Bullish trend on PSX continues: BRIndex100 too in high spirits

KARACHI: Bullish trend continued on Pakistan Stock Exchange on the fourth consecutive day on the back of local investors and institutions support.

BRIndex100 gained 13.21 points or 0.37 percent to close at 3,596.22 points on Thursday. During the session, the BRIndex-100 hit an intraday high of 3,618.53 and an intraday low of 3,583.01 points. Total volumes stood at 339.565 million shares.

BRIndex30 inched up by 33.23 points or 0.18 percent to close at 18,380.40 points with total daily turnover of 242.193 million shares.

KSE-100 index increased by 88.77 points or 0.25 percent and closed at 34,978.18 points. Trading activities also further improved as daily volumes on ready counter increased to 383.084 million shares as compared to 315.039 million shares traded on Wednesday.

The foreign investors however remained on the selling side and withdrew $7.7 million from the local equity market. Total market capitalization increased by Rs 24 billion to Rs 6.632 trillion. Out of total 381 active scrips, 224 closed in positive and 131 in negative while the value of 26 stocks remained unchanged.

WorldCall Telecom was the volume leader with 52.827 million shares and gained Re 0.11 to close at Rs 1.05 followed by TRG Pak that increased by Rs 1.16 to close at Rs 31.16 with 28.672 million shares. Nestle Pakistan and Sapphire Textile were the top gainers increasing by Rs 193.75 and Rs 47.61 respectively to close at Rs 6890.00 and Rs 925.00 while Rafhan Maize and Indus Dyeing were the top losers declining by Rs 150.00 and Rs 29.99 respectively to close at Rs 6950.00 and Rs 565.01.

BR Automobile Assembler Index lost 26.41 points or 0.46 percent to close at 5,761.29 points with total turnover of 2.516 million shares.

BR Cement Index fell by 6.86 points or 0.15 percent to close at 4,448.48 points with 51.827 million shares.

BR Commercial Banks Index increased by 55.18 points or 0.81 percent to close at 6,834.07 points with 27.321 million shares.

BR Power Generation and Distribution Index declined by 72.8 points or 1.64 percent to close at 4,355.10 points with 18.494 million shares.

BR Oil and Gas Index closed at 3,680.28 points, up 0.38 points or 0.01 percent with 31.175 million shares.

BR Tech & Comm Index surged by 51.41 points or 3.76 percent to close at 1,418.35 points with 105.548 million shares.

Ahsan Mehanti at Arif Habib Corporation said that bullish trend continued amid higher trades on speculations ahead of year-end financial results due next week. Oil, fertilizers and cement stocks outperformed on surging global crude oil prices, reports of surging local fertilizer prices and higher cement dispatches.

He said rupee stability, subdued data on CPI Inflation at 8.59 percent in June 2020 and upbeat Rs 3.9 trillion revenue collection data for FY20 played a catalyst role in bullish close at PSX.

Copyright Business Recorder, 2020