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Positive note continues on PSX: BRIndex100 inches up

KARACHI: Pakistan Stock Exchange witnessed bullish trend on the second consecutive day on the back of local ...

July 01, 2020

KARACHI: Pakistan Stock Exchange witnessed bullish trend on the second consecutive day on the back of local investors and institutional support.

BRIndex100 gained 21.61 points or 0.62 percent to close at 3,517.25 points on Tuesday. During the session, the BRIndex-100 hit an intraday high of 3,519.93 and an intraday low of 3,494.54 points. Total volumes stood at 147.567 million shares.

BRIndex30 inched up by 19.26 points or 0.11 percent to close at 17,762.10 points with total daily turnover of 95.034 million shares.

KSE-100 Index increased by 240.12 points or 0.70 percent and closed at 34,421.92 points. Trading activities also improved as daily volumes on ready counter increased to 223.313 million shares as compared to 156.920 million shares traded on Monday.

The foreign investors however remained net sellers of shares worth $5.487 million. Total market capitalization increased by Rs 39 billion to Rs 6.529 trillion. Out of total 369 active scrips, 179 closed in negative and 171 in positive while the value of 19 stocks remained unchanged.

Pak Refinery (R) was the volume leader with 40.003 million shares however declined by Re 0.34 to Re 0.17 followed by Sui Southern Gas Company that increased by Re 0.62 to close at Rs 13.34 with 14.587 million shares. Nestle Pakistan and Sapphire Textile were the top gainers increasing by Rs 235.00 and Rs 56.94 respectively to close at Rs 6735.00 and Rs 816.18 while Indus Dyeing and Faisal Spinning were the top losers declining by Rs 47.00 and Rs 19.00 respectively to close at Rs 580.00 and Rs 251.00.

BR Automobile Assembler Index lost 25.61 points or 0.44 percent to close at 5,758.22 points with total turnover of 4.080 million shares.

BR Cement Index fell by 13.43 points or 0.32 percent to close at 4,202.18 points with 19.440 million shares.

BR Commercial Banks Index surged by 137.86 points or 2.05 percent to close at 6,863.08 points with 22.704 million shares.

BR Power Generation and Distribution Index increased by 48.99 points or 1.16 percent to close at 4,283.86 points with 15.069 million shares.

BR Oil and Gas Index decreased by 21.14 points or 0.58 percent to close at 3,598.54 points with 32.109 million shares.

BR Tech & Comm Index closed at 1,312.51 points, up 7.24 points or 0.55 percent with 27.216 million shares.

An analyst at Arif Habib Limited said that the financial year ended on a positive note with plus 240 points at 34,422 points level. Trading volumes also improved over the day, however, the focus was still at marked to market valuation of securities in the portfolios.

Among banking sector stocks, HBL and NBP did high volumes, amid small price gains. Comparatively, MCB posted better gains but the volumes remained in check. Cement sector stocks, which performed well during the past two sessions, remained muted. E&P sector stocks also lacked any excitement, which coincided with international crude oil prices, showing nominal price changes.

Refinery sector led the volumes with 43.3 million shares, followed by O&GMCs (27.4 million shares) and Technology (27.1 million shares).

Sectors contributing to the performance include Banks (up 140 points), Fertilizer (up 30 points), Food (up 24 points), Technology (up 21 points) and Power (up 16 points).

Stocks that contributed positively to the index include MCB (up 69 points), NESTLE (up 21 points), UBL (up 17 points), OGDC (up 17 points) and HBL (up 15 points). Stocks that contributed negatively include PPL (down 12 points), HCAR (down 7 points), JLICL (down 6 points), KOHC (down 4 points) and SHEL (down 4 points).

Copyright Business Recorder, 2020