PSX's winning streak enters 4th day: BRIndex100 consolidates gains

Pakistan Stock Exchange Thursday witnessed another bullish session on the back of aggressive buying, mainly by local investors on expectations of economic growth and stability. BRIndex100 gained 114.39 points or 3.53 percent to close at 3,351.08 points. BRIndex100 touched intraday high of 3,353.73 and intraday low of 3,238.27 points. Volumes stood at 240.377 million shares.
BRIndex30 increased by 665.67 points or 3.97 percent to close at 17.420 million shares with a turnover of 171.487 million shares.
The KSE-100 Index surged by 911.70 points or 2.94 percent to close at 31,884.45 points. The index has recovered 3,120 points or 10.8 percent in the last 4 trading sessions. Trading activity improved significantly as daily volumes on the ready counter increased to 261.691 million shares as compared to 134.564 million shares traded Wednesday.
The market capitalization increased by Rs 173 billion to Rs 6.411 trillion. Out of total 389 active scrips, 334 closed in positive, only 41 in negative while the value of 14 stocks remained unchanged.
WorldCall Telecom was the volume leader with 22.570 million shares. It gained Re 0.16 to close at Rs 0.75 followed by K-Electric that inched up by Re 0.43 to close at Rs 3.75 with 17.928 million shares. Rafhan Maize and Nestle Pakistan were the top gainers with Rs 300.00 and Rs 57.61, respectively to close at Rs 6,300.00 and Rs 6,187.61. Punjab Oil and Pak Engineering were the top losers with Rs 9.44 and Rs 8.82, respectively to close at Rs 179.55 and Rs 167.68.
BR Automobile Assembler Index increased by 80.16 points or 1.63 percent to close at 5,004.89 points with total turnover of 1.661 million shares.
BR Cement Index surged by 136.44 points or 4.93 percent to close at 2,903.86 points with 34.451 million shares.
BR Commercial Banks Index closed at 7,664.69 points, up 157.27 points or 2.09 percent with 32.813 million shares.
BR Power Generation and Distribution Index gained 158.99 points or 3.72 percent to close at 4,437.76 points with 23.478 million shares.
BR Oil and Gas Index inched up by 158.53 points or 4.63 percent to close at 3,583.06 points with 26.236 million shares.
BR Tech. & Comm. Index closed at 702.84 points with a net positive change of 40.75 points or 6.15 percent with 42.236 million shares.
Senior analyst Khurram Schehzad said that Pakistan stocks, the KSE-100 Index, recorded 2.9 percent gains as well, closing the fourth consecutive session. The index had recovered 3,120 points in total so far, or 10.8 percent in the last 4 days/sessions, with the Index closing at 31,884 points levels.
He said a number of positive developments on the political, economic and sectors levels have ignited the much-awaited recovery in Pak equities; including marked improvement in country's Current Account Deficit (better foreign currency flows available ensuring currency parity stability), the CoAS's extension amidst the geopolitical scenario, normalization on FATF front, expected decline in interest rates following inverting yield curve downward, positive developments from the Cabinet on NAB-related matters restoring some confidence to business community, some O&G related discoveries, and a handful of other general positive developments that supported the recovery in equities. And, most of all, the equity market itself had become extremely cheap on various key multiples even within the regional peer category, so all of which have created the positivity that was needed to trigger investment in equities.