KSE-100 Index stages recovery: BRIndex100 bounces back

Pakistan Stock Exchange Tuesday partially recovered its overnight losses on the back of fresh buying in various sectors.
BRIndex100 gained 78.62 points or 2.51 percent to close at 3,212.17 points. BRIndex100 touched intraday high of 3,221.82 and intraday low of 3,133.55 points. Volumes stood at 163.865 million shares.
BRIndex30 increased b y 597.15 points or 3.8 percent to close at 16,293.62 points with a turnover of 123.367 million shares.
The KSE-100 Index surged by 652.40 points or 2.13 percent to close at 31,231.55 points. Trading activities remained thin as daily volumes on ready counter decreased to 172.769 million shares as compared to 233.329 million shares traded on Monday.
Total market capitalization increased by Rs 114 billion to Rs 5.997 trillion. Out of total 335 active scrips, 215 closed in positive and 100 in negative while the value of 20 stocks remained unchanged.
Maple Leaf was the volume leader with 20.393 million shares and increased by Rs 1.14 to close at Rs 23.39 followed by Hascol Petroleum that gained Rs 1.00 to close at Rs 14.85 with 19.858 million shares. Unilever Foods and Pak Tobacco were the top gainers increasing by Rs 292.00 and Rs 71.99 respectively to close at Rs 7100.00 and Rs 1748.99 while Sapphire Textile and Wyeth Pak were the top losers declining by Rs 50.00 and Rs 30.00 respectively to close at Rs 732.00 and Rs 705.00.
BR Automobile Assembler Index inched up by 0.43 points or 0.01 percent to close at 4,539.70 points with total turnover of 984,110 shares.
BR Cement Index increased by 167.12 points or 4.83 percent to close at 3,626.76 points with 54.503 million shares.
BR Commercial Banks Index gained 104.76 points or 1.53 percent to close at 6,970.76 points with 21.529 million shares. BR Power Generation and Distribution Index surged by 136.75 points or 3.23 percent to close at 4,375.61 points with 11.548 million shares.
BR Oil and Gas Index closed at 3,192.48 points, up 115.88 points or 3.77 percent with 31.667 million shares.
BR Tech. & Comm. Index gained 7.7 points or 1.09 percent to close at 717.23 points with 8.677 million shares.
Danish Ladhani at JS Global Capital said that the stock market opened on a positive note making an intraday high of plus 724 points to finally close at 31,231 levels, up 2.1 percent. Overall, the market remained bullish with very low volumes and limited participation due to the ongoing corona breakdown as the lockdown continues across the major cities of Pakistan continues amidst increasing cases.
On the economic front the International Monetary Fund (IMF) has postponed approval of second review of the $6 billion bailout program that was scheduled for coming Friday due to delay in implementing agreed actions by Pakistan.
E&Ps and Cements kept the market alive where OGDC (up 5.4 percent), PPL (up 6.0 percent) and POL (up 1.5 percent) remained bullish as the international oil prices bounced back as the reports came in that Russia has confirmed its participation in the OPEC Plus meeting of leading oil producers which is set for April 9. Moreover, CHCC (up 6.7 percent), DGKC (up 7.1 percent) and PIOC (up 7.0 percent) closed in the upper circuit as the builders and developers are planning to initiate around 1,000 new projects worth over Rs 01 trillion over the nine-months ending December 2020.
ENGRO (up 1.2 percent), HBL (up 3.9 percent), HUBC (up 4.5 percent), FFC (up 1.0 percent), OGDC (up 5.4 percent), MCB (up 0.1 percent), PPL (up 6.0 percent) and LUCK (up 4.6 percent) cumulatively contributed towards the positive index close.