PSX stages recovery: BRIndex100 retreats

Pakistan Stock Exchange Tuesday partially recovered its overnight losses on the back of fresh buying, mainly by local investors. BRIndex100 gained 60.57 points or 1.44 percent to close at 4,276.29 points. BRIndex100 touched intraday high of 4,284.73 and intraday low of 4,213.21 points. Volumes stood at 130.875 million shares.

BRIndex30 increased by 269.42 points or 1.23 percent to close at 22,258.24 points with a turnover of 97.330 million shares. The KSE-100 Index surged by 474.86 points or 1.18 percent to close at 40,884.24 points. Trading activity however remained low as daily volumes on the ready counter decreased to 146.091 million shares as compared to 203.139 million shares traded Monday.

Foreign investors remained net sellers of shares worth $3.9 million. The market capitalization increased by Rs 49 billion to Rs 7.697 trillion. Out of total 350 active scrips, 246 closed in positive, only 92 in negative while the value of 12 stocks remained unchanged.

Bank of Punjab was the volume leader with 16.354 million shares. It gained Re 0.28 to close at Rs 13.12 followed by Hascol Petrol that inched up by Re 0.38 to close at Rs 25.69 with 15.702 million shares. Sapphire Textile and Sapphire Fiber were the top gainers with Rs 54.71 and Rs 42.35, respectively to close at Rs 966.70 and Rs 748.31. Pak Tobacco and Shezan International were the top losers with Rs 100.00 and Rs 24.00, respectively to close at Rs 2,000.00 and Rs 427.00.

BR Automobile Assembler Index gained 17.45 points or 0.29 percent to close at 6,027.08 points with total turnover of 744,830 shares. BR Cement Index inched up by 60.14 points or 1.61 percent to close at 3,796.10 points with 21.725 million shares.

BR Commercial Banks Index surged by 192.58 points or 2.02 percent to close at 9,739.60 points with 27.076 million shares. BR Power Generation and Distribution Index increased by 155.28 points or 2.81 percent to close at 5,684.38 points with 9.694 million shares.

BR Oil and Gas Index closed at 4,591.58 points, up 20.74 points or 0.45 percent with 23.153 million shares. BR Tech. & Comm. Index gained 9.43 points or 0.9 percent to close at 1,051.64 points with 15.785 million shares.

Ahsan Mehanti at Arif Habib Corporation said that the stocks showed recovery led by banking and cement scrips on strong valuations and FM affirmations of likely easing inflation on the government ongoing initiatives.

He said higher global stocks, stronger banking sector financial results, reports of likely FATF grey list exclusion in Paris review this month, rupee stability and investor speculations over Rs 150 billion target in SOEs privatisation program played a catalytic role in positive close in the earnings season rally at PSX.