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Markets

KSE-100 Index rallies: BRIndex100 edges up

Despite foreign selling, Pakistan Stock Exchange Tuesday witnessed a positive trend on the back of local investors and institutional support.

Despite foreign selling, Pakistan Stock Exchange Tuesday witnessed a positive trend on the back of local investors and institutional support.
BRIndex100 gained 28.97 points or 0.83 percent to close at 3,510.47 points. BRIndex100 hit intraday high of 3,543.92 and intraday low of 3,481.50 points. Volumes stood at 221.689 million shares.
BRIndex30 increased by 243.27 points or 1.33 percent to close at 18,523.43 points with a turnover of 153.155 million shares.
The KSE-100 Index surged by 353.58 points or 1.05 percent to close at 34,158.55 points. Daily trading volumes decreased to 247.798 million shares as compared to 261.966 million shares traded Monday.
Foreign investors however remained net sellers of equities worth $2.9 million. The market capitalization increased by Rs 61 billion to Rs 6.499 trillion. Out of total 357 active scrips, 182 closed in positive, 151 in negative while the value of 24 stocks remained unchanged.
Hascol Petroleum was the volume leader with 31.662 million shares. It gained Re 0.66 to close at Rs 15.07 followed by TRG Pak that inched up by Re 0.69 to close at Rs 26.24 with 15.999 million shares. Nestle Pakistan and Wyeth Pak were the top gainers increasing by Rs 116.25 and Rs 71.20, respectively to close at Rs 7,050.00 and Rs 1,020.54. Unilever Foods and Rafhan Maize were the top losers with Rs 499.00 and Rs 299.00, respectively to close at Rs 9,100.00 and Rs 7,100.00.
BR Automobile Assembler Index increased by 96.41 points or 1.74 percent to close at 5,634.96 points with total turnover of 3.453 million shares.
BR Cement Index lost 21.12 points or 0.5 percent to close at 4,167.44 points with 32.836 million shares.
BR Commercial Banks Index gained 20.88 points or 0.32 percent to close at 6,586.41 points with 10.878 million shares.
BR Power Generation and Distribution Index inched up by 35.72 points or 0.81 percent to close at 4,471.36 points with 14.413 million shares.
BR Oil and Gas Index surged by 84.59 points or 2.34 percent to close at 3,693.90 points with 54.348 million shares.
BR Tech. & Comm. Index closed at 1,168.84 points, down 0.41 points or 0.04 percent with 35.300 million shares.
An analyst at Arif Habib Limited said that the market opened on a positive note and went up by 546 points during the session. Increasing international crude prices helped E&P, OMCs and Refinery sectors contribute to the growth in index. Besides, Pharmaceuticals posted price gains on the back of prospects of working towards cure for Corona virus, whereby FEROZ, SEARL, ICI made significant strides during past several sessions. Profit booking, however, was observed in FEROZ.
Banking sector also showed some signs of recovery, however, price gains remained muted. Cement sector saw continued attrition during past sessions and today saw rather aggressiveness, post realization of interest rate cut. O&GMCs posted highest trading volume among sectors with 40 million shares, followed by Technology (35.3 million shares) and Cement (32.8 million shares).
Sectors contributing to the performance include E&P (up 106 points), Pharma (up 52 points), O&GMCs (up 40 points), Misc (up 39 points), Banks (up 24 points) and Cement (down 15 points).
Stocks that contributed positively to the index include OGDC (up 60 points), PPL (up 37 points), PSEL (up 31 points), SNGP (up 26 points) and DAWH (up 22 points). Stocks that contributed negatively include ENGRO (down 13 points), MEBL (down 9 points), PIOC (down 9 points), CHCC (down 8 points) and AICL (down 7 points).

Copyright Business Recorder, 2020