RECORDER REPORT

KARACHI: Pakistan Stock Exchange partially recovered its overnight losses on the back of fresh buying on dips mainly by local investors and institutions.

BRIndex100 gained 43.69 points (0.92 percent) to close at 4,809.65 points on Wednesday. BRIndex 100 opened at 4,765.96 and moved between an intraday high of 4,833.50 and an intraday low of 4,757.07 points. Total volume was 169,684,700.

BRIndex30 increased by 269.88 points or 1.14 percent to close at 23,859.82 points with total volume of 116.389 million shares.

Pakistan’s benchmark KSE-100 index surged by 287.51 points to close at 44,186.96 points with total volume of 187.249 million shares. The market capitalization increased by Rs 40 billion to Rs 9.178 trillion. Out of total 377 active scrips, 217 closed in positive, 145 in negative while the value of 15 stocks remained unchanged. Foreign investors remained net sellers of equities worth $3.8 million.

Azgard Nine was the volume leader with 17.700 million shares. It gained Rs 0.28 to close at Rs 15.87 followed by Aisha Steel Mill that increased by Rs 0.41 to close at Rs 22.01 with 11.644 million shares. Philip Morris Pak and Hinopak Motor were the top gainers with 66.06 and Rs 52.49, respectively to close at Rs 2,624.11 and Rs 1,280.00. Sanofi-Aventis and Rafhan Maize were the top losers with Rs 89.28 and Rs 80.00, respectively to close at Rs 1,833.05 and Rs 6,950.00.

BR Commercial Banks Index closed at 8,580.80 with an increase of 80.99 points or 0.95 percent with total turnover of 16,817,700 shares.

BR Cement Index inched up by 7.43 points to close at 6,911.13 points with total turnover of 18,754,000 shares.

BR Oil and Gas Index closed at 5,086.46 points with a net positive change of 29.67 points with 14,391,320 shares.

BR Tech. & Comm. Index gained 28.06 points or 2.1 percent to close at 1,363.79 points with 16,775,500 shares.

BR Power Generation and Distribution Index closed at 7,010.18 with a net positive change of 31.35 points or 0.45 percent with total turnover of 8,625,800 shares.

Maaz Mulla at JS Global Capital said that after a bloodbath session Tuesday, the market witnessed a recovery of 287 points to close at 44,187. The continuity of political uncertainty has resulted in investors switching from growth stocks to value plays. Despite increase in the overall OMC sector’s prices, SHEL closed flat as its earnings of Rs 21.85/share for the first half of 2017 and DPS of Rs 7.0 were not up to investors’ expectations. Commercial banks’ heavyweights MCB (up 0.96 percent), HBL (up 0.81 percent), UBL (up 0.18 percent) and NBP (up 1.45 percent) closed in the green to cumulatively contribute 53 points to the benchmark KSE-100 index. BOP (up 0.76 percent) from the banking sector also posted financial results for first half of 2017, an EPS of Rs 1.4. ASL (up 1.90 percent), ISL (up 4.13 percent), INIL (up 4.98 percent) from the steel sector gained as investors picked stocks on attractive values.