Pakistan Stock Exchange (PSX) remained positive for the third consecutive day, on Thursday. BRIndex100 gained another 35.61 points or 0.84 percent to close at 4,266.32 points as compared to 4,230.71 points Wednesday. BRIndex100 touched intraday high of 4,274.36 points and intraday low of 4,189.02 points. Overall, volume stood at 86.401 million. Fauji Cement was the most traded company in BRIndex100 with a volume of 5.204 million shares.
BRIndex30 opened at 20,866.48 points. It touched intraday high of 21,116.08 points and intraday low of 20,627.41 points to close at 21,041.63 points which was 175.15 points or 0.84 percent higher than previous close. Total volume was 54.254 million.
The benchmark KSE-100 index gained 288.36 points or 0.73 percent to close at 39,875 points Thursday. Trading activity continues to be lackluster as indicated by 15 percent decline in volumes and 19 percent fall in the value traded. Daily volumes on the ready counter surged to 108.897 million shares as compared to 128.426 million shares traded Wednesday.
The market capitalization increased by Rs 24 billion to Rs 8.22 trillion. Out of total 333 active scrips, 191 closed in positive, 125 in negative while the value of 17 stocks remained unchanged.
Commenting on the market situation, Ahsan Mehanti of Arif Habib Corp said stocks showed recovery in the earnings season on institutional support in blue chips after upbeat SBP report depicted real GDP growth at 5.8 percent in FY18.
Mid-session pressure remained on surging trade deficit data for Jul-Jun FY18 at $37.67 billion and falling global crude oil prices. Reports of rising cement prices in the North and 21 percent growth upbeat data on auto sales in FY18 played a catalytic role in bullish close, he added.
Pakistan Int. Bulk was the volume leader with 5.88 million shares. It closed at Re 0.76, down Re.0.01, followed by Fauji Cement that lost Re 0.40 to close at Rs 20.60 with a volume of 5.2 million shares.
Colgate Palmolive and Philip Morris were the top gainers with Rs 140 and Rs 89.49, respectively to close at Rs 2,940.00 and Rs 2,770.00. Pak Tobacco and Otsuka Pak were the top losers with Rs 104.36 and Rs 14.33, respectively to close at Rs 2,070.63 and Rs 272.75.
Analysts at Topline said that KSE-100 index gained 288 points as attractive valuations continued to outweigh political noise and macroeconomic woes. The index closed at 39,875, up by 0.73 percent, slightly shy of 40K level.
Fertilizer sector & commercial banks continued to dominate the market, adding 227 points cumulatively to the index. Declining fertilizer inventory and expectations of interest rate hike is keeping the aforesaid sectors of interest to the market participants.
BR Commercial Banks Index closed at 8,373.60 points with a net positive change of 68.23 points or a percentage change of 0.82 and a total turnover of 17.134 million. BR Cement Index closed at 4,147.26 points with a net positive change of 0.17 points and a total turnover of 12.944 million.
BR Oil and Gas Index closed at 5,090.53 points with a net positive change of 9.33 points or a percentage change of 0.18 and a total turnover of 4.026 million.
BR Tech. & Comm. Index closed at 1,094.32 points with a net positive change of 8.76 points or a percentage change of 0.81 and a total turnover of 5.106 million.
BR Power Generation and Distribution Index closed at 5,712.26 points with a net positive change of 20.03 points or a percentage change of 0.35 and a total turnover of 2.364 million.
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