KARACHI: Pakistan Stock Exchange witnessed bullish trend on the first day of the new fiscal year on the back of continuous support of local investors and institutions. It was third consecutive day when the stock market closed on strong positive note despite deadly terrorist attack on PSX on Monday morning.
BRIndex100 gained 65.76 points or 1.87 percent to close at 3,583.01 points on Wednesday. During the session, the BRIndex-100 hit an intraday high of 3,588.65 and an intraday low of 3,515.42 points. Total volumes stood at 258.593 million shares.
BRIndex30 increased by 585.07 points or 3.29 percent to close at 18,347.17 points with total daily turnover of 193.192 million shares.
KSE-100 Index surged by 467.49 points or 1.36 percent and closed at 34,889.41 points. Trading activities also improved as daily volumes on ready counter increased to 315.039 million shares as compared to 223.313 million shares traded on Tuesday.
The foreign investors however remained net sellers of equities and withdrew $3.4 million from the local capital market. Total market capitalization increased by Rs 79 billion to Rs 6.608 trillion. Out of total 378 active scrips, 242 closed in positive and 114 in negative while the value of 22 stocks remained unchanged.
K-Electric was the volume leader with 39.105 million shares and gained Re 0.27 to close at Rs 3.28 followed by Hum Network that increased by Re 0.98 to close at Rs 13.53 with 30.679 million shares. Rafhan Maize and Sapphire Textile were the top gainers increasing by Rs 75.00 and Rs 61.21 respectively to close at Rs 7100.00 and Rs 877.39 while Nestle Pakistan and Hinopak Motor were the top losers declining by Rs 38.75 and Rs 23.00 respectively to close at Rs 6696.25 and Rs 350.00.
BR Automobile Assembler Index gained 29.48 points or 0.51 percent to close at 5,787.70 points with total turnover of 3.763 million shares.
BR Cement Index surged by 253.16 points or 6.02 percent to close at 4,455.34 points with 64.496 million shares.
BR Commercial Banks Index declined by 84.19 points or 1.23 percent to close at 6,778.89 points with 18.612 million shares.
BR Power Generation and Distribution Index increased by 144.04 points or 3.36 percent to close at 4,427.90 points with 44.630 million shares.
BR Oil and Gas Index inched up by 81.36 points or 2.26 percent to close at 3,679.90 points with 21.461 million shares.
BR Tech. & Comm. Index closed at 1,366.94 points, up 54.43 points or 4.15 percent with 78.907 million shares.
"First day of the financial year 2021 took the index close to 35,000 level, posting gains of 502 points during the session, mostly inline with regional markets", an analyst at Arif Habib Limited said.
Major contributors were Cement (on the back of recent increase in cement price / bag and reduction in FED charges), E&P (due to an increase in international crude prices), OMCs (primarily PSO, which gained from recent increase in retail price, eroding inventory losses at financial year end) and Fertilizer (for reasons of provision of cheap gas for feedstock for few fertilizer companies).
Technology sector realized 78.8 million shares, followed by Cement (64.4 million shares) and Power (44.6 million shares).
Sectors contributing to the performance include Cement (up 178 points), E&P (up 116 points), Power (up 87 points), Fertilizer (up 84 points) and O&GMCs (up 25 points).
Stocks that contributed positively to the index include LUCK (up 95 points), HUBC (up 68 points), OGDC (up 58 points), PPL (up 41 points) and ENGRO (up 38 points). Stocks that contributed negatively include UBL (down 22 points), BAFL (down 17 points), MCB (down 16 points), BAHL (down 14 points) and HBL (down 11 points).
Copyright Business Recorder, 2020
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