PSX snaps losing streak: BRIndex100 inches up

Bears were defeated Thursday and the Pakistan Stock Exchange witnessed a positive trend on the back of healthy buying in various sectors. Although the market opened on a negative note however, it turned bullish and remained in positive zone for most of the day.
BRIndex100 gained 5.98 points or 0.22 percent to close at 2,745.59 points. BRIndex100 touched intraday high of 2,852.28 and intraday low of 2,734.74 points. Volumes stood at 177.210 million shares.
BRIndex30 lost 40.32 points or 0.3 percent to close at 13,428.39 points with daily turnover of 141.743 million shares.
The KSE-100 Index touched 28,191.33 points intraday high and 27,046.71 points intraday low level before closing at 27,267.20 points, up 38.40 points or 0.14 percent. Trading activity also improved as daily volumes on the ready counter increased to 186.745 million shares as compared to 145.106 million shares traded Wednesday.
The market capitalization declined by Rs 24 billion to stand at Rs 5.356 trillion. Out of total 347 active scrips, 182 closed in negative and 152 in positive while the value of 13 stocks remained unchanged.
K-Electric was the volume leader with 21.632 million shares. However, it lost Re 0.03 to close at Rs 2.75 followed by Unity Foods that gained Re 0.23 to close at Rs 8.39 with 15.140 million shares. Bata Pak and Wyeth Pak were the top gainers with Rs 66.41 and Rs 33.80, respectively to close at Rs 1,474.99 and Rs 600.00. Rafhan Maize and Pak Tobacco were the top losers with Rs 150.00 and Rs 51.94, respectively to close at Rs 6,350.00 and Rs 1,649.06.
BR Automobile Assembler Index lost 32.08 points or 0.78 percent to close at 4,068.23 points with total turnover of 884,780 shares.
BR Cement Index decreased by 81.76 points or 2.95 percent to close at 2,692.81 points with 33.532 million shares.
BR Commercial Banks Index increased by 87.77 points or 1.42 percent to close at 6,272.55 points with 22.758 million shares.
BR Power Generation and Distribution Index inched up by 43.98 points or 1.29 percent to close at 3,446.83 points with 28.691 millions shares.
BR Oil and Gas Index shed 34.32 points or 1.29 percent to close at 2,635.37 points with 24.578 million shares.
BR Tech. & Comm. Index closed at 608.59 points, up 2.5 points or 0.41 percent with 17.731 million shares.
An analyst at Arif Habib Limited said the market opened negative 182 points and traded one million at the opening bell. Sentiment remained positive throughout the session, although selling pressure was also observed both by profit-takers and investors stuck with margin calls.
The index recorded a surge of 963 points during the session and closed up 38 points. Overnight, the IMF and the World Bank's joint statement on suspension/forbearance of outstanding debt for the IDA countries (including Pakistan) contributed to the improvement in investor sentiment, besides regulatory measures introduced by the government on account of elimination of CVT on capital market transactions, easing liquidity of AMCs and ban on short selling.
Cement sector led the volumes with 33.5 million shares, followed by Power (28.6 million shares) and Banks (22.8 million shares).
Sectors contributing to the performance include Cement (up 31 points), E&P (up 24 points), O&GMCs (up 16 points), Banks (down 25 points) and Fertilizer (down 18 points).
Stocks that contributed positively to the index include UBL (up 16 points), OGDC (up 15 points), LUCK (up 15 points), POL (up 11 points) and DGKC (up 7 points). Stocks that contributed negatively include HBL (down 15 points), ENGRO (down 13 points), MEBL (down 10 points), MCB (down 7 points) and EFERT (down 6 points).