KARACHI: Pakistan Stock Exchange Wednesday closed on a positive note after a rangebound session. BRIndex100 gained 7.34 points or 0.16 percent to close at 4,547.98 points compared to 4,540.64 points on Tuesday. It touched an intraday high of 4,574.48 points and an intraday low of 4,540.20 points. Total share trading volume was 379.979 million and TRG Pak. was the most traded company in BRIndex100 with a volume of 29.137 million.
BRIndex30 increased by 23.88 points or 0.11 percent to reach at 22,731.58 points up from 22,707.70 points. It touched an intraday high of 22,850.27 points and an intraday low of 22,647.89 points with total volume of 188.904 million shares.
The benchmark KSE-100 Index settled at 43,360 points level, up 109 points or 0.25 percent. Traded volume for the day declined by 38 percent as overall 433 million shares were traded on ready counter compared to 702 million a day earlier.
The market capitalization surged by Rs 22 billion to Rs 7.939 trillion. Out of total 403 active scrips, 171 closed in positive and 212 in negative while the value of 20 stocks remained unchanged.
Analysts said that stocks close higher as investor weigh bull-run in global equities and surging global crude oil prices. Mid-session pressure remained political uncertainty, concerns for likely CCP action on cement sector cartelization and surging local power tariff.
Rising inflows in Roshan Digital Account, Moody’s upgrade on blue chip banks and ADB report on likely economic growth to 2.8 pc played a catalyst role in bullish close, they added.
TRG Pakistan was the volume leader with 29.137 million shares and closed at Rs 73.95 followed by Pak Refinery that closed at Rs 21.00 with 28.201 million shares. Hascol ranked third with 22.89 million shares and closed at Rs 15.14.
Colgate Palm and Gatron Indus were the top gainers increasing by Rs 47.00 and Rs 43.23 respectively to close at Rs 2,897.00 and Rs 619.74 respectively. Sapphire Fiber and Ismail Ind were the top losers declining by Rs 55.00 and Rs 23.99 respectively to close at Rs 940.00 and Rs 381.01.
BR Automobile Assembler Index closed at 8,541.70 with a net negative change of -100.18 points or a percentage change of -1.16 and a total turnover of 7.247 million shares. BR Cement Index lost 68.79 points to close at 6,075.75 points with a total turnover of 23.704 million shares.
BR Commercial Banks Index closed at 8,945.49 with a net positive change of 12.04 points or a percentage change of 0.13 and a total turnover of 39.248 million. BR Power Generation and Distribution Index decreased by 39.79 points to 5,012.89 points on Wednesday with a total turnover of 16.505 million shares.
BR Oil and Gas Index gained 39.1 percent to reach 4,074.12 points with a total turnover of 34.l518 million. BR Tech. & Comm. Index surged by 55.82 points or 2.39 percent to close at 2,392.06 points with a total turnover of 63.707 million shares.
Analysts at Topline said that Pakistan equities closed green and range through the day was of 372 points. Cements were the major laggards in trading session as Competition commission of Pakistan found evidence against cement manufacturers in north region units involved in cartelization. As a result, LUCK, MLCF and DGKC cumulatively dented the Index by 59 points.
E&Ps sector supported the Index closing 1.6 percent higher on the back of international oil price movement. Traded volume and value for the day declined by 38 percent and 27% on a DoD basis to 432mn shares and Rs21.3bn, respectively. TRG was today’s volume leader with ~29mn shares exchanging hands.
According to Arif Habib Research, international crude oil prices inched up further, which helped price performance in OGDC, PPL and POL. Similarly, fertilizer stocks also took cue from a recent uptick in Urea offtake.
Cement, Technology, Refinery sector stocks which have led the growth in Index from 39500 level saw consistent profit booking and kept the growth in index in check. Average traded value also declined by 27 percent to reach $ 133.3 million as against $ 182.5 million.
Copyright Business Recorder, 2020
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