KARACHI: Bullish trend continued on Pakistan Stock Exchange on Wednesday on the back of healthy buying by both local and foreign investors.
BRIndex100 gained 56.14 points or 1.34 percent to close at 4,260.48 points. During the session, the BRIndex-100 hit an intraday high of 4,266.47 and an intraday low of 4,203.40 points. Total volumes stood at 441.555 million shares.
BRIndex30 increased by 317.35 points or 1.46 percent to close at 22,040.41 points with total daily turnover of 229.835 million shares.
KSE-100 index surged by 569.77 points or 1.41 percent and closed at 40,862.59 points. Daily trading volumes stood at 507.996 million shares as compared to 535.068 million shares traded on Tuesday.
The foreign investors remained net buyers of shares worth $1.022 million. Total market capitalization increased by Rs 79 billion to Rs 7.546 trillion. Out of total 416 active scrips, 247 closed in positive and 150 in negative while the value of 19 stocks remained unchanged.
Pak Refinery was the volume leader with 48.992 million shares and gained Re 0.28 to close at Rs 18.34 followed by Hascol Petroleum that lost Re 0.17 to close at Rs 16.79 with 36.105 million shares. Unilever Foods and Colgate Palmolive were the top gainers increasing by Rs 698.99 and Rs 187.70 respectively to close at Rs 10199.00 and Rs 2767.68, while Nestle Pakistan and Philip Morris Pak were the top losers declining by Rs 220.67 and Rs 84.97 respectively to close at Rs 6006.00 and Rs 1525.03. BR Automobile Assembler Index gained 30.17 points or 0.38 percent to close at 8,036.66 points with total turnover of 7.566 million shares. BR Cement Index inched up by 11.63 points or 0.21 percent to close at 5,584.24 points with 48.259 million shares.
BR Commercial Banks Index surged by 175.14 points or 2.14 percent to close at 8,365.39 points with 35.916 million shares.
BR Power Generation and Distribution Index increased by 78.89 points or 1.57 percent to close at 5,099.19 points with 38.152 million shares.
BR Oil and Gas Index closed at 4,198.95 points, up 54.57 points or 1.32 percent with 58.170 million shares.
BR Tech & Comm Index gained 34.63 points or 2.05 percent to close at 1,722.69 points with 43.021 million shares.
Ahsan Mehanti at Arif Habib Corporation said that bullish trend continued led by oil and energy stocks amid surging global crude oil prices. Cement, steel and industrials remained in pressure amid reports on uncertainty over CPEC project financing.
He said strong rupee, government approval for $200 million rupee bonds issuance through ADB and likely positive of outcome of SBP approved overseas Pakistan Roshan Digital accounts for non-resident stock market investors played a catalyst role in bullish close.
Copyright Business Recorder, 2020
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