KARACHI: Pakistan Stock Exchange Tuesday witnessed a bullish trend on the back of aggressive buying at attractively low levels by local investors and institutions.
BRIndex100 gained 158.25 points or 3.91 percent to close at 4,201.87 points. BRIndex100 hit intraday high of 4,204.43 and intraday low of 4,043.62 points. Volumes stood at 337.418 million shares.
BRIndex30 increased by 773.05 points or 3.76 percent to close at 21,318.18 points with a turnover of 243.898 million shares.
The KSE-100 Index surged by 1,368.70 points to close well above 40,000 psychological level at 40,480.88 points. Trading activity also improved as daily volumes on ready counter increased to 383.953 million shares as compared to 322.289 million shares traded Monday.
Foreign investors however remained net sellers of shares worth $3.751 million. The market capitalization increased by Rs 227 billion to Rs 7.482 trillion. Out of total 402 active scrips, 344 closed in positive and only 51 in negative while the value of 7 stocks remained unchanged.
Unity Foods was the volume leader with 42.931 million shares and gained Rs 0.87 to close at Rs 24.14 followed by Power Cement that inched up by Rs 0.93 to close at Rs 10.21 with 35.683 million shares. Sapphire Textile and Mari Petroleum were the top gainers increasing by Rs 66.22 and Rs 41.58 respectively to close at Rs 949.21 and Rs 1272.26 while Colgate Palmolive and Blessed Textile were the top losers declining by Rs 43.63 and Rs 17.99 respectively to close at Rs 2706.37 and Rs 259.01.
BR Automobile Assembler Index surged by 294.99 points or 3.88 percent to close at 7,900.55 points with total turnover of 3.959 million shares.
BR Cement Index increased by 232.54 points or 3.95 percent to close at 6,121.48 points with 70.193 million shares.
BR Commercial Banks Index added 318.19 points or 4 percent to close at 8,282.03 points with 19.322 million shares.
BR Power Generation and Distribution Index gained 83.8 points or 1.71 percent to close at 4,983.23 points with 21.802 million shares.
BR Oil and Gas Index inched up by 154.28 points or 4.42 percent to close at 3,645.14 points with 40.350 million shares.
BR Tech. & Comm. Index closed at 1,782.85 points, up 96.57 points or 5.73 percent with 18.619 million shares.
An analyst at Arif Habib Limited said that the market rebounded by adding a resounding plus 1,400 points during the session and closing near day's high at up 1,369 points.
Increase in international crude oil prices overnight as well as positive trend in global stock markets (following the election-day rally) helped the local bourse stage a comeback. Besides, PM's announcement with regards lowering the cost of electricity for industrial consumers, which came by the end of session, also helped strengthen the Index.
Banking sector, which was under significant selling pressure during the past few sessions saw buyers taking charge over the sellers, giving way for the stock prices to trade near upper circuits.
Sectors contributing to the performance include Banks (up 356 points), E&P (up 170 points), Cement (up 157 points), O&GMCs (up 95 points) and Fertilizer (up 91 points).
Stocks that contributed positively to the index include HBL (up 83 points), UBL (up 79 points), POL (up 70 points), LUCK (up 64 points) and ENGRO (up 61 points). Stocks that contributed negatively include COLG (down 6 points), HGFA (down 01 point).
Copyright Business Recorder, 2020
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