Bulls rule PSX: BRIndex100 rallies

Pakistan Stock Exchange (PSX) Thursday closed higher on reports of positive economic outlook.

BRIndex100 gained some 102.1 points or 2.44 percent to close at 4,292.72 points compared to 4,190.62 points Wednesday. It touched intraday high of 4,295.55 points and intraday low of 4,195.77 points. Volume at BRIndex100 stood at 205.2 million shares. Unity Foods was the most traded company with a volume of 27.199 million shares.

BRIndex30 opened at 21,920.13 points. It touched intraday high of 22,506.23 points and intraday low of 22,001.30 points to close at 22,455.89 points, which was 535.76 points or 2.44 percent higher than previous close. Volume at BRIndex30 stood at 152.405 million shares.

The benchmark KSE-100 Index gained 799 points to close at 41,128 points up from 40,328 point on Wednesday. Volumes showed slight increase from 236.2 million shares to 236.8 million shares. The market capitalization increased by Rs 94 billion to Rs 7.873 trillion.

Out of total 370 active scrips, some 280 closed positive, 74 negative while the value of 16 stocks remained unchanged. Major contribution to the total volume came from Unity Foods (+6.7%) with 27.199 million shares, WorldCall Telecom (+5.8%) 21 million shares and 17.76 million shares Hascol Petrol (+11.7%).

Analysts said the market moved up significantly primarily due to year-end closing that requires financial institutions to manage the equity portfolios to avoid impairments. Buying activity was observed across-the-board, but focusing on Oil & Gas chain, including E&P sector stocks that showed OGDC trading near upper circuit, they added.

Similarly, price gains were observed in Refinery and OMCs. Banking sector was no different with major performance from HBL and UBL.

Ahsan Mehanti of Arif Habib Corp said stocks closed at record high led by scrips across the board as investors weigh robust economic outlook and easing concerns over circular debt crises as the government revised power tariff and issued sovereign guarantees to settle power sector receivables. Higher global crude oil prices, reports of surging local cement and urea prices played a catalytic role in bullish close, he added.

Wyeth Pak Ltd and Mari Petroleum were the top gainers with Rs 35.00 and Rs 30.77 to close at Rs 835.00 and Rs 1,354.96, respectively.

Pak Tobacco and Sapphire Fiber were the top losers with Rs 128.45 and Rs 40.32 to Rs 2,440.55 and Rs 766.18, respectively.

BR Automobile Assembler index gained 12.28 points to close at 6,260.62 with a net positive percentage change of 0.2 and a turnover of 1,189,220.

BR Cement Index closed at 3,630.30 with a net positive change of 44.53 points or a percentage change of 1.24 and a turnover of 18,479,500.

BR Commercial Banks Index closed at 9,663.10 with a net positive change of 307.42 points or a percentage change of 3.29 and a turnover of 22,311,300.

BR Power Generation and Distribution Index closed at 5,390.62 with a net positive change of 87.86 points or a percentage change of 1.66 and a turnover of 11,740,000.

BR Oil and Gas Index closed at 4,830.78 with a net positive change of 114.63 points or a percentage change of 2.43 and a turnover of 16,715,600.

BR Tech. & Comm. Index closed at 966.24 with a net positive change of 31.89 points or a percentage change of 3.41 and a turnover of 33,652,000.