BRIndex100 recoups losses

Pakistan Stock Exchange partially recovered its overnight losses on the back of fresh buying in select stocks. BRIndex100 gained 37.07 points or 0.93 percent to close at 4,031.80 points Wednesday. BRIndex100 touched intraday high of 4,050.85 and intraday low of 3,986.54 points. Volumes stood at 114.217 million shares. BRIndex30 increased by 385.74 points or 1.94 percent to 20,291.62 points with a turnover of 88.958 million shares.
The benchmark KSE-100 index rose by 288.64 points to 38,208.06 points. Trading activity also improved as daily volumes increased to 129.652 million shares as compared to 108.555 million shares traded Tuesday.
The market capitalisation increased by Rs 46 billion to Rs 8.167 trillion. Out of total 345 active scrips, 187 closed in negative, 131 in positive while the value of 27 stocks remained unchanged.
TRG Pak was the volume leader with 21.202 million shares. However, it lost Re 1.00 to close at Rs 26.60 followed by Bank of Punjab that gained Re 0.37 to close at Rs 7.81 with 11.789 million shares. Island Textile and Bhanero Textile were the top gainers with Rs 43.68 and Rs 34.72, respectively to close at Rs 917.80 and Rs 729.30. Khyber Tobacco and Wyeth Pak were the top losers with Rs 77.00 and Rs 68.59, respectively to close at Rs 1,513.00 and Rs 1,303.21.
BR Commercial Banks Index increased by 222.36 points or 2.99 percent to close at 7,667.17 points total turnover of 20.511 million shares. BR Cement Index lost 40.64 points or 0.92 percent to close at 4,356.14 points with total volumes of 7.777 million shares.
BR Oil and Gas Index gained 20.71 points or 0.44 percent to close at 4,758.63 points with 4.058 million shares.
BR Tech. & Comm. Index closed at 1,003.25, down 17.8 points or 1.74 percent with 32.199 million shares. BR Power Generation and Distribution Index decreased by 14.31 points or 0.24 percent to close at 6,013.08 points with 10.062 million shares. An analyst at Arif Habib Limited said that the market took account of the positive impacts of approval of Delimitation and the expectation of reduction in current account deficit as briefed by SBP Governor. Though activity was not across the board and largely favoured commercial banks, Investors expected positive outcomes of the triggers mentioned above. On the contrary, concerns on earnings growth of Cement Sector, emanating from South Region players, where upcoming capacities are expected to drive cement prices down. Commercial Banks were the only notable sector that drove the market consecutively. Scrips that contributed positively include HBL (up 120 points), UBL (up 77 points), MCB (up 44 points), OGDC (up 40 points) and BAHL (up 26 points). Stocks that contributed negatively include DGKC (down 24 points), HUBC (down 21 points), SNGP (down 12 points), LUCK (down 11 points) and TRG (down 10 points).