Pakistan Stock Exchange (PSX) Wednesday made a healthy recovery following the finance minister''s statement that the government would be able to fund its external financing needs through various sources, including the IMF. BRIndex100 gained 116.97 points or 3.04 percent to close at 3,959.84 points compared to 3,842.87 points Tuesday. BRIndex100 touched intraday high of 3,964.24 points and intraday low of 3,842.87 points. Trading volume stood at 177 million shares. TRG Pak was the most traded company in BRIndex100 with a volume of 22.105 million.
BRIndex30 opened at 18,825.80 points. It touched intraday high of 19,714.04 points and intraday low of 18,825.80 points to close at 19,698.19 points, which was 872.39 points or 4.63 percent higher than previous close. Trading volume stood at 129.476 million shares.
The benchmark KSE-100 index gained 984 points to close at 37,647.34 points up from 36,663.38 points. Daily trading volume hit 194 million shares. The market capitalization rose by Rs 137 billion to Rs 7.696 trillion. Out of total 385 active scrips, some 324 closed positive, 46 negative while the value of 15 stocks remained unchanged.
Analysts said the market made a healthy recovery with a comeback of some 984pts, which was contributed by all and sundry stocks. A number of mid- and small-caps like ATRL, and auto sector shit upper circuit and were followed by volume based activity in blue chips as well, such as DGKC, MLCF, HBL and UBL, which otherwise were trading at a low in the previous sessions and amid high volume.
The E&P and steel sector also recovered; however, new positions were booked with a degree of caution which took time for the market to pick up. Main activity was observed either at the beginning of the session or by the end. Activity slowed during the interim; however, index maintained the points gained during the early hours.
TRG Pak was the volume leader with 22 million shares. It increased by Re 1.04 to close at Rs 21.94 followed by Lotte Chemical that increased by Re 0.98 to close at Rs 14.22 with 10.55 million shares. B.O.Punjab ranked third with 8.727 million shares to close at Rs 11.15, up by Re. 0.59.
Rafhan Maize and Indus Motor were the top gainers with Rs 299 and Rs 52.86, respectively to close at Rs 7,299.00 and Rs 1,110.24. Pak Tobacco and Shifa Int. Hosp were the top losers with Rs 125.00 and Rs 6.06, respectively to close at Rs 2,375.0 and Rs 296.19.
Analysts said KSE-100 Index finally bounced back with a healthy recovery. The rally, which was long overdue given highly oversold levels, could be attributed to latest comments by Finance Minister Asad Umar where he raised the hope that the government would be able to fund its US$12 billion external financing needs for the year through various sources, including the IMF.
The first tranche by the IMF could possibly be relatively larger to the tune of $1.5-3 billion and should be received by next 2 months amid depleting forex reserves. Besides, the government is also looking forward to the World Bank and the Asian Development Bank (ADB) for another $5 billion for balance of payment support during FY19.
BR Commercial Banks Index closed at 7,978.58 points with a net positive change of 126.16 points or a percentage change of 1.61 and a total turnover of 20,826,800. BR Cement Index closed at 3,792.72 points with a net positive change of 185.72 points or a percentage change of 5.15 and a total turnover of 24,276,250.
BR Oil and Gas Index closed at 5,060.28 points with a net positive change of 121.81 points or a percentage change of 2.47 and a total turnover of 4,704,370. BR Tech. & Comm. Index closed at 1,058.86 with a net positive change of 43.2 points or a percentage change of 4.25 and a total turnover of 33,076,500.
BR Power Generation and Distribution Index closed at 5,639.23 points with a net positive change of 157.87 points or a percentage change of 2.88 and a total turnover of 8,014,500.
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