BRIndex-100 keeps rising

A bullish trend continued on Pakistan Stock Exchange on the second consecutive day on the back of select buying, mainly by local investors. BRIndex100 gained 54.57 points or 1.24 percent to close at 4,451.27 points on Wednesday. BRIndex-100 touched intraday high of 4,460.49 and intraday low of 4,396.49 points. Volumes stood at 192.989 million shares.
BRIndex30 increased by 197.47 points or 0.91 percent to close at 21,942.33 points with a turnover of 154.460 million shares. The benchmark KSE-100 index surged by 471.90 points or 1.14 percent to close at 41,717.99 points. Trading activity also improved as daily volumes increased to 235.495 million shares as compared to 179.771 million shares traded Tuesday.
Foreign investors remained net sellers of shares worth $4.7 million. The market capitalization increased by Rs 55 billion to Rs 8.559 trillion. Out of total 382 active scrips, 247 closed in positive, 115 in negative while the value of 20 stocks remained unchanged.
Power Cement emerged volume leader with 45.681 million shares. However, it lost Re 0.04 to close at Rs 8.35 followed by Silk Bank that closed at Rs 1.15, down Re 0.04 with 11.389 million shares.
Unilever Foods and Nestle Pakistan were the top gainers with Rs 115.00 and Rs 100.00, respectively to close at Rs 8,000.00 and Rs 11,500.00. Philip Morris Pak and Pak Tobacco were the top losers with Rs 148.27 and Rs 74.90, respectively to close at Rs 2,818.55 and Rs 2,050.10.
BR Commercial Banks Index closed at 8,583.74 points, down 0.19 points with total turnover of 36.193 million shares. BR Cement Index increased by 82.26 points or 1.86 percent to close at 4,515.44 points with 62.279 million shares. BR Oil and Gas Index surged by 95.83 points or 1.83 percent to close at 5,331.59 points with 16.567 million shares.
BR Tech. & Comm. Index gained 18.63 points or 1.67 percent to close at 1,136.64 points with 16.173 million shares. BR Power Generation and Distribution Index lost 36.23 points or 0.62 percent to close at 5,768.81points with 7.869 million shares. Danish Ladhani at JS Global Capital said that the bourse concluded the second consecutive day on a positive note as benchmark KSE-100 index closed plus 472 points at 41,718 levels. Market kicked off positive hitting a day's high of 41,817 points.
Major heavyweights namely, PPL (up 3.15 percent), OGDC (up 0.57 percent), ENGRO (up 1.41 percent), UBL (up 0.39 percent), POL (up 2.28 percent), FFC (up 3.04 percent), HUBC (up 0.55 percent) and LUCK (up 2.41 percent) cumulatively contributed plus 222 points.
Market rallied 1.8 percent since last two trading sessions as the quantum of flow spiked due to decent buy side interest by foreign investors in the past 2 days. Mixed sentiment seen in financials where HBL (down 0.43 percent), MCB (down 0.21 percent) and BAHL (down 0.58 percent) closed in the red, while on the flipside UBL (up 0.39 percent), BAFL (up 2.10 percent) and NBP (up 0.34 percent) closed in the green. In Cements, LUCK (up 2.41 percent), DGKC (up 3.19 percent) and FCCL (up 1.33 percent) closed in the positive zone.