KARACHI: Pakistan Stock Exchange Monday witnessed bullish trend on the back of healthy buying, mainly by local investors and institutions. BRIndex100 gained 30.45 points or 0.65 percent to close at 4,728.10 points. BRIndex100 hit intraday high of 4,785.82 and intraday low of 4,704.49 points. Volumes stood at 488.933 million shares.
BRIndex30 increased by 169.02 points or 0.71 percent to close at 24,078.20 points with a turnover of 335.325 million shares.
The KSE-100 Index surged by 251.66 points or 0.57 percent to close at 44,686.46 points. Daily trading volumes on the ready counter stood at 540.830 million shares as compared to 642.622 million shares traded last Friday.
Foreign investors however remained net sellers of shares worth $181,447. The market capitalization increased by Rs 20 billion to Rs 8.152 trillion. Out of total 412 active scrips, 231 closed in negative and 161 in positive while the value of 20 stocks remained unchanged.
Pak Elektron was the volume leader with 27.367 million shares and increased by Rs 1.74 to close at Rs 40.87 followed by Hub Power Co that surged by Rs 4.68 to close at Rs 89.95 with 25.367 million shares. Nestle Pakistan and Bata Pak were the top gainers increasing by Rs 72.50 and Rs 38.47 respectively to close at Rs 6700.00 and Rs 1549.00 while Millat Tractors and Jubilee Life Ins were the top losers declining by Rs 25.16 and Rs 25.13 respectively to close at Rs 1072.30 and Rs 360.87.
BR Automobile Assembler Index declined by 170.53 points or 1.96 percent to close at 8,508.28 points with total turnover of 4.437 million shares.
BR Cement Index plunged by 117.99 points or 1.87 percent to close at 6,192.64 points with 36.981 million shares.
BR Commercial Banks Index gained 64.83 points or 0.72 percent to close at 9,062.13 points with 33.802 million shares.
BR Power Generation and Distribution Index surged by 272.19 points or 5.04 percent to close at 5,668.85 points with 40.252 million shares.
BR Oil and Gas Index increased by 151.41 points or 3.62 percent to close at 4,331.21 points with 76.530 million shares.
BR Tech. & Comm. Index closed at 2,574.15 points, down 124.4 points or 4.61 percent with 66.941 million shares.
An analyst at Arif Habib Limited said that the market opened on a positive note and carried the momentum shown on the last trading day, especially with reference to resolution of circular debt that resulted in strong buying in energy chain (HUBC, KAPCO, PSO). E&P sector also saw continuation of buying interest, not only due to an increase in international crude oil prices (which jumped 2.0 percent during the session) as well as the expectation of release of stuck receivables for PPL and OGDC.
Cyclicals (Cement and Steel) saw slump in stock prices due to profit booking. Tech stocks also bore selling pressure on the latest circular from NCCPL for implementation of close out mechanism for Future Contracts, as Tech stocks composes the most of the open positions in Futures contracts.
Sectors contributing to the performance include E&P (up 163 points), Power (up 127 points), O&GMCs (up 96 points), Banks (up 77 points) and Textile (up 30 points).
Stocks that contributed positively to the index include HUBC (up 104 points), PSO (up 79 points), PPL (up 78 points), OGDC (up 63 points) and MCB (up 31 points). Stocks that contributed negatively include TRG (down 60 points), SYS (down 33 points), LUCK (down 31 points), DGKC (down 21 points) and ENGRO (down 19 points).
Copyright Business Recorder, 2021
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