BRIndex100 extends gains

Pakistan Stock Exchange Wednesday witnessed a bullish trend on the back of healthy buying in various sectors. BRIndex100 gained 74.64 points or 1.85 percent to close at 4,116.13 points. BRIndex100 touched intraday high of 4,118.33 and intraday low of 4,047.48 points. Volumes stood at 135.427 million shares.
BRIndex30 increased by 592.22 points or 2.89 percent to close at 21,118.98 points with a turnover of 101.605 million shares. KSE-100 index surged by 635.88 points or 1.66 percent and closed at 38,965.01 points. Trading activities also improved as daily volumes on ready counter increased to 228.670 million shares as compared to 86.389 million shares traded Tuesday.
Foreign investors remained net sellers of shares worth $3.9 million shares. The market capitalization increased by Rs 98 billion to Rs 7.905 trillion. Out of total 350 active scrips, 267 closed in positive, only 62 in negative while the value of 21 stocks remained unchanged.
Unity Foods (R) was the volume leader with 80.431 million shares. It gained Re 0.97 to close at Rs 2.87 followed by WorldCall Telecom that inched up by Re 0.03 to close at Rs 1.12 with 13.609 million shares.
Sapphire Textile and Bata Pak were the top gainers with Rs 59.26 and Rs 23.90, respectively to close at Rs 1,244.99 and Rs 1,699.90. Nestle Pakistan and Rafhan Maize were the top losers with Rs 321.64 and Rs 190.00, respectively to close at Rs 6,999.48 and Rs 6,710.00.
BR Commercial Banks Index gained 50.01 points or 0.59 percent to close at 8,528.78 points with total turnover of 18.474 million shares. BR Cement Index surged by 130.81 points or 3.44 percent to close at 3,936.80 points with 18.970 million shares.
BR Oil and Gas Index increased by 99.6 points or 2.12 percent to close at 4,788.26 points with 12.819 million shares. BR Tech. & Comm. Index inched up by 20.04 points or 2.15 percent to close at 950.27 points with 18.655 million shares.
BR Power Generation and Distribution Index closed at 5,486.84 points, up 81.77 points or 1.51 percent with 16.272 million shares. An analyst at Topline Securities said that Pakistan equities extended gains for the second consecutive day and increased by 1.7 percent, second highest gain of index in 2019. Positive sentiments were witnessed across the board in index as 74 percent of the traded stocks closed green. Resurgence in investors confidence was underpinned by recent moves of government for likely increase in Power/Gas Tariff after arrival of IMF mission chief, which signals clarity on IMF bailout package.
For the second day, E&P remained highest contributor to index with 118 points on likely discovery of offshore well after statement of PM. Other major contributors to index were Cement and Fertilizer companies with cumulative addition of 196 points.