Bulls rule PSX: BRIndex100 extends gains

Investor sentiment at Pakistan Stock Exchange (PSX) Thursday remained positive on expectations of resolution of the controversy regarding Chief of Army Staff (COAS) extension.

BRIndex100 gained 59.71 points or 1.49 percent to close at 4,055.29 points compared to 3,995.58 points Wednesday. It touched intraday high of 4,073.46 points and intraday low of 3,999.26 points. Volume at BRIndex100 stood at 298.522 million shares. Unity Foods was the most traded company with a volume of 20.423 million.

BRIndex30 opened at 20,711.29 points. It touched intraday high of 21,019.01 points and intraday low of 20,714.74 points to settle at 20,906.87 points which was 195.58 points or 0.94 percent higher than previous close. Volume at BRIndex30 stood at 181.035 million shares.

The benchmark KSE-100 Index witnessed an intraday high of 724 points and closed at 8-month high of 38,706 points, some 583.55 points above the previous session. Volumes improved as 348.5 million shares were traded in the market as compared to 228.4 million shares in the previous trading session.

Out of total 396 active scrips, some 316 closed positive, 64 negative while the value of 16 stocks remained unchanged. Investor interest was seen in the Cement, Banking and E&Ps sectors, while, Unity continued to remain the volume leader for a 3rd straight session as it recorded a volume of 20 million shares, followed by PAEL & TRG with 19.7 million and 15.7 million shares.

Analysts said that expectations of resolution of the controversy regarding COAS extension in service helped the index stage recovery, as investors (largely individuals and corporate) have been buying the dips since last week. The market opened on a positive note and profit-booking was also seen during the day.

Ahsan Mehanti of Arif Habib Research said that stocks closed bullish amid higher trades as investors weigh economic and political stability. Speculations on likely settlement of COAS matter, surging global crude oil prices and hopes for impact of surge in remittances amid new incentives to overseas nationals played a catalytic role in bullish close, he added.

Bata Pak and Wyeth Pak Ltd. were the top gainers with Rs 84.26 and Rs 41.55 to close at Rs 1,769.63 and Rs 872.68, respectively. Philips Morris Pak and Bhanero Textile were the top losers with Rs 47.00 and Rs 25.00 to Rs 2,270.00 and Rs 800.01, respectively.

BR Automobile Assembler index gained 225.21 points of 3.7 percent to close at 6,304.86 with a turnover of 2,986,950.

BR Cement Index closed at 3,566.16 with a net positive change of 87.64 points or a percentage change of 2.52 and a turnover of 41,323,600.

BR Commercial Banks Index closed at 8,843.59 with a net positive change of 86.19 points or a percentage change of 0.98 and a turnover of 40,033,800.

BR Power Generation and Distribution Index closed at 5,368.14 with a net positive change of 134.18 points or a percentage change of 2.56 and a turnover of 13,601,500.

BR Oil and Gas Index closed at 4,358.69 with a net positive change of 55.82 points or a percentage change of 1.3 and a turnover of 16,426,080.

BR Tech. & Comm. Index closed at 936.06 with a net positive change of 18.17 points or a percentage change of 1.98 and a turnover of 30,558,500.