KARACHI: Bullish trend continued on Pakistan Stock Exchange on Wednesday on the back of healthy buying mainly by local investors coupled with institutional support.

BRIndex100 gained 21.33 points or 0.53 percent to close at 4,014.58 points. During the session, the BRIndex-100 hit an intraday high of 4,051.83 and an intraday low of 3,993.25 points. Total volumes stood at 474.303 million shares.

BRIndex30 increased by 188.04 points or 0.92 percent to close at 20,521.69 points with total daily turnover of 351.574 million shares.

KSE-100 index surged by 209.00 points or 0.54 percent and closed at 38,836.27 points. Trading activities also improved significantly as daily volumes on ready counter increased to 508.260 million shares as compared to 394.297 million shares traded on Tuesday.

The foreign investors remained net sellers of shares worth $2.057 million. Total market capitalization increased by Rs 21 billion to Rs 7.235 trillion. Out of total 400 active scrips, 186 closed in positive and 183 in negative while the value of 31 stocks remained unchanged.

K-Electric was the volume leader with 73.290 million shares and gained Re 0.31 to close at Rs 3.51 followed by Pak Elektron that increased by Rs 1.05 to close at Rs 32.08 with 35.319 million shares. Colgate Palmolive and Ismail Industries were the top gainers increasing by Rs 35.00 and Rs 23.78 respectively to close at Rs 2295.00 and Rs 340.91 while Rafhan Maize and Nestle Pakistan were the top losers declining by Rs 390.00 and Rs 77.12 respectively to close at Rs 7500.00 and Rs 6500.00.

BR Automobile Assembler Index gained 69.63 points or 0.94 percent to close at 7,483.74 points with total turnover of 7.094 million shares.

BR Cement Index increased by 81.96 points or 1.63 percent to close at 5,119.07 points with 60.786 million shares.

BR Commercial Banks Index lost 40.88 points or 0.51 percent to close at 7,923.69 points with 41.631 million shares. BR Power Generation and Distribution Index surged by 101.02 points or 2.18 percent to close at 4,745.07 points with 93.717 million shares.

BR Oil and Gas Index inched up by 42.38 points or 1.07 percent to close at 3,985.78 points with 36.450 million shares.

BR Tech. & Comm. Index closed at 1,561.80 points, up 23.68 points or 1.54 percent with 60.221 million shares.

Ahsan Mehanti at Arif Habib Corporation said the stocks closed higher led by oil, banking and fertilizer scrips amid speculations ahead of major earning announcements next week.

Mid-session pressure remained in political uncertainty amid resignations of government advisory, rupee instability and Moody's report on likely 20 percent fall in home remittances in FY21 impacting external resilience.

He said surging global crude oil prices, upbeat data on urea sales for June'20 and expectations for stronger banking financial results played a catalyst role in bullish close.

Copyright Business Recorder, 2020