Bulls rule PSX: BRIndex100 stays bullish

Pakistan Stock Exchange Friday ended on a strong positive note on the back of aggressive buying by local investors and institutions.
BRIndex100 gained 105.63 points or 3.35 percent to close at 3,257.62 points. BRIndex100 touched intraday high of 3,280.24 and intraday low of 3,151.99 points. Volumes stood at 236.946 million shares.
BRIndex30 increased by 857.74 points or 5.55 percent to close at 16,302.63 points with a daily turnover of 181.390 million shares.
The KSE-100 Index surged by 839.12 points or 2.73 percent and closed at 31,621.79 points. Daily trading volumes on the ready counter stood at 251.874 million shares as compared to 311.585 million shares traded Thursday.
The market capitalization increased by Rs 141 billion to Rs 6.016 trillion. Out of total 340 active scrips, 233 closed in positive and only 91 in negative while the value of 16 stocks remained unchanged.
Maple Leaf was the volume leader with 26.275 million shares and increased by Rs 1.36 to close at Rs 24.01 followed by Hascol Petroleum that gained Rs 1.00 to close at Rs 13.78 with 15.857 million shares. Philip Morris Pak and Mari Petroleum were the top gainers increasing by Rs 103.95 and Rs 64.03 respectively to close at Rs 1898.95 and Rs 1085.98 while Rafhan Maize and Wyeth Pak were the top losers declining by Rs 200.00 and Rs 44.43 respectively to close at Rs 6700.00 and Rs 750.50.
BR Automobile Assembler Index gained 30.55 points or 0.65 percent to close at 4,695.16 points with total turnover of 1.589 million shares.
BR Cement Index increased by 188.51 points or 5.47 percent to close at 3,635.03 points with 61.722 million shares.
BR Commercial Banks Index inched up by 137.09 points or 1.96 percent to close at 7,130.50 points with 26.914 million shares.
BR Power Generation and Distribution Index surged by 222.59 points or 5.3 percent to close at 4,425.68 points with 18.465 million shares.
BR Oil and Gas Index closed at 3,140.95 points, up 207.73 points or 7.08 percent with 42.192 million shares.
BR Tech. & Comm. Index gained 4.98 points or 0.66 percent to close at 745.90 points with 18.484 million shares.
An analyst at Arif Habib Limited said that the market opened with a strong plus 488 points with traded volume of 5.1 million shares on the opening bell. Overnight skyrocketing performance of crude oil (which saw a jump of 35 percent), kept the sentiment strong and elevated till the session, although international crude prices started correcting in the early hours.
Positive vibes from upcoming construction package by the government also resulted in boisterous activity at the bourse, leading investors to buy cement and steel sector scrips at and near upper circuits. As the E&P stocks hit upper circuits, the recently launched ETFs apparently were forced to fill the basket with available stocks (i.e. blue chip Banks) that also added buying pressure to the KSE-100 index. Resultantly, KSE-100 climbed plus 1034 points during the session, and closed up 839 points.
Cement sector continued leading the activity on the bourse with 61.7 million shares, followed by Banks (26.9 million shares) and O&GMCs (24.1 million shares).
Sectors contributing to the performance include E&P (up 267 points), Banks (up 145 points), Cement (up 133 points), Power (up 124 points) and O&GMCs (up 91 points).
Stocks that contributed positively to the index include HUBC (up 115 points), OGDC (up 88 points), PPL (up 83 points), UBL (up 63 points) and POL (up 58 points). Stocks that contributed negatively include MCB (down 39 points), HMB (down 17 points), DAWH (down 11 points), SYS (down 10 points) and ENGRO (down 9 points).