BRIndex100 recoups losses

Pakistan Stock Exchange Friday witnessed slight recovery due to fresh buying on available attractive low levels. BRIndex100 gained 32.56 points or 0.79 percent to close at 4,135.23 points. BRIndex100 touched intraday high of 4,179.82 and intraday Low of 4,078.04 points. Volumes stood at 137.669 million shares.
BRIndex30 increased by 80.46 points or 0.39 points to close at 20,532.11 points with a turnover of 100.051 million shares. The benchmark KSE-100 index surged by 295.34 points to 39,080.00 points. Trading activity however remained low as daily volumes decreased by 149.528 million shares as compared to 163.266 million shares traded Thursday.
The market capitalization increased by Rs 63 billion to Rs 8.320 trillion. Out of total 364 active scrips, 185 closed in negative, 160 in positive while the value of 19 stocks remained unchanged. WorldCall Telecom was the volume leader with 16.547 million shares. It gained Re 0.13 to close at Rs 3.13 followed by TRG Pak that declined by Rs 1.70 to close at Rs 33.83 with 10.701 million shares.
Nestle Pakistan and Colgate Palmolive were the top gainers with Rs 575.00 and Rs 105.00, respectively to close at Rs 12,075.00 and Rs 2,400.00. Rafhan Maize and Sanofi-Aventis were the top losers with Rs 288.99 and Rs 53.79, respectively to close at Rs 6,700.00 and Rs 1,328.94. BR Commercial Banks Index gained 119.08 points or 1.61 percent to close at 7,508.56 points with total turnover of 12.032 million shares.
BR Cement Index closed at 4,856.90 points with a net positive change of 6.98 points or 0.14 percent with total turnover of 9.078 million shares. BR Oil and Gas Index increased by 30.09 points or 0.62 percent to close at 4,873.34 points with 23.818 million shares. BR Tech. & Comm. Index lost 16.08 points or 1.39 percent to close at 1,136.64 points with 29.864 million shares.
BR Power Generation and Distribution Index closed at 6,167.90, up 21.68 points or 0.35 percent with 12.876 million shares.
Maaz Mulla at JS Global Capital said that after three consecutive negative sessions, the KSE-100 Index closed its day on a positive note at 39,080 points level, reporting a gain of 295 points. Weak bullish momentum was witnessed on news of depreciating PKR against the greenback in the inter-bank market. PKR/US$ parity shot up to 109-110 levels from Thursday''s closing of 105. Depreciation of the currency was seen as a positive sign for the equity market, as over 25 percent of market capitalization directly benefits from PKR depreciation where E&Ps, IPPs, Textiles and IT-related companies stood out as major beneficiaries. State bank took notice regarding depreciating rupee and after the intervention dollar price came down again to settle at around 105.80. Following this, most of the gains witnessed earlier in the day, reversed towards the end of the session. Major leaders at the bourse were MTL (up 1.5 percent), POL (up 2.5 percent), PPL (up 2.6 percent) and ENGRO (up 2.4 percent) whereas major laggards were INDU (down 2.9 percent), NRL (down 3.0 percent), PSMC (down 1.5 percent) and PKGS (down 1.3 percent). In the E&Ps sector, POL (up 2.5 percent) and PPL (up 2.6 percent) and OGDC (up 1.3 percent) rallied as the crude prices remained stable amidst recent decision by Opec to keep supply cuts intact and signs of PKR devaluation in the open market. Rally was witnessed in the Banking sector as well, as the value buyers showed jubilance after witnessing significant battering in the past few weeks. UBL (up 3.0 percent) HBL (up 2.3 percent) and MCB (up 1.8 percent) were the major leaders of the aforementioned sector.