Bulls continue the run across PSX: BRIndex100 stays in green zone

Easing political tension and expectations on improving economic situation triggered aggressive buying in all sectors that supported Pakistan Stock Exchange to close on strong positive note with healthy gains.

BRIndex100 gained 103.75 points or 2.88 percent to close at 3,709.86 points on Monday. During the session, the BRIndex-100 touched an intraday high of 3,713.42 and an intraday low of 3,606.11 points. Total volumes stood at 188.953 million shares.

BRIndex30 increased by 541.15 points or 2.86 percent to close at 19,464.84 points with total turnover of 115.712 million shares.

KSE-100 Index surged by 899.85 points or 2.62 percent and closed at 35,277.46 points. Trading activities also improved as daily volumes on ready counter increased to 207.782 million shares as compared to 157.118 million shares traded on previous session.

The foreign investors, however, remained net sellers of shares worth $3.3 million. Total market capitalization increased by Rs 125 billion to Rs 6.823 trillion. Out of total 370 active scrips, 278 closed on positive and only 80 in negative while the value of 12 stocks remained unchanged.

Fauji Cement was the volume leader with 11.182 million shares and gained Rs 0.30 to close at Rs 16.04 followed by Hascol Petrol that increased by Rs 0.44 to close at Rs 33.13 with 9.404 million shares. Mari Petroleum and Siemens Pak were the top gainers increasing by Rs 39.44 and Rs 35.00 respectively to close at Rs 1166.62 and Rs 735.00 while Island Textile and Sapphire Textile were the top losers declining by Rs 91.73 and Rs 25.40 respectively to close at Rs 1743.06 and Rs 875.78.

BR Automobile Assembler Index increased by 145.11 points or 3.03 percent to close at 4,931.07 points with total turnover of 1.929 million shares.

BR Cement Index gained 137.97 points or 4.5 percent to close at 3,205.06 points with 34.758 million shares.

BR Commercial Banks Index surged by 231.15 points or 2.89 percent to close at 8,240.07 points with 20.703 million shares.

BR Power Generation and Distribution Index inched up by 144.11 points or 3.15 percent to close at 4,725.22 points with 13.315 million shares.

BR Oil and Gas Index closed at 4,111.90 points, up 93.11 points or 2.32 percent with 24.412 million shares. BR Tech. & Comm. Index gained 13.98 points or 1.9 percent to close at 749.51 points with 13.724 million shares.

Muhammad Maaz Mulla at JS Global Capital said that bulls ruled the local bourse, taking the KSE-100 index up by 900 points to close at 35,277 level. The market witnessed recovery in the trading session as value investors availed the opportunity to buy stocks at attractive prices.

Bulls continued the run across the board, where activity in all key sectors such as cements, banks and E&P was seen. Overall volumes stood at 208 million shares, while value traded stood at $54 million. FCCL (up 1.9 percent), HASCOL (up 1.3 percent) and BOP (up 1.9 percent) cumulatively contributed more than 29 million shares to the total volume.

Active participation was witnessed in the cement sector by the local and foreign investors where DGKC (up 5.0 percent), MLCF (up 5.8 percent), CHCC (up 5.0 percent) and PIOC (up 5.0 percent) all closed at their respective upper circuits. Banking and E&P space contributed to the climbing index as UBL (up 3.0 percent), HBL (up 4.5 percent), MCB (up 4.6 percent), NBP (up 1.9 percent), POL (up 2.6 percent), OGDC (up 1.6 percent) and PPL (up 2.0 percent) closed in the green zone.