Pakistan Stock Exchange (PSX) Thursday showed smart recovery on easing tensions between the US and Iran.
BRIndex100 gained 142.47 points or 3.3 percent to close at 4,460.99 points compared to 4,318.52 points Wednesday. It touched an intraday high of 4,465.58 points and intraday low of 4,395.83 points. Volume stood at 331.618 million shares and B.O.Punjab was the most traded company in BRIndex100 with a volume of 53.074 million shares.
BRIndex30 opened at 22,671.13 points. It touched intraday high of 23,548.29 points and intraday low of 23,053.61 points to settle at 23,478.55 points which was 807.42 points or 3.56 percent higher than previous close. Volume at BRIndex30 stood at 233.294 million.
The benchmark KSE-100 Index also witnessed a massive recovery and at the opening bell, the index went up by 636 points and kept going up throughout the session. During the intraday trading, it gained some 1,198 points and closed at 42,523 points against 41,357 points Wednesday, showing an increase of 1,166 points. The market capitalization surged by Rs 173.6 billion to Rs 7.994 trillion.
Volumes also increased by 29 percent to 362.49 million up from 280 million shares a day earlier. Out of total 381active scrips, some 325 closed positive, 44 negative while the value of 12 stocks remained unchanged.
Analysts at Arif Habib Limited said that post-Trump address, most of the World stock markets performed well, as the concerns over war subsided. Oil prices, which tanked overnight due to dampening war prospects, also gained foothold above $60/bbl, helping oil & gas chain to perform as well.
Banking sector took the lion's share with 81.2 million shares, followed by Technology some 44.6 million and Power 39.3 million shares. Among scrips, BOP led the volumes with 53 million shares, followed by KEL 33.5 million and UNITY 24.2 million.
Ahsan Mehanti of Arif Habib Corp said that stocks showed record recovery at PSX as investors weigh robust recovery in global equities on easing fears over US-Iran military conflict.
He said that investor interest remained upbeat amid SBP projections for subdued CPI inflation, current account deficit at 1.5pc-2pc in FY20, FATF at large - compliance and stronger earnings outlook amid higher local oil, auto and fertilizer prices played a catalytic role in bullish close.
Mari Petroleum and Services Ind Ltd were the top gainers with Rs 46.89 and Rs 27.46 to close at Rs 1,351.45 and Rs 775.00, respectively.
Phillip Morris Pak and Sapphire Fiber were the top losers with Rs 73.64 and Rs 45.00 to Rs 2,296.36 and Rs 855.00, respectively.
BR Automobile Assembler Index closed at 6,040.88 points with a net positive change of 153.66 points or a percentage change of 2.61 and a turnover of 2.448 million shares.
BR Cement Index closed at 3,897.94 points with a net positive change of 172.48 points or a percentage change of 4.63 and a turnover of 27.982 million shares.
BR Commercial Banks Index closed at 9,975.79 points with a net positive change of 291.58 points or a percentage change of 3.01 and a turnover of 81.293 million shares.
BR Power Generation and Distribution Index closed at 5,776.57 points with a net positive change of 205.97 points or a percentage change of 3.7 and a turnover of 39.35 million shares.
BR Oil and Gas Index closed at 4,983.29 with a net positive change of 129.45 points or a percentage change of 2.67 and a turnover of 31.026 million. BR Tech. & Comm. Index closed at 1,041.00 points with a net positive change of 50.21 points or a percentage change of 5.07 and a turnover of 44.678 million shares.
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