent to close at 1,159.72 points with 21.248 million shares.
BR Power Generation and Distribution Index plunged by 50.23 points or 0.77 percent to close at 6,485.44 points with 5.222 million shares.
An analyst at Topline Securities said that Pakistan equities finally came out of the bearish spell that lasted for 7 successive sessions. The market turned green in session as cement manufacturers mulls to raise cement prices by Rs 15 per bag, as a result cement sector alone contributed 67 points to index gain. Moreover, Sui companies added 33 points to index as market expects favorable return formula for these utility companies. Moreover, Banks witnessed 8th straight bearish spell amid their weak 2018 earnings outlook coupled with continuation of super tax. SNGP, MLCF, ENGRO, DGKC, and PPL remained top contributors in the session with contribution of 82 points.