KSE-100 Index pares losses: BRIndex100 stages recovery

Despite foreign selling, Pakistan Stock Exchange Wednesday closed on a positive note on the back of local investors' support. BRIndex100 gained 49.92 points or 1.19 percent to close at 4,251.44 points. BRIndex100 touched intraday high of 4,259.69 and intraday low of 4,202.17 points. Volumes stood at 130.982 million shares.

BRIndex30 increased by 385.31 points or 1.81 percent to close at 21,720.53 points with a turnover of 97.208 million shares. The KSE-100 index surged by 399.17 points or 0.99 percent to close at 40,574.52 points. Trading activity also improved as daily volumes on the ready counter increased to 142.964 million shares as compared to 91.643 million shares traded Tuesday.

Foreign investors remained net sellers of shares worth $5.0 million. The market capitalization increased by Rs 69 billion to Rs 7.576 trillion. Out of total 341 active scrips, 222 closed in positive, only 94 in negative while the value of 25 stocks remained unchanged.

Unity Foods was the volume leader with 21.639 million shares. It gained Re 0.73 to close at Rs 14.63 followed by Hascol Petroleum that inched up by Re 0.85 to close at Rs 23.13 with 10.083 million shares.

Millat Tractors and Sapphire Fiber were the top gainers with Rs 39.32 and Rs 30.00, respectively to close at Rs 717.34 and Rs 760.00. Sapphire Textile and Unilever Foods were the top losers with Rs 64.93 and Rs 50.00, respectively to close at Rs 934.06 and Rs 7,300.00.

BR Automobile Assembler Index increased by 127.28 points or 2.21 percent to close at 5,886.96 points with total turnover of 1.198 million shares. BR Cement Index increased by 80.92 points or 2.17 percent to close at 3,812.90 points with 24.119 million shares.

BR Commercial Banks Index gained 59.24 points or 0.61 percent to close at 9,849.98 points with 12.673 million shares. BR Power Generation and Distribution Index inched up by 25.45 points or 0.46 percent to close at 5,509.99 points with 5.054 millions shares.

BR Oil and Gas Index closed at 4,473.76 points, up 55.62 points or 1.26 percent with 20.371 million shares. BR Tech. & Comm. Index gained 30.9 points or 3.11 percent to close at 1,025.53 points with 15.520 million shares.

Danish Ladhani at JS Global Capital said that the Pakistan equities closed on a positive note with the KSE-100 Index gaining 399 points, closing at 40,575 levels, up 0.99 percent. The market remained positive in the trading session on the back of value buying.

In the Financials UBL (up 1.8 percent) announced its consolidated CY19 EPS of Rs 15.60 against EPS Rs 12.65 in the same period last year. Moreover, HBL (down 0.7 percent) CY19 announced its consolidated EPS of Rs 10.45 against Rs 8.22 in the same period a year back. In the Automobiles INDU (down 1.6 percent) reported its first half FY20 EPS of Rs 29.32 against Rs 87.94 in the same period last year.