KARACHI: Pakistan Stock Exchange Monday witnessed a bullish trend and closed on strong positive note with healthy gains on the back of aggressive buying in post-budget rally on Monday.

BRIndex100 gained 48.54 points or 0.92 percent to close at 5,333.52 points. BRIndex100 hit intraday high of 5,357.95 points and intraday low of 5,284.98 points. Volumes stood at 1,112.921 million shares.

BRIndex30 increased by 188.11 points or 0.68 percent to close at 27,771.44 points with a turnover of 768.284 million shares.

The KSE-100 Index surged by 421.36 points or 0.87 percent and closed at 48,726.08 points. Trading activity also improved as daily volumes on ready counter increased to 1,217.847 million shares as compared to 1,024.223 million shares traded Friday.

Foreign investors however remained net sellers of shares worth $961,019. Total market capitalization increased by Rs 99 billion to Rs 8.457 trillion. Out of total 413 active scrips, 238 closed in positive and 161 in negative while the value of 14 stocks remained unchanged.

Byco Petroleum was the volume leader with 109.211 million shares and gained Rs 1.00 to close at Rs 12.83 followed by Hum Network that inched up by Rs 0.06 to close at Rs 8.68 with 108.394 million shares. Rafhan Maize and Wyeth Pak were the top gainers increasing by Rs 190.00 and Rs 150.47 respectively to close at Rs 9690.00 and Rs 2156.84 while Sapphire Fiber and Faisal Spinning were the top losers declining by Rs 37.97 and Rs 20.00 respectively to close at Rs 762.03 and Rs 410.00.

BR Automobile Assembler Index gained 65.37 points or 0.66 percent to close at 9,952.17 points with total turnover of 6.114 million shares.

BR Cement Index increased by 136.71 points or 1.78 percent to close at 7,805.99 points with 72.492 million shares.

BR Commercial Banks Index inched up by 37.01 points or 0.39 percent to close at 9,467.73 points with 37.761 million shares.

BR Power Generation and Distribution Index lost 19.66 points or 0.34 percent to close at 5,711.57 points with 44.573 million shares.

BR Oil and Gas Index surged by 132.96 points or 3.25 percent to close at 4,227.36 points with 119.130 million shares.

BR Tech. & Comm. Index closed at 4,451.00 points, down 22.84 points or 0.51 percent with 279.942 million shares.

An analyst at Arif Habib Limited said that the market opened on a positive note following the Budget announcement on Friday evening. Dividend anticipation from SOEs helped OGDC propel to hit upper circuit (with a hefty dividend payout expectation), followed by positive price performance of PPL. Similarly, positive measures for Footwear, Tyre, Refinery, Steel and Cement sectors supported the listed scrips in these sectors to perform positive during the session.

The KSE-100 Index hit a high of 677 points after the pre-opening session, after which profit booking brought the index down by about 400 points however buying momentum continued which enabled Index to close up 421 points.

Sectors contributing to the performance include E&P (up 202 points), Cement (up 92 points), Engineering (up 52 points), Banks (up 42 points), O&GMCs (up 32 points).

Stocks that contributed positively to the index include OGDC (up 106 points), PPL (up 68 points), SYS (up 44 points), INIL (up 27 points) and POL (up 25 points). Stocks that contributed negatively include TRG (down 61 points), FFC (down 27 points), UNITY (down 17 points), FFBL (down 13 points) and NRL (down 10 points).

Copyright Business Recorder, 2021