BRIndex100 rallies

Pakistan Stock Exchange Monday witnessed a bullish trend on the back of fresh buying in various stocks. BRIndex100 gained 50.2 points or 1.1 percent to close at 4,634.01 points. BRIndex-100 touched intraday high of 4,636.58 and intraday low of 4,574.92 points. Volumes stood at 100.252 million shares.
BRIndex30 increased by 251.3 points or 1.1 percent to close at 23,077.31 points with a turnover of 69.512 million shares. The benchmark KSE-100 index surged by 355.48 points or 0.83 percent to close at 43,268.29 points. Trading activity also improved as daily volumes on the ready counter increased to 118.042 million shares as compared to 59.227 million shares traded Friday.
The market capitalization increased by Rs 57 billion to Rs 8.964 trillion. Out of total 337 active scrips, 184 closed in positive, 138 in negative while the value of 15 stocks remained unchanged. Bank of Punjab was the volume leader with 11.747 million shares. However, it lost Re 0.01 to close at Rs 12.07 followed by Pak Elektron that gained Re 0.24 to close at Rs 38.35 with 8.916 million shares.
Rafhan Maize and Colgate Palmolive were the top gainers with Rs 298.00 and Rs 156.99, respectively to close at Rs 8,198.00 and Rs 3,306.99. Sapphire Textile and Bata Pak were the top losers with Rs 69.98 and Rs 35.00, respectively to close at Rs 1,329.73 and Rs 2,000.00. BR Commercial Banks Index increased by 54.28 points or 0.63 percent to close at 8,731.33 points with total turnover of 27.696 million shares.
BR Cement Index gained 41.03 points or 0.81 percent to close at 5,120.19 points with 7.528 million shares. BR Oil and Gas Index surged by 69.18 points or 1.28 percent to close at 5,460.53 points with 16.014 million shares. BR Tech. & Comm. Index closed at 1,150.66 points, up 4.47 points or 0.39 percent with 7.407 million shares. BR Power Generation and Distribution Index lost 50.64 points or 0.8 percent to close at 6,242.39 points with 1.959 million shares.
An analyst at Topline Securities said that Pakistan equities witnessed positive trajectory, as attractive valuation of large cap stocks tempted investors to make fresh entry in market. Ease off in global politics and trade wars further bolstered investor confidence. As a result, market swelled up by 0.8 percent or 355 points, closing at 43,268 index level.
Investors cheered development on Sui Companies (SNGP and SSGC) post publication of the official announcement by OGRA notifying market based return formula that led both stocks to close at upper cap with traded volume of 6 million and 8 million, respectively.
Large cap scrips, HBL, ENGRO, UBL, PPL, MCB, OGDC and PSO remained top index contributors in the session, while, BOP, PAEL, SSGC, SNGP, and PACE remained volume leaders with cumulative trading volume of 40 million shares.