PSX snaps losing streak: BRIndex100 rebounds

KARACHI: Fresh buying by local and foreign investors Tuesday supported the Pakistan Stock Exchange to close on a positive note.

BRIndex100 gained 18.93 points or 0.39 percent to close at 4,855.30 points. BRIndex-100 hit intraday high of 4,863.88 and intraday low of 4,816.45 points. Total volumes stood at 423.802 million shares.

BRIndex30 surged by 334.78 points or 1.37 percent to close at 24,779.94 points with a turnover of 301.099 million shares.

The KSE-100 Index increased by 176.55 points or 0.39 percent to close at 45,903.23 points. Daily trading volumes on the ready counter stood at 491.787 million shares as compared to 543.645 million shares traded Monday.

Foreign investors remained net buyers of shares worth $1.733 million. Total market capitalization increased by Rs 38 billion to Rs 8.301 trillion. Out of total 425 active scrips, 210 closed in negative and 196 in positive while the value of 19 stocks remained unchanged.

TRG Pak was the volume leader with 29.407 million shares and increased by Rs 5.07 to close at Rs 108.56 followed by Pak Refinery that lost Rs 0.24 to close at Rs 23.85 with 28.848 million shares. Rafhan Maize and Nestle Pakistan were the top gainers increasing by Rs 389.99 and Rs 145.00 respectively to close at Rs 9989.99 and Rs 6600.01 while Colgate Palmolive and Sapphire Textile were the top losers declining by Rs 50.00 and Rs 35.00 respectively to close at Rs 3100.00 and Rs 1014.99.

BR Automobile Assembler Index lost 42 points or 0.49 percent to close at 8,560.44 points with total turnover of 2.470 million shares.

BR Cement Index fell by 8.65 points or 0.14 percent to close at 6,231.29 points with 24.581 million shares.

BR Commercial Banks Index closed at 9,509.40 points, down 9.17 points or 0.1 percent with 55.066 million shares.

BR Power Generation and Distribution Index surged by 161.52 points or 2.84 percent to close at 5,855.15 points with 42.099 million shares.

BR Oil and Gas Index increased by 44.79 points or 1.07 percent to close at 4,240.68 points with 20.271 million shares.

BR Tech. & Comm. Index inched up by 48.61 points or 1.63 percent to close at 3,037.94 points with 79.852 million shares.

An analyst at Arif Habib Limited said that the market traded rangebound with minus 130 points and plus 251 points showing, closing the session up 176 points.

Selling pressure was primarily observed in Banks and Fertilizer sector. During the session, Advisor to PM on Petroleum hinted removal of cap on MARI’s dividend declaration which resulted in the stock hitting upper circuit. Similarly, OGDC which had holdings of MARI also reacted to the news and performed well.

Sectors contributing to the performance include Power (up 77 points), E&P (up 73 points), Technology (up 47 points), Misc (up 11 points) and Textile (down 15 points).

Stocks that contributed positively to the index include HUBC (up 74 points), TRG (up 60 points), MARI (up 57 points), OGDC (up 28 points) and BAHL (up 27 points). Stocks that contributed negatively include HBL (down 24 points), UBL (down 21 points), POL (down 14 points), SYS (down 13 points) and MTL (down 11 points).

Copyright Business Recorder, 2021