Pakistan Stock Exchange Tuesday witnessed a bullish trend due to healthy buying in various sectors. BRIndex100 gained 85.00 points or 1.95 percent to close at 4,433.29. BRIndex100 touched intraday high of 4,438.64 and intraday low of 4,332.42 points. Volumes stood at 150.466 million shares.
BRIndex30 increased by 598.81 points or 2.78 percent to close at 22,151.61 points with a turnover of 97.575 million shares. The benchmark KSE-100 index surged by 717.60 points or 1.77 percent to close at 41,238.07 points. Trading activity also improved as daily volumes on the ready counter increased to 166.519 million shares as compared to 145.200 million shares traded Monday.
Foreign investors remained net sellers of shares worth $6.3 million. The market capitalization increased by Rs 103 billion to Rs 8.445 trillion. Out of total 382 active scrips, 287 closed in positive, only 68 in negative while the value of 27 stocks remained unchanged.
Lotte Chemical was the volume leader with 13.241 million shares. It gained Re 0.49 to close at Rs 14.70 followed by Unity Foods that increased by Rs 1.72 to close at Rs 36.24 with 10.440 million shares.
Colgate Palmolive and Island Textile were the top gainers with Rs 67.10 and Rs 66.87, respectively to close at Rs 2,425.00 and Rs 1,405.62. EFU Life and Sitara Chemical were the top losers with Rs 11.87 and Rs 9.61, respectively to close at Rs 225.64 and Rs 369.83.
BR Commercial Banks Index gained 89.13 points or 1.06 percent to close at 8,515.55 points with total turnover of 13.721 million shares.
BR Cement Index surged by 189.88 points or 4.32 percent to close at 4,587.40 points with 23.627 million shares.
BR Oil and Gas Index closed at 5,269.33 points, up 56.9 points or 1.09 percent with 8.291 million shares.
BR Tech. & Comm. Index inched up by 11.33 points or 0.93 percent to close at 1,231.49 points with 8.719 million shares.
BR Power Generation and Distribution Index increased by 69.83 points or 1.22 percent to close at 5,778.49 points with 3.593 million shares.
An analyst at Topline Securities said despite opening on a negative note, Pakistan equities recovered during the trading session as the new government announced the long-awaited amendment to FY19 Budget (previously announced by the government in May 2018).
Presented by the Finance Minister Asad Umar, the new finance bill contained measures that will positively impact select sectors as index was rallied by 718 points. Withdrawal of restrictions on non-tax filers to purchase new motor vehicles attracted bulls to automobile sector with HCAR and PSMC closing at their respective upper locks (up 5 percent).
Investors flocked to take entry into cement stocks as increase in development budget by 10 percent (versus spent in FY18) though down from previously set target of Rs1.0 trillion, no change in CPEC and Dam construction related budget and withdrawal of restrictions on non tax filers from buying immovable property with value exceeding Rs 5 million will likely be non-positive for the construction sector.
Due to aforesaid reasons, traded volumes were up 15 percent while value traded increased by 38 percent.
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