PSX stages smart rally: BRIndex100 nudges higher

Pakistan Stock Exchange (PSX) Friday maintained upward drive, weighed mainly by stronger economic outlook.

BRIndex100 increased by 63.71 points or 1.57 percent to close at 4,119.00 points against 4,055.29 Thursday. It touched intraday high of 4,137.59 points and intraday low of 4,073.55 points. Volume stood at 374 million. B.O.Punjab was the most traded company in BRIndex100 with a volume of 51.84 million.

BRIndex30 opened at 20,906.87 points. It touched intraday high of 21,472.05 points and intraday low of 21,044.85 points to settle at 21,332.75 points, which was 425.88 points or 2.04 percent higher than previous close. Volume at BRIndex30 stood at 219.855 million shares.

The benchmark KSE-100 Index went up by 746 points during the intraday trade and closed at 39,287.65 points against previous 38,706.27 points, showing an increase of 581.38 points. Volume improved as overall some 431.853 million shares were traded as compared to previous 348.5 million shares.

Out of total 407 active scrips, some 299 closed positive, 92 negative while the value of 16 stocks remained unchanged. The market saw brisk buying activity with major contribution from Banks. Though E&P remained positive, but better performance was seen in Refinery and OMCs sectors.

B.O.Punjab was the volume leader as it recorded volume of 51.8 million shares, followed by Pak Electron and K-Electric with 20 million and 16.4 million shares, each.

Analysts said that bullish sentiment remained at PSX on stronger economic outlook as investors weigh reports on likely surging current account surplus in Nov '19 and the apex court's grant over COAS term extension by six months.

Higher global crude oil prices and speculation on likely resolve over circular debt crises amid surging power tariff played a catalytic role in bullish close, they added.

Unilever Food and Rafhan Maize were the top gainers with Rs 300.00 and Rs 100.00 to close at Rs 7,200.000 and Rs 7,000.00, respectively. Siemens Pak and Hinopak Motor were the top losers with Rs 43.22 and Rs 23.33 to Rs 821.18 and Rs 466.65, respectively.

BR Automobile Assembler Index closed at 6,449.08 points with a net positive change of 144.22 points or a percentage change of 2.29 and a turnover of 6,239,660.

BR Cement Index closed at 3,616.50 points with a net positive change of 50.34 points or a percentage change of 1.41 and a turnover of 34,063,500.

BR Commercial Banks Index closed at 9,080.74 points with a net positive change of 237.15 points or a percentage change of 2.68 and a turnover of 86,059,300.

BR Power Generation and Distribution Index closed at 5,452.79 points with a net positive change of 84.65 points or a percentage change of 1.58 and a turnover of 22,627,000.

BR Oil and Gas Index closed at 4,378.51 points with a net positive change of 19.82 points or a percentage change of 0.45 and a turnover of 22,768,080.

BR Tech. & Comm. Index closed at 943.03 points with a net positive change of 6.97 points or a percentage change of 0.74 and a turnover of 30,751,000.