KSE-100 Index crosses 40,000 level: BRIndex100 rallies

Despite foreign selling, Pakistan Stock Exchange Wednesday witnessed a bullish trend on the back of aggressive buying, mainly by local investors. BRIndex100 gained 93.58 points or 2.26 percent to close at 4,230.47 points. BRIndex100 touched intraday high of 4,242.78 and intraday low of 4,154.35 points. Volumes stood at 164.648 million shares.

BRIndex30 increased by 574.52 points or 2.7 percent to close at 21,870.11 points with a turnover of 125.000 million shares. The KSE-100 Index surged by 816.67 points or 2.06 percent, crossing 40,000 psychological level to close at 40,531.13 points. Trading activity also improved as daily volumes on the ready counter increased to 180.327 million shares as compared to 161.527 million shares traded Tuesday.

Foreign investors remained net sellers of shares worth $4.9 million. The market capitalization increased by Rs 120 billion to Rs 7.646 trillion. Out of total 362 active scrips, 262 closed in positive, only 79 in negative while the value of 21 stocks remained unchanged.

Hascol Petroleum was the volume leader with 16.243 million shares. It gained Re 0.77 to close at Rs 23.42 followed by Maple Leaf that increased by Re 0.81 to close at Rs 23.38 with 12.134 million shares. Bhanero Textile and Mari Petroleum were the top gainers with Rs 54.00 and Rs 48.94, respectively to close at Rs 954.00 and Rs 1,313.67. Unilever Foods and Colgate Palmolive were the top losers with Rs 468.00 and Rs 80.00, respectively to close at Rs 7,332.00 and Rs 2,100.00.

BR Automobile Assembler Index increased by129.58 points or 2.28 percent to close at 5,807.67 points with total turnover of 932,680 shares. BR Cement Index surged by 125.74 points or 3.41 percent to close at 3,816.18 points with 32.385 million shares.

BR Commercial Banks Index gained 172.28 points or 1.81 percent to close at 9,665.29 points with 18.762 million shares. BR Power Generation and Distribution Index inched up by 90.34 points or 1.63 percent to close at 5,644.20 points with 8.360 million shares.

BR Oil and Gas Index closed at 4,530.31 points, up 116.66 points or 2.64 percent with 26.779 million shares. BR Tech. & Comm. Index gained 22.86 points or 2.28 percent to close at 1,023.59 points with 19.209 million shares.

Danish Ladhani at JS Global Capital said that the Pakistan equities closed on a positive note with the KSE-100 Index gaining 816 points, closing at 40,531 levels, up 2.1 percent. Market remained bullish in the trading session with value buying witnessed ahead of the result season. MEBL (up 0.5 percent) in the financials announced its consolidated earnings at Rs 12.12/share during CY19 against Rs 6.96/share in the same period a year back with a cash payout of Rs 2/share. MCB (up 3.4 percent), ENGRO (up 2.7 percent), LUCK (up 4.3 percent), OGDC (up 2.9 percent), PPL (up 2.6 percent), HUBC (up 2.1 percent) and HBL (up 1.4 percent) cumulatively contributed plus 360 points towards the positive index close.