Pakistan Stock Exchange Monday opened on a strong positive note, however could not sustain that level due to heavy selling, mainly in banking and E&P sectors.
BRIndex100 closed at 4,265.03 points, down 0.26 points or 0.01 percent. BRIndex100 touched intraday high of 4,319.76 and intraday low of 4,259.12 points. Volumes stood at 149.860 million shares.
BRIndex30 increased by 122.2 points or 0.55 percent to close at 22,415.52 points with a turnover of 108.317 million shares.
The KSE-100 Index gained 39.10 points or 0.10 percent to close at 40,887.63 points. Trading activity remained low as daily volumes on the ready counter decreased to 165.834 million shares as compared to 267.578 million shares traded last Friday.
The market capitalization increased by Rs 15 billion to Rs 7.836 trillion. Out of total 362 active scrips, 201 closed in positive, 138 in negative while the value of 23 stocks remained unchanged.
K-Electric was the volume leader with 19.107 million shares. It gained Re 0.29 to close at Rs 4.35 followed by Unity Foods that inched up by Re 0.21 to close at Rs 15.90 with 10.737 million shares. Nestle Pakistan and Colgate Palmolive were the top gainers with Rs 116.50 and Rs 50.00, respectively to close at Rs 8,100.00 and Rs 2,350.00. Rafhan Maize and Wyeth Pak were the top losers with Rs 39.00 and Rs 25.00, respectively to close at Rs 7,311.00 and Rs 810.00.
BR Automobile Assembler Index increased by 96.64 points or 1.55 percent to close at 6,322.89 points with total turnover of 1.958 million shares.
BR Cement Index gained 45.42 points or 1.26 percent to close at 3,640.90 points with 17.351 million shares.
BR Commercial Banks Index declined by 129.25 points or 1.35 percent to close at 9,455.69 points with 19.028 million shares.
BR Power Generation and Distribution Index surged by 91.09 points or 1.67 percent to close at 5,543.79 points with 24.721 million shares.
BR Oil and Gas Index closed at 4,775.99 points, down 5.79 points or 0.12 percent with 13.168 million shares.
BR Tech. & Comm. Index inched up by 5.6 points or 0.58 percent to close at 968.81 points with 16.287 million shares.
An analyst at Arif Habib Limited said that the market went up by 447 points during the session, however, saw erosion of all the gains and the KSE-100 Index slipping by 33 points. Selling pressure was mainly observed in banking and E&P sectors.
Trading activity mainly tilted towards year-end closings, which propped up prices of ENGRO, LUCK, and HUBC and supported the index as well. Power sector saw trading volumes of 24.7 million shares, followed by Banks (18.6 million shares) and Cement (17.3 million shares).
Sectors contributing to the performance include Fertilizer (up 62 points), Power (up 45 points), Cement (up 34 points), O&GMCs (up 20 points), Banks (down 153 points) and E&P (down 29 points).
Stocks that contributed positively include ENGRO (up 74 points), LUCK (up 30 points), HUBC (up 22 points), KEL (up 18 points) and PSO (up 12 points). Stocks that contributed negatively include HBL (down 63 points), MCB (down 35 points), FFC (down 27 points), UBL (down 23 points) and BAHL (down 21 points).
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