Pakistan Stock Exchange (PSX) Wednesday witnessed strong recovery following institutional interest and investors' positive sentiment. BRIndex100 gained 2.58 percent or 108.64 points to close at 4,324.05 points compared to 4,215.41 points Tuesday. BRIndex100 touched intraday high of 4,338.11 and intraday low of 4,215.29. The volume stood at 106.151 million shares.
BRIndex30 also increased by 2.4 percent or 498.32 points to 21,261.88 points up from 20,763.56 points a day earlier with a trading volume of 82.279 million shares.
The benchmark KSE-100 index recovered 836.45 points and closed above the 40,000 psychological level. The KSE-100 index increased from 39,617 points Tuesday to 40,453 points Wednesday. However, daily trading volumes on the ready counter decreased to 116.691 million shares as compared to 139.345 million shares traded Tuesday.
Analysts at Topline said that investor sentiment improved taking cue from news flow apparently indicating a change in stance in PML-N strategy to avoid confrontation with state institutions and nominating Shehbaz Sharif (Ex-Prime Minister brother and Chief Minister Punjab) its future PM candidate. Also, market participants took positively to announcement of (possible) election date by Election Commission of Pakistan, they added.
The market capitalization increased by Rs 127.543 billion to stand at Rs 8.388 trillion up from Rs 8.261 trillion. Out of total 378 active scrips, 268 closed positive, only 98 negative while the value of 12 stocks remained unchanged. Pak Elektron was the volume leader with 11.047 million shares. However, it declined by Rs 0.27 to close at Rs 58.72 followed by Dost Steels Ltd that gained Rs 0.95 to close at Rs 13.32 with 10.574 million shares.
Mari Petroleum and Wyeth Pak Ltd. were the top gainers with Rs 71.10 and Rs 59.32 to close at Rs 1,521.10 and Rs 1,739.99, respectively. Colgate Palmolive and Khyber Tobacco were the top losers with Rs 95.00 and Rs 81.22 to Rs 2,225.00 and Rs 1,543.28, respectively.
BR Commercial Banks Index closed at 7,722.35 with a net positive change of 130.87 points or a percentage change of 1.72 and a total turnover of 17,684,500. BR Cement Index closed at 5,115.23 with a net positive change of 104.18 points or a percentage change of 2.08 and a total turnover of 5,944,650.
BR Oil and Gas Index closed at 5,018.69 with a net positive change of 159.17 points or a percentage change of 3.28 and a total turnover of 10,016,460. BR Tech. & Comm. Index closed at 1,143.41 with a net positive change of 29.75 points or a percentage change of 2.67 and a total turnover of 12,111,500.
BR Power Generation and Distribution Index closed at 6,398.34 with a net positive change of 151.89 points or a percentage change of 2.43 and a total turnover of 3,067,000. Ahsan Mehanti of Arif Habib Corp said that stocks showed strong recovery on institutional interest in oversold scrips across the board on strong valuations.
Oil and Power sector stocks outperformed amid surging global crude oil prices on likely extension in Opec output cut, revision in local POL prices and London Court award of Rs 14 billion to few IPPs listed on PSX in dispute with NTDC, he added. He said that institutional interest in quarter end earnings season rally after strong financial results in oil, cement and auto sector played a catalyst role in higher close at PSX.
Analysts said that arrival of value hunters who sensed that the market has been pulled down to bargain levels which warrants buying; thus pushed the market up strongly to close at 40,439 point, up 2.1 percent or 836 points.
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