Pakistan Stock Exchange Friday managed to close on positive note following select buying, mainly by local investors. BRIndex100 gained 32.64 points or 0.81 percent to close at 4,071.41 points. BRIndex100 touched intraday high of 4,083.96 and intraday low of 3,976.70 points. Volumes stood at 118.586 million shares.
BRIndex30 increased by 514.14 points or 2.48 percent to close at 21,221.62 points with a turnover of 80.808 million shares.
The benchmark KSE-100 index surged by 261.42 points or 0.68 percent to close at 38,562.05 points. Trading activity however remained low as daily volumes on the ready counter decreased to 128.530 million shares as compared to 189.763 million shares traded Thursday.
Foreign investors however remained net sellers of shares worth $0.8 million. The market capitalization increased by Rs 43 billion to Rs 7.782 trillion. Out of total 354 active scrips, 228 closed in positive, 108 in negative while the value of 18 stocks remained unchanged.
K-Electric was the volume leader with 13.903 million shares. It gained Re 0.35 to close at Rs 5.53 followed by Pak Elektron that lost Re 0.09 to close at Rs 24.81 with 12.012 million shares.
Island Textile and Pak Tobacco were the top gainers with Rs 70.65 and Rs 30.01, respectively to close at Rs 1,579.25 and Rs 2,374.00. Shezan International and Blessed Textile were the top losers with Rs 18.00 and Rs 16.49, respectively to close at Rs 500.00 and Rs 313.50.
BR Commercial Banks Index gained 65.9 points or 0.79 percent to close at 8,380.99 points with total turnover of 8.693 million shares.
BR Cement Index surged by 154.18 points or 3.75 percent to close at 4,263.67 with 21.976 million shares.
BR Oil and Gas Index lost 43.82 points or 0.92 percent to close at 4,699.09 points with 7.180 million shares.
BR Tech. & Comm. Index inched up by 13.08 points or 1.25 percent to close at 1,055.82 points with 6.507 million shares.
BR Power Generation and Distribution Index increased by 126.04 points or 2.18 percent to close at 5,901.72 points with 16.553 million shares.
An analyst at Arif Habib Limited said that the market opened slightly negative over concerns of SBP's depleting forex reserves, which was further accentuated by declining oil prices and a stalemate at OPEC. Oil sector caused index to slide by minus 520 points during the first session caused mainly by selling in OGDC, PPL, POL, PSO however, the panic spread in other sectors and stocks too. Resultantly, UBL and HBL also declined besides pressure in Steel and Autos. News flow during the day, in favour of construction of Diamer Bhasha Dam, triggered buying activity in Cement Sector, although major part seemed to have played by Mutual Funds switching positions in Banks and Oil to Cement.
Sectors contributing to the performance include Cement (up 118 points), Fertilizer (up 92 points), Banks (up 88 points), O&GMCs (up 38 points), Chemical (up 13 points), E&P (minus 92 points) and Food (minus 13 points).
Stocks that contributed positively include LUCK (up 62 points), FFC (up 44 points), ENGRO (up 43 points), MCB (up 28 points) and KEL (up 22 points) while stocks that contributed negatively include PPL (down 42 points), OGDC (down 35 points), POL (down 19 points), DAWH (down 14 points) and KAPCO (down 13 points).
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