KARACHI: Despite foreign selling, Pakistan Stock Exchange Friday witnessed a bullish trend and closed on strong positive note on the back of healthy buying by local investors.
BRIndex100 gained 65.16 points or 1.27 percent to close at 5,191.75 points. BRIndex100 hit intraday high of 5,194.49 points and intraday low of 5,131.53 points. Volumes stood at 260.075 million shares.
BRIndex30 increased by 337.96 points or 1.32 percent to close at 25,971.57 points with a turnover of 156.901 million shares.
The KSE-100 Index surged by 341.37 points or 0.72 percent to close at 47,599.82 points. Trading activity also improved as daily volumes on ready counter increased to 299.134 million shares as compared to 246.070 million shares traded on previous session.
Foreign investors however remained on the selling side and withdrew $2.823 million from Pakistan capital market. Total market capitalization increased by Rs 59 billion to Rs 8.310 trillion. Out of total 464 active scrips, 298 closed in positive and 139 in negative while the value of 27 stocks remained unchanged.
Ghani Glo Hol was the volume leader with 21.637 million shares and increased by Rs 1.92 to close at Rs 46.93 followed by Byco Petroleum that gained Rs 0.17 to close at Rs 9.92 with 18.857 million shares. Unilever Foods and Bata Pak were the top gainers increasing by Rs 299.99 and Rs 121.98 respectively to close at Rs 17299.99 and Rs 1748.41 while Rafhan Maize and Wyeth Pak were the top losers declining by Rs 300.00 and Rs 129.46 respectively to close at Rs 9700.00 and Rs 1596.77. BR Automobile Assembler Index gained 63.67 points or 0.65 percent to close at 9,823.63 points with total turnover of 2.100 million shares.
BR Cement Index surged by 274.79 points or 3.93 percent to close at 7,270.73 points with 44.955 million shares.
BR Commercial Banks Index increased by 70.63 points or 0.75 percent to close at 9,526.44 points with 20.691 million shares.
BR Power Generation and Distribution Index added 19.32 points or 0.35 percent to close at 5,587.86 points with 13.216 million shares.
BR Oil and Gas Index inched up by 8.9 points or 0.23 percent to close at 3,924.85 points with 9.004 million shares.
BR Tech. & Comm. Index closed at 4,654.35 points, up 6.16 points or 0.13 percent with 49.835 million shares.
An analyst at Arif Habib Limited said that the market added another 341 points during the session, after gaining traction earlier in the week. Relatively stability in Afghanistan helped investors gain confidence, especially the decision to drop customs duties on different items that will particularly improve dispatches for cement sector.
The session was a reflection of that, with Cement, Banks, Steel, Refinery, Fertilizer and O&GMCs sectors contributing positively to the Index. On the flip side, E&P sector regressed due to significant drop in international crude oil prices witnessed in the past couple of days when PSX was off.
Sectors contributing to the performance include Cement (up 182 points), Banks (up 73 points), O&GMCs (up 39 points), Engineering (up 27 points) and Fertilizer (up 15 points).
Stocks that contributed positively to the index include MEBL (up 64 points), DGKC (up 39 points), CHCC (up 32 points), LUCK (up 31 points) and PSO (up 31 points). Stocks that contributed negatively include PSEL (down 10 points), MARI (down 9 points), TRG (down 9 points), OGDC (down 7 points) and NESTLE (down 7 points).
Copyright Business Recorder, 2021
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