BRIndex100 snaps losing streak

Pakistan Stock Exchange witnessed a bullish trend on the back of healthy buying in various sectors.
BRIndex100 gained 141.5 points or 3.2 percent to close at 4,565.62 points Tuesday. BRIndex100 touched intraday high of 4,570.38 and intraday low of 4,428.89 points. Volumes stood at 126.186 million shares.
BRIndex30 increased by 686.73 points or 3.08 percent to close at 22,999.63 points with a turnover of 87.325 million shares.
The benchmark KSE-100 index surged by 1,096.17 points or 2.63 percent to close at 42,744.82 points. Trading activity also improved as daily volumes on the ready counter increased to 140.845 million shares as compared to 88.458 million shares traded Monday.
Foreign investors remained net sellers of shares worth $11.8 million. The market capitalization increased by Rs 177 billion to Rs 8.828 trillion. Out of total 350 active scrips, 280 closed in positive, only 58 in negative while the value of 12 stocks remained unchanged.
Fauji Cement was the volume leader with 13.961 million shares. It gained Rs 1.10 to close at Rs 25.71 followed by Pak Electron that increased by Rs 1.62 to close at Rs 37.44 with 7.391 million shares.
Pak Tobacco and Wyeth Pak were the top gainers with Rs 70.00 and Rs 39.04, respectively to close at Rs 2,070.00 and Rs 1,501.04. Sapphire Textile and Island Textile were the top losers with Rs 72.03 and Rs 54.99, respectively to close at Rs 1,550.91 and Rs 1,085.00.
BR Commercial Banks Index surged by 159.93 or 1.91 percent to close at 8,545.83 points with total turnover of 23.719 million shares.
BR Cement Index increased by 154.17 points or 3.03 percent to close at 5,249.27 points with 27.347 million shares.
BR Oil and Gas Index added 135.33 points or 2.57 percent to close at 5,396.63 points with 11.348 million shares.
BR Tech. & Comm. Index gained 32.74 points or 3.05 percent to close at 1,106.08 points with 8.849 million shares.
BR Power Generation and Distribution Index closed at 6,280.98 points, up 159.12 points or 2.6 percent with 4.918 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed bullish led by scrips across the board as investor cheer likely announcement of caretaker PM. He said record surge in US crude oil prices, Moody ratings affirmation on Pakistan B3 stable credit profile, upbeat data on textile exports growth at 12.1 percent in April 2018 and rising local cement prices played a catalyst role in record surge at PSX.