KSE-100 Index climbs higher: BRIndex100 rallies

A bullish trend continued on Pakistan Stock Exchange on the back of healthy buying by local investors and institutions.

BRIndex100 gained 90.15 points or 2.28 percent to close at 4,036.91 points on Monday. BRIndex100 touched intraday high of 4,043.28 and intraday low of 3,948.68 points. Volumes stood at 395.715 million shares.

BRIndex30 increased by 268.26 points or 1.3 percent to close at 20,888.05 points with a turnover of 243.009 million shares.

The KSE-100 Index surged by 827.67 points or 2.20 percent to close above 38,000 level at 38,411.56 points. Trading activity further improved as daily volumes on the ready counter increased to 466.079 million shares as compared to 369.038 million shares traded Friday.

The market capitalization increased by Rs 145 billion to Rs 7.359 million shares. Out of total 412 active scrips, 295 closed in positive, only 98 in negative while the value of 19 stocks remained unchanged.

Bank of Punjab was the volume leader with 37.601 million shares. It gained Re 0.39 to close at Rs 11.26 followed by K-Electric that inched up by Re 0.21 to close at Rs 4.31 with 28.386 million shares. Unilever Foods and Pak Tobacco were the top gainers with Rs 283.00 and Rs 99.00, respectively to close at Rs 7,000.00 and Rs 2,498.50. Rafhan Maize and Nestle Pakistan were the top losers with Rs 360.00 and Rs 300.00, respectively to close at Rs 6,940.00 and Rs 6,276.25.

BR Automobile Assembler Index surged by 186.9 points or 3.18 percent to close at 6,069.45 points with total turnover of 5.222 million shares.

BR Cement Index increased by 110.13 points or 3.23 pe3rcent to close at 3,524.28 points with 52.010 million shares.

BR Commercial Banks Index gained 156.35 points or 1.8 percent to close at 8,853.48 points with 80.356 million shares.

BR Power Generation and Distribution Index surged by 217.57 points or 4.26 percent to close at 5,328.14 points with 45.909 million shares.

BR Oil and Gas Index inched up by 85.27 points or 1.96 percent to close at 4,430.65 points with 28.784 million shares.

BR Tech. & Comm. Index closed at 910.85 points, up 29.94 points or 3.4 percent with 38.711 million shares.

Senior analyst Khurram Schehzad said that the Pakistan stocks continue to recover strong, up over 828 points. The KSE-100 Index has recovered more than 33 percent (30 percent in US$) from its recent low of 28,670 points level, recorded in August 2019. Since then, it's an aggregate recovery of almost 9,800 points so far. Earlier, from January 2019 till August 2019, the KSE-100 Index was down 23 percent, he said.

Interestingly, during January-August 2019 period, the PSX stood as the worse-performing equity market, globally.

"With a dramatic shift, August 2019 to date, the PSX has been performing as the best-performing equity market, globally," he said.

Muhammad Sohail, CEO of Topline Securities said that the KSE-100 Index recorded a gain of 2.20 percent or 828 points on the first session of the week. Investor sentiments were positive across the board as political noise dissipated with the eminent departure of former PM Nawaz Sharif expected on Tuesday.

Furthermore, the IMF approval to issue fresh sovereign guarantees of Rs 250 billion in order to reduce the circular debt in the energy sector led to OMCs and IPPs surge. PSO, HASCOL, HUBC, NCPL & NPL closed at their upper circuits.

Top contributor to the index were ENGRO (up 99 points), followed by HUBCO (up 89 points), UBL (up 62 points) and LUCK (up 51 points).