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KARACHI: After two consecutive negative sessions, Pakistan Stock Exchange Wednesday showed sharp recovery on reports of Saudi financing and oil supplies on deferred payment. BRIndex100 gained 69.03 points or 1.47 percent to close at 4,754.80 points on Wednesday compared to 4,685.77 points a day earlier. It touched an intraday high of 4,802.21 points and an intraday low of 4,741.85 points. Total volume was 154.719 million shares and Worldcall was the most traded company in BRIndex100 with a volume of 11.785 million shares.

BRIndex30 opened at 20,065.81 points and closed at 20,615.82 points, up by 550.01 points or 2.74 percent. It touched an intraday high of 20,797.56 points and an intraday low of 20,446.66 points with total volume of 102.877 million shares.

The KSE-100 Index also rose by 564.12 points or 1.25 percent to settle at 45,792 points on Wednesday up from 45,227.80 points on Tuesday. Volume was remained thin and overall 180.4 million shares were traded at ready counter compared to 162.793 million shares a day earlier.

Market capitalization rose by Rs 72 billion to Rs 7.889 trillion. Out of total 333 active scrips, 245 closed in positive and 76 in negative while the value of 12 stocks remained unchanged.

Analysts said that stocks showed sharp recovery on reports of Saudi Govt approving $3 billion financing and $1.2 billion deferred oil payment facility for budgetary support and Pak-IMF agreement over use of $2.78 billion Covid support fund ahead of resumption of Extended Fund Facility program. Strong financial results, major recovery in rupee parity and higher global crude oil prices played a catalyst role in bullish close, they added. World Call Telecom was the volume leader with 11.836 million shares and it closed at Rs 2.38 followed by Unity Foods that closed at Rs 29.76 with 11 million shares. Hum Network ranked third with 10.178 million shares and its share prices closed at Rs 6.76.

Allawasaya Tex and Philip Morris were the top gainers and increased by Rs 122.00 and Rs 62.45 respectively to close at Rs 2,019.00 and Rs 895.45 respectively. Sapphire Tex and Sapphire Fiber were the top losers declining by Rs 92.90 and Rs 50.50 respectively to close at Rs 1,156.00 and Rs 634.00.

BR Automobile Assembler Index increased by 44.2 points or a percentage change of 0.53 to close at 8,403.37 points with a total turnover of 937,500. BR Cement Index closed at 5,909.93 points with a net positive change of 179.56 points or a percentage change of 3.13 and a total turnover of 16,529,537.

BR Commercial Banks Index gained 55.46 points or a percentage change of 0.55 to reach at 10,061.71 points with a total turnover of 9,654,104. BR Power Generation and Distribution Index closed at 5,554.15 points with a net positive change of 39.41 points or a percentage change of 0.71 and a total turnover of 4,514,676.

BR Oil and Gas Index closed at 3,872.56 points, up by 40.85 points or a percentage change of 1.07 with a total turnover of 5,023,232. BR Tech. & Comm. The index closed at 4,231.15 points with a net positive change of 125.5 points or a percentage change of 3.06 and a total turnover of 43,425,226.

Analysts at Topline said that Wednesday rally is attributed to improvement in sentiments owing to reports suggesting that Saudi Arabia would deposit $3 billion cash in the State Bank of Pakistan and also provide $1.2 billion worth of oil on deferred payments which will further pave way for the resumption of the IMF program.

The new trading system kept activity restricted on Wednesday and trading was also suspended at noon for 2 hours and 30 minutes to resolve technical issues.

Copyright Business Recorder, 2021

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