PSX stages smart recovery: BRIndex100 rallies

Pakistan Stock Exchange Friday witnessed a bullish trend on the back of healthy buying at attractive levels in almost all sectors.

BRIndex100 gained 96.65 points or 2.49 percent to close at 3,979.20 points. BRIndex100 touched intraday high of 3,981.23 and intraday low of 3,861.55 points. Volumes stood at 211.472 million shares.

BRIndex30 increased by 509.41 points or 2.55 percent to close at 20,491.62 points with a turnover of 135.326 million shares.

The KSE-100 Index surged by 824.48 points or 2.22 percent to close at 37,925.79 points. Trading activity also improved as daily volumes on the ready counter increased to 243.041 million shares as compared to 232.569 million shares traded Thursday.

The market capitalization increased by Rs 131 billion to Rs 7.247 trillion. Out of total 374 active scrips, 299 closed in positive, only 63 in negative while the value of 12 stocks remained unchanged.

TRG Pak was the volume leader with 24.472 million shares. It gained Re 0.10 to close at Rs 21.95 followed by Pak Elektron that increased by Rs 1.10 to close at Rs 23.49 with 20.625 million shares.

Colgate Palmolive and Nestle Pakistan were the top gainers with Rs 89.97 and Rs 76.01, respectively to close at Rs 1,939.98 and Rs 6,398.00. Sapphire Fiber and Philip Morris Pak were the top losers with Rs 27.50 and Rs 19.76, respectively to close at Rs 522.50 and Rs 2,334.99.

BR Automobile Assembler Index increased by 134.09 points or 2.3 percent to close at 5,957.56 points with total turnover of 1.995 million shares.

BR Cement Index surged by 134.67 points or 4.08 percent to close at 3,435.68 points with 26.044 million shares.

BR Commercial Banks Index gained 174.96 points or 2.07 percent to close at 8,638.19 points with 28.749 million shares.

BR Power Generation and Distribution Index inched up by 86.47 points or 1.63 percent to close at 5,376.06 points with 10.189 million shares.

BR Oil and Gas Index closed at 4,387.55 points, up 100.11 points or 2.33 percent with 10.660 million shares.

BR Tech. & Comm. Index gained 27.47 points or 3.16 percent to close at 897.13 points with 44.721 million shares.

An analyst at Arif Habib Limited said that the market went into bullish mode again, recovering majority of losses incurred on Thursday.

The first session ended plus 395 points that gave confidence to investors to take positive bet on SBP policy rate decision, post market close.

Activity was observed across the board. Technology stocks traded the most with 44.7 million shares, followed by Cement (33.6 million shares) and Banks (28.7 million shares).

Sectors contributing to the performance include Banks (up 203 points), Fertilizer (up 134 points), E&P (up 130 points), Cement (up 88 points) and Power (up 43 points).

Stocks that contributed positively include ENGRO (up 57 points), FFC (up 54 points), HBL (up 50 points), LUCK (up 47 points) and PPL (up 44 points). Stocks that contributed negatively include SHFA (down 3 points), SPWL (down 3 points), PMPK (down 1 point), DCR (down 1 point) and IDYM (down 1 point).