BRIndex100 extends gains

RECORDER REPORT

KARACHI: Pakistan Stock Exchange Tuesday witnessed a bullish trend on the back of healthy buying at available low levels.

BRIndex100 gained 40.32 points or 1.13 percent to close at 3,595.23 points. BRIndex100 touched intraday high of 3,596.18 and intraday low of 3,543.60 points. Volumes stood at 87.087 million shares.

BRIndex30 increased by 215.34 points or 1.19 percent to close at 18,328.03 points with a turnover of 66.850 million shares.

The KSE-100 Index surged by 310.78 points or 0.91 percent to close at 34,307.11 points. Trading activity also improved as daily volumes on the ready counter increased to 91.162 million shares as compared to 48.046 million shares traded Monday.

Foreign investors remained net buyers of shares worth $2.8 million. The market capitalization increased by Rs 32 billion to Rs 6.920 trillion. Out of total 307 active scrips, 206 closed in positive, only 77 in negative while the value of 24 stocks remained unchanged.

K-Electric was the volume leader with 13.561 million shares. It gained Re 0.04 to close at Rs 4.38 followed by TRG Pak that increased by Re 0.82 to close at Rs 17.20 with 8.381 million shares. Sapphire Fiber and Murree Brewery were the top gainers with Rs 43.10 and Rs 16.83, respectively to close at Rs 905.25 and Rs 760.00. Nestle Pakistan and Imrooz Modaraba were the top losers with Rs 249.00 and Rs 7.39, respectively to close at Rs 6,750.00 and Rs 140.43.

BR Automobile Assembler Index decreased by 26.85 points or 0.46 percent to close at 5,798.32 points with total turnover of 868,130 shares.

BR Cement Index increased by 54.12 points or 1.81 percent to close at 3,047.54 points with 10.353 million shares.

BR Commercial Banks Index surged by 57.45 points or 0.72 percent to close at 8,076.85 points with 6.909 million shares.

BR Power Generation and Distribution Index gained 28.98 points or 0.58 percent to close at 4,999.95 points with 15.114 million shares.

BR Oil and Gas Index inched up by 28.4 points or 0.71 percent to close at 4,003.15 points with 6.564 million shares.

BR Tech. & Comm. Index closed at 800.00 points, up 13.14 points or 1.67 percent with 12.540 million shares.

An analyst at Arif Habib Limited said despite the bearish outlook at the start of the day, courtesy high rupee-dollar parity, pending sign-off of IMF loan package on July 3rd and increase in gas and electricity tariffs besides the protest of textile and cement processors/dealers, the market closed on a positive note.

Two o f the major macro-economic indicators that positively impacted the market were decline in rupee-dollar parity as well as a lower reading of Inflation against street consensus. Overall, Cement, Refinery, E&P and steel sector performed well. Power sector led the volumes table with 15 million shares, followed by Chemical (14 million).

Sectors contributing to the performance include Fertilizer (up 84 points), Banks (up 71 points), Cement (up 40 points), E&P (up 31 points) and Pharma (up 23 points).

Stocks that contributed positively include FFC (up 40 points), HBL (up 34 points), NBP (up 17 points), LUCK (up 17 points) and MCB (up 17 points). Stocks that contributed negatively include NESTLE (down 24 points), MEBL (down 6 points), PSMC (down 3 points), THALL (down 3 points) and SML (down 2 points).