PSX stays bullish: BRIndex100 maintains uptrend

KARACHI: A bullish trend continued on Pakistan Stock Exchange on Friday on the back of fresh buying by local and foreign investors.

BRIndex100 gained 51.08 points or 1.22 percent to close at 4,236.01 points. BRIndex100 hit intraday high of 4,243.11 and intraday low of 4,184.93 points. Volumes stood at 327.944 million shares.

BRIndex30 increased by 340.26 points or 1.6 percent to close at 21,576.30 points with a turnover of 246.345 million shares.

The KSE-100 Index surged by 444.81 points or 1.10 percent to close at 40,798.43 points. Trading activity however remained low as daily volumes on ready counter decreased to 358.824 million shares as compared to 476.869 million shares traded Thursday.

Foreign investors also remained net buyers of shares worth $411,038. Total market capitalization increased by Rs 53 billion to Rs 7.602 trillion. Out of total 409 active scrips, 272 closed in negative and 124 in positive while the value of 13 stocks remained unchanged.

Hascol Petroleum was the volume leader with 53.955 million shares however lost Rs 0.89 to close at Rs 16.69 followed by Unity Foods that gained Rs 0.68 to close at Rs 17.27 with 34.991 million shares. Rafhan Maize and Philip Morris Pak were the top gainers increasing by Rs 200.00 and Rs 99.28 respectively to close at Rs 8350.00 and Rs 1699.28 while Nestle Pakistan and Sapphire Fiber were the top losers declining by Rs 90.00 and Rs 54.99 respectively to close at Rs 6510.00 and Rs 681.01.

BR Automobile Assembler Index surged by 231.75 points or 3.15 percent to close at 7,587.01 points with total turnover of 5.686 million shares.

BR Cement Index gained 18.56 points or 0.32 percent to close at 5,844.05 points with 38.608 million shares.

BR Commercial Banks Index increased by 116.14 points or 1.41 percent to close at 8,337.60 points with 21.772 million shares.

BR Power Generation and Distribution Index inched up by 91.14 points or 1.93 percent to close at 4,823.09 points with 14.012 million shares.

BR Oil and Gas Index closed at 3,977.77 points, up 48.82 points or 1.24 percent with 65.174 million shares.

BR Tech. & Comm. Index gained 39.53 points or 2.29 percent to close at 1,764.02 points with 44.714 million shares.

Ahsan Mehanti at Arif Habib Corporation said that the stocks closed higher amid higher trades on higher global equities and surging global crude oil prices. Pressure remained in leveraged stocks amid surging government bond yields.

He said that the investor speculations ahead of major quarter end earning announcements due next week, NEPRA decisions over tariff increase to ease circular debt crises and strengthening rupee played a catalytic role in bullish close.

Copyright Business Recorder, 2020