PSX turns bullish: BRIndex100 closes in green zone

Pakistan Stock Exchange on Monday turned bullish after eight consecutive negative sessions, on the back of aggressive buying on attractive low levels on almost all sectors. BRIndex100 gained 100.29 points or 3.38 percent to close at 3,066.40 points. During the session, the BRIndex-100 touched an intraday high of 3,072.00 and an intraday low of 2,953.99 points. Total volumes stood at 95.378 million shares.
BRIndex30 increased by 622.31 points or 4.11 percent to close at 15,780.72 points with total turnover of 57.282 million shares. KSE-100 Index surged by 797.79 points or 2.77 percent and closed at 29,562.42 points. Trading activities also improved significantly as daily volumes on ready counter increased to 102.515 million shares as compared to 65.212 million shares traded on previous session. The foreign investors remained net sellers of shares worth $1.3 million. Total market capitalization increased by Rs 113 billion to Rs 6.029 trillion. Out of total 354 active scrips, 283 closed in positive and only 51 in negative while the value of 20 stocks remained unchanged.
TRG was the volume leader with 7.468 million shares and gained Re 1.00 to close at Rs 13.22 followed by Summit Bank that lost Re 0.09 to close at Re 0.40 with 6.043 million shares. Indus Motor Co and Wyeth Pak were the top gainers increasing by Rs 44.01 and Rs 28.60 respectively to close at Rs 1006.11 and Rs 600.60 while Nestle Pakistan and Bata Pak were the top losers declining by Rs 314.75 and Rs 61.85 respectively to close at Rs 5980.25 and Rs 1175.16. BR Automobile Assembler Index increased by 95.47 points or 2.07 percent to close at 4,713.32 points with total turnover of 916,470 shares.
BR Cement Index surged by 98.11 points or 3.9 percent to close at 2,614.73 points with 13.642 million shares. BR Commercial Banks Index closed at 7,100.97 points, up 213.35 points or 3.1 percent with 15.200 million shares. BR Power Generation and Distribution Index gained 112.83 points or 2.91 percent to close at 3,989.74 points with 4.045 million shares. BR Oil and Gas Index inched up by 111.61 points or 3.54 percent to close at 3,263.36 points with 16.429 million shares.
BR Tech. & Comm. Index gained 22.85 points or 3.63 percent to close at 651.69 points with 9.246 million shares. Maaz Mulla at JS Global Capital said that the Pakistan equities regained in the session as the KSE-100 Index increased by 798 points or 2.77 percent. Market participation was seen in the Energy, Financials, Cements and Fertilizers sector. OGDC (up 4.9 percent) closed in the upper circuit where PPL (up 4.1 percent) and POL (up 1.4 percent) closed in the green as the oil prices in the international market gained on the latest development on the Sino-US trade front. Moreover, in Financials BAFL (up 4.8 percent) closed near the upper limit as the bank reported its 1HCY19 consolidated EPS of Rs 3.63 with a DPS of Rs 2.0.
Big Banks MCB (up 5.0 percent) and HBL (up 5.0 percent) closed in the upper circuit. In the Cement sector, FCCL (up 6.5 percent), MLCF (up 5.2 percent) and DGKC (up 4.5 percent) closed limit up. LUCK (up 2.9 percent) was the major gainer in the above mentioned sector.
Ahsan Mehanti at Arif Habib Corporation said that the stocks closed bullish amid higher trades led by scrips across the board on institutional speculation in oversold scrips amid foreign inflows. He said surging global equities, higher global crude prices, improving FX reserves and external account position and upbeat data on power generation in FY19 played a catalyst role in bullish close.