KARACHI: Despite foreign selling, Pakistan Stock Exchange Monday witnessed a positive trend on the back of fresh buying, mainly by local investors.
BRIndex100 gained 33.66 points or 0.74 percent to close at 4,602.94 points. BRIndex100 hit intraday high of 4,615.57 and intraday low of 4,569.43 points. Volumes stood at 383.594 million shares.
BRIndex30 increased by 268.6 points or 1.17 percent to close at 23,185.61 points with a turnover of 243.049 million shares.
The KSE-100 Index surged by 257.51 points or 0.59 percent to close at 43,674.28 points. However trading activity remained low as daily volumes on the ready counter decreased to 463.412 million shares as compared to 570.583 million shares traded on previous session.
Foreign investors however remained net sellers of shares worth $4.542 million. The market capitalization increased by Rs 41 billion to Rs 7.990 trillion. Out of total 398 active scrips, 225 closed in positive and 154 in negative while the value of 19 stocks remained unchanged.
K-Electric was the volume leader with 47.200 million shares and gained Rs 0.26 to closed at Rs 4.07 followed by Unity Foods that increased by Rs 2.01 to close at Rs 30.52 with 31.869 million shares. Sapphire Fiber and Bata Pak were the top gainers increasing by Rs 63.99 and Rs 30.00 respectively to close at Rs 980.00 and Rs 1530.00 while Colgate Palmolive and Indus Dyeing were the top losers declining by Rs 55.00 and Rs 35.34 respectively to close at Rs 2900.00 and Rs 500.01.
BR Automobile Assembler Index increased by 96.87 points or 1.13 percent to close at 8,654.90 points with total turnover of 14.860 million shares.
BR Cement Index lost 11.43 points or 0.18 percent to close at 6,290.87 points with 45.016 million shares.
BR Commercial Banks Index gained 32.4 points or 0.36 percent to close at 8,962.07 points with 23.871 million shares.
BR Power Generation and Distribution Index added 52.25 points or 1.05 percent to close at 5,051.22 points with 51.348 million shares.
BR Oil and Gas Index inched up by 18.99 points or 0.48 percent to close at 4,016.83 points with 14.925 million shares.
BR Tech. & Comm. Index closed at 2,594.23 points, up 76.36 points or 3.03 percent with 62.711 million shares.
An analyst at Arif Habib Limited said that the market traded positive but rangebound by adding a total of 344 points during the session and closing the session plus 258 points.
Cement, Steel and Banking sector stocks faced selling pressure among which cement sector stocks came down due to profit booking after posting highs and in the rollover week. Positivity came from O&GMCs, Fertilizer and Power sector which took cue from finalization of pending IMF review and government's acceptance of the underlying terms.
Cement sector stocks initially hit a high on the news of construction of dams, however, profit booking brought the stocks below respective LDCPs. International crude oil prices rebounded during the session, however, muted positive response was only observed in OGDC and PPL.
Sectors contributing to the performance include Technology (up 62 points), Banks (up 37 points), O&GMCs (up 29 points), Power (up 28 points) and Vanaspati (up 23 points).
Stocks that contributed positively to the index include TRG (up 63 points), MEBL (up 36 points), UNITY (up 23 points), MCB (up 17 points) and KEL (up 17 points). Stocks that contributed negatively included POL (down 13 points), LUCK (down 10 points), UBL (down 9 points), COLG (down 8 points) and SYS (down 8 points).
Copyright Business Recorder, 2020
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