Pakistan Stock Exchange Thursday turned bullish on the back of healthy buying, mainly by local investors.
BRIndex100 gained 67.18 points or 1.65 percent to close at 4,127.61 points. BRIndex100 touched intraday high of 4,172.14 and intraday low of 4,068.12 points. Volumes stood at 319.398 million shares.
BRIndex30 increased by 557.68 points or 2.76 percent to close at 20,797.26 points with turnover of 251.546 million shares.
The KSE-100 Index surged by 475.71 points or 1.22 percent to close at 39,382.11 points. Trading activity improved significantly as daily volumes on the ready counter increased to 340.722 million shares as compared to 186.985 million shares traded Wednesday.
Foreign investors however remained net sellers of shares worth $3.2 million. The market capitalization increased by Rs 83 billion to Rs 7.342 trillion. Out of total 370 active scrips, 253 closed in positive, 102 in negative while the value of 15 stocks remained unchanged.
Fauji Cement was the volume leader with 29.955 million shares. It increased by Rs 1.13 to close at Rs 17.88 followed by Unity Foods that lost Re 0.03 to close at Rs 14.02 with 25.983 million shares. Rafhan Maize and Colgate Palmolive were the top gainers with Rs 273.00 and Rs 90.01, respectively to close at Rs 7,098.00 and Rs 2,340.00. Philip Morris Pak and Pak Services were the top losers with Rs 100.05 and Rs 67.86, respectively to close at Rs 1,999.95 and Rs 925.00.
BR Automobile Assembler Index increased by 87.04 points or 1.55 percent to close at 5,711.89 points with total turnover of 2.499 million shares.
BR Cement Index surged by 246.33 points or 6.01 percent to close at 4,347.80 points with 99.026 million shares.
BR Commercial Banks Index declined by 125.52 points or 1.33 percent to close at 9,296.56 points with 22.696 million shares.
BR Power Generation and Distribution Index gained 130.72 points or 2.56 percent to close at 5,244.28 points with 11.210 million shares.
BR Oil and Gas Index inched up by 70.69 points or 1.73 percent to close at 4,164.81 points with 36.495 million shares.
BR Tech. & Comm. Index closed at 997.63 points, up 27.13 points or 2.8 percent with 29.435 million shares.
Maaz Mulla at JS Global Capital said that the bears were defeated in the session as the market witnessed recovery. The KSE-100 Index opened positive and touched a high of plus 836 points as institutional participation was witnessed mainly in the main board stocks. The market remained green throughout the day and closed at 39,382, up 476 points level.
Positive sentiments in the market can be attributed to attractive valuations of the KSE-100 Index stocks. Buying was largely driven by value hunters with heavyweights such as LUCK (up 6.2 percent), ENGRO (up 3.4 percent), HUBC (up 2.9 percent), MCB (up 1.8 percent), PPL (up 2.6 percent), FFC (up 2.4 percent) and PSO (up 3.0 percent) leading the charts.
Cement sector enjoyed the upward trend where KOHC (up 7.0 percent), CHCC (up 6.9 percent), PIOC (up 7.0 percent), FCCL (up 6.7 percent), MLCF (up 6.0 percent), DGKC (up 5.6 percent) and LUCK (up 6.2 percent) were the major movers.
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