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KARACHI: A bullish trend continued on Pakistan Stock Exchange on the back of healthy buying, mainly by local investors Wednesday. BRIndex100 gained 18.42 points or 0.38 percent to close at 4,893.94 points. BRIndex100 hit an intraday high of 4,919.41 and an intraday low of 4,887.25 points. Volumes stood at 764.071 million shares.

BRIndex30 inched up by 78.25 points or 0.32 percent to close at 24,676.27 points with a turnover of 572.472 million shares.

The KSE-100 Index increased by 169.92 points or 0.37 percent and crossed 46,000 psychological level to close at 46,091.96 points. Trading activities further improved as daily volumes on ready counter increased to 845.282 million shares as compared to 825.893 million shares traded on Tuesday.

Foreign investors however remained net sellers of shares worth $4.615 million. Total market capitalization increased by Rs 2 billion to Rs 8.356 trillion. Out of total 437 active scrips, 237 closed in positive and 183 in negative while the value of 17 stocks remained unchanged.

K-Electric was the volume leader with 110.622 million shares however lost Rs 0.23 to close at Rs 4.27 followed by Pak International Bulk that gained Rs 0.40 to close at Rs 13.18 with 79.637 million shares. Nestle Pakistan and Sapphire Fiber were the top gainers increasing by Rs 74.60 and Rs 68.00 respectively to close at Rs 6735.00 and Rs 988.00 while Colgate Palmolive and Bhanero Textile were the top losers declining by Rs 100.00 and Rs 66.55 respectively to close at Rs 3100.00 and Rs 858.44.

BR Automobile Assembler Index declined by 102.69 points or 1.16 percent to close at 8,712.58 points with a total turnover of 10.010 million shares.

BR Cement Index increased by 107.84 points or 1.72 percent to close at 6,364.85 points with 95.053 million shares.

BR Commercial Banks Index gained 30.31 points or 0.32 percent to close at 9,552.02 points with 60.142 million shares.

BR Power Generation and Distribution Index decreased by 53.44 points or 0.93 percent to close at 5,669.12 points with 125.387 million shares.

BR Oil and Gas Index inched up by 2.65 points or 0.06 percent to close at 4,317.71 points with 22.003 million shares.

BR Tech. & Comm. Index surged by 89.74 points or 3.19 percent to close at 2,904.00 points with 101.082 million shares.

An analyst at Arif Habib Limited said that the market continued the uptrend from Tuesday and added another 392 points during the session, closing up 170 points.

Cement, E&P and Banking sectors contributed to the increase in Index. International crude prices supported the positive stance in E&P, which was primarily on account of the consistent draw down in global floating storage of crude products.

On the other hand, Cement sector performed in anticipation of better results from the outgoing quarter. Last half hour of the session saw Moodys issuing positive statement on Pakistani banks that helped the banking sector perform relatively better.

Sectors contributing to the performance include Technology (up 79 points), Cement (up 74 points), Textile (up 49 points), Banks (up 43 points) and Engineering (up 24 points).

Stocks that contributed positively to the index include SYS (up 50 points), TRG (up 28 points), PIOC (up 21 points), HBL (up 21 points) and INIL (up 20 points). Stocks that contributed negatively include UBL (down 25 points), PAKT (down 17 points), DAWH (down 16 points), MTL (down 16 points) and KEL (down 15 points).

Copyright Business Recorder, 2021