KSE-100 Index extends gains: BRIndex100 inches up

Shrugging off foreign selling, Pakistan Stock Exchange Wednesday witnessed a positive trend on the back of healthy buying, mainly by local investors.
BRIndex100 gained 16.73 points or 0.56 percent to close at 2,998.15 points. BRIndex100 touched an intraday high of 3,028.26 and an intraday low of 2,934.29 points. Volumes stood at 183.252 million shares.
BRIndex30 closed at 14,537.04 points, down 12.33 points or 0.08 percent with daily turnover of 136.403 million shares.
The KSE-100 Index increased by 273.94 points or 0.94 percent and closed at 29,505.57 points. Daily trading volumes on ready counter stood at 193.711 million shares as compared to 221.865 million shares traded on Tuesday.
The foreign investors however remained on the selling side and withdrew $4.4 million from the capital market. Total market capitalization increased by Rs 48 billion to Rs 5.668 trillion. Out of total 358 active scrips, 214 closed in positive and 122 in negative while the value of 22 stocks remained unchanged.
Maple Leaf was the volume leader with 24.646 million shares and gained Rs 0.35 to close at Rs 21.07 followed by Hascol Petroleum that inched up by Rs 0.13 to close at Rs 11.78 with 17.936 million shares. Mari Petroleum and Indus Motor Co were the top gainers increasing by Rs 59.56 and Rs 54.71 respectively to close at Rs 950.66 and Rs 784.24 while Nestle Pakistan and Sapphire Fiber were the top losers declining by Rs 100.00 and Rs 32.99 respectively to close at Rs 6600.00 and Rs 541.01.
BR Automobile Assembler Index surged by 224.51 points or 5.17 percent to close at 4,570.05 points with total turnover of 1.670 million shares.
BR Cement Index closed at 3,204.57 points, up 1.32 points or 0.04 percent with 51.106 million shares.
BR Commercial Banks Index increased by 39.24 points or 0.59 percent to close at 6,701.77 points with 15.946 million shares.
BR Power Generation and Distribution Index inched up by 22.34 points or 0.56 percent to close at 4,003.07 points with 14.299 million shares.
BR Oil and Gas Index gained 28.26 points or 1.05 percent to close at 2,728.28 points with 37.283 million shares.
BR Tech. & Comm. Index closed at 707.10 points, up 19.23 points or 2.8 percent with 12.997 million shares.
Danish Ladhani at JS Global Capital said that the stock market continued its upward run, touching a high of plus 459 points during the session, eventually closing at 29,505 level, up 0.9 percent.
Overall market remained range bound with belted interest after Tuesday's valued buying. Moreover on the economic front the Federal Board of Revenue (FBR) has announced a revenue loss of over Rs 250 billion for the month of March owing to the coronavirus-led downturn in economic activity.
ENGRO (up 1.3 percent), FFC (up 1.1 percent), MCB (up 1.8 percent), UBL (up 2.1 percent) and PPL (up 1.3 percent) all contributed towards the positive index close.