Pakistan Stock Exchange Wednesday opened on a negative note however witnessed robust recovery on the back of healthy buying, mainly by local investors and institutions.
BRIndex100 gained 41.49 points or 1.07 percent to close at 3,906.07 points. BRIndex100 touched intraday high of 3,921.63 and intraday low of 3,826.99 points. Volumes stood at 244.702 million shares.
BRIndex30 increased by 211.61 points or 1.05 percent to close at 20,435.76 points with a turnover of 158.174 million shares.
The KSE-100 Index surged by 401.40 points or 1.09 percent to close above 37,000 crucial level at 37,166.96 points. Daily trading volumes on the ready counter stood at 275.430 million shares as compared to 292.060 million shares traded Tuesday.
The market capitalization increased by Rs 60 billion to Rs 7.134 trillion. Out of total 379 active scrips, 230 closed in positive, 130 in negative while the value of 19 stocks remained unchanged.
Unity Foods was the volume leader with 16.463 million shares. It gained Re 0.48 to close at Rs 11.66 followed by WorldCall Telecom that closed at Rs 1.63, down Re 0.03 with 12.861 million shares. Island Textile and Mari Petroleum were the top gainers with Rs 68.32 and Rs 50.32, respectively to close at Rs 1,435.59 and Rs 1,257.44. Colgate Palmolive and Murree Brewery were the top losers with Rs 29.99 and Rs 25.70, respectively to close at Rs 1,920.01 and Rs 664.30.
BR Automobile Assembler Index lost 11.6 points or 0.21 percent to close at 5,454.81 points with total turnover of 1.382 million shares.
BR Cement Index gained 13.23 points or 0.4 percent to close at 3,345.00 points with 32.105 million shares.
BR Commercial Banks Index surged by 129.17 points or 1.52 percent to close at 8,601.20 points with 24.807 million shares.
BR Power Generation and Distribution Index inched up by 38.1 points or 0.75 percent to close at 5,118.12 points with 16.595 million shares.
BR Oil and Gas Index increased by 44.48 points or 1.03 percent to close at 4,357.03 points with 12.957 million shares.
BR Tech. & Comm. Index closed at 832.87 points, up 6.43 points or 0.78 percent with 31.959 million shares.
Muhammad Maaz Mulla at JS Global Capital said that bears were defeated in the trading as the market witnessed a robust recovery. Although the market opened negative, touching a low of down 285 points, it later recovered as institutional participation shifted the market into green trajectory and the index made an intraday high of plus 524 points to close at 37,167, up 401 points level.
Buying was largely driven by value hunters with E&Ps and Steel heavyweights such as MARI (up 4.2 percent), POL (up 1.8 percent), MUGHAL (up 4.39 percent), ASTL (up 5.0 percent) and ISL (up 5.0 percent) leading the charts. Furthermore BAHL (up 3.9 percent), FABL (up 0.3 percent), HBL (up 2.8 percent), UBL (up 0.8 percent) and MCB (up 0.5 percent) from the banking sector enjoyed the same upward trend.
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