KARACHI: Pakistan Stock Exchange witnessed bullish trend on Wednesday on the back of local investors and institutional support.

BRIndex100 gained 34.37 points or 0.95 percent to close at 3,670.77 points. During the session, the BRIndex-100 hit an intraday high of 3,673.23 and an intraday low of 3,636.37 points. Total volumes stood at 291.267 million shares.

BRIndex30 increased by 240.23 points or 1.3 percent to close at 18,768.54 points with total daily turnover of 209.896 million shares.

KSE-100 Index surged by 321.54 points or 0.91 percent and closed at 35,694.89 points. Daily trading volumes decreased to 317.691 million shares as compared to 333.891 million shares traded on Tuesday.

The foreign investors remained net sellers of shares worth $3.074 million. Total market capitalization increased by Rs 53 billion to Rs 6.767 trillion. Out of total 378 active scrips, 236 closed in positive and 120 in negative while the value of 22 stocks remained unchanged.

TRG Pak was the volume leader with 38.340 million shares and increased by Rs 2.36 to close at Rs 35.65 followed by Pak Elektron that gained Re 0.72 to close at Rs 26.96 with 20.611 million shares. Unilever Foods and Indus Motor Co were the top gainers increasing by Rs 90.00 and Rs 46.54 respectively to close at Rs 9590.00 and Rs 1164.76 while Rafhan Maize and Nestle Pakistan were the top losers declining by Rs 215.00 and Rs 50.00 respectively to close at Rs 7125.00 and Rs 6700.00.

BR Automobile Assembler Index surged by 160.87 points or 2.63 percent to close at 6,288.11 points with total turnover of 5.997 million shares.

BR Cement Index gained 18.66 points or 0.41 percent to close at 4,533.54 points with 44.999 million shares.

BR Commercial Banks Index increased by 141.37 points or 2.04 percent to close at 7,064.94 points with 31.896 million shares.

BR Power Generation and Distribution Index lost 22.37 points or 0.53 percent to close at 4,228.44 points with 9.174 million shares.

BR Oil and Gas Index inched up by 21.23 points or 0.57 percent to close at 3,747.85 points with 23.602 million shares.

BR Tech. & Comm. Index closed at 1,455.05 points, up 41.86 points or 2.96 percent with 67.825 million shares.

Ahsan Mehanti at Arif Habib Corporation said that the stocks closed bullish amid speculations in the earnings season and reports of reduction on SBP refinance rates under temporary economic refinance financing of textile and LTFF of non textiles exports. The SBP deferment of debt repayments for leveraged corporate sector till September 30, surging local auto, fertilizer prices, upbeat data for cement sales surging by 29.94 percent, exports in June'20, shrinking FY20 trade deficit data to $23.18 billion and higher global crude oil prices played a catalyst role in bullish close at PSX.

Copyright Business Recorder, 2020