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KARACHI: Pakistan’s launch of Eurobond and raising funds from international market was warmly greeted by investors as Pakistan Stock Exchange Wednesday started on a strong positive note. However, it failed to sustain this momentum as investors opted to book profit.

BRIndex100 gained 2.71 points or 0.06 percent to close at 4,764.08 points. BRIndex100 hit intraday high of 4,851.52 and intraday low of 4,755.95 points. Volumes stood at 413.462 million shares.

BRIndex30 however lost 143.72 points or 0.57 percent to close at 24,933.87 points with a turnover of 292.474 million shares.

The KSE-100 Index increased by 96.82 points or 0.22 percent and closed at 44,587.85 points. Trading activity improved as daily volumes on ready counter increased to 443.904 million shares as compared to 339.110 million shares traded Tuesday.

Foreign investors remained net sellers of shares worth $2.803 million. The market capitalization increased by Rs 27 billion to Rs 7.892 trillion. Out of total 403 active scrips, 244 closed in positive and 150 in negative while the value of 9 stocks remained unchanged.

Byco Petroleum was the volume leader with 74.031 million shares however lost Rs 0.17 to close at Rs 10.46 followed by TRG Pak that declined by Rs 4.80 to close at Rs 150.21 with 39.167 million shares. Service Industries and Philip Morris Pak were the top gainers increasing by Rs 78.18 and Rs 70.50 respectively to close at Rs 1120.68 and Rs 1038.00 while Colgate Palmolive and Sapphire Textile were the top losers declining by Rs 137.00 and Rs 16.95 respectively to close at Rs 2700.00 and Rs 820.05.

BR Automobile Assembler Index increased by 76.41 points or 0.86 percent to close at 8,950.10 points with total turnover of 7.667 million shares.

BR Cement Index gained 47.2 points or 0.68 percent to close at 6,977.98 points with 20.452 million shares.

BR Commercial Banks Index inched up by 18.45 points or 0.22 percent to close at 8,598.57 points with 17.365 million shares.

BR Power Generation and Distribution Index lost 31.73 points or 0.57 percent to close at 5,519.29 points with 14.523 million shares. BR Oil and Gas Index closed at 3,996.17 points, up 20.37 points or 0.51 percent with 25.248 million shares.

BR Tech. & Comm. Index declined by 56.27 points or 1.49 percent to close at 3,732.71 points with 74.517 million shares.

An analyst at Arif Habib Limited said that Pakistan’s launch of Eurobond and raising funds from international market was warmly greeted by PSX, which saw an upside of 642 points during the session and ended plus 97 points.

E&P, Cement, O&GMCs and Steel sectors performed well whereas Refinery and Tech proved to be very volatile, where stocks hit lower circuit after trading at high rates during the session. A hint towards opening up trade with India also boosted investors’ confidence, where among listed sectors, Cement is anticipated to be a key beneficiary from export of cement.

Sectors contributing to the performance include Fertilizer (up 24 points), Cement (up 24 points), E&P (up 22 points), Banks (up 19 points), Tech (down 35 points) and Textile (down 17 points).

Stocks that contributed positively to the index include ENGRO (up 31 points), UBL (up 28 points), POL (up 20 points), SYS (up 20 points) and SRVI (up 17 points). Stocks that contributed negatively include TRG (down 52 points), HBL (down 30 points), COLG (down 20 points), HUBC (down 11 points) and FFC (down 10 points).

Copyright Business Recorder, 2021

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