BRIndex100 rebounds


KARACHI: Despite foreign selling, Pakistan Stock Exchange Thursday witnessed a bullish trend and closed on a positive note on the back of fresh buying by local investors. BRIndex100 gained 41.0 points or 0.88 percent to close at 4,676.00 points. BRIndex100 hit intraday high of 4,723.54 points and intraday low of 4,634.31 points. Volumes stood at 273.975 million shares.

BRIndex30 increased by 347.55 points or 1.58 percent to close at 22,368.82 points with total daily turnover of 198.100 million shares.

The KSE-100 Index surged by 212.82 points or 0.48 percent to close at 44,586.05 points. Trading activity also improved as daily volumes on ready counter increased to 296.037 million shares as compared to 252.760 million shares traded Wednesday.

Foreign investors however remained net sellers of shares worth $3.396 million. The market capitalization increased by Rs 30 billion to Rs 7.782 trillion. Out of total 558 active scrips, 311 closed in positive and 227 in negative while the value of 20 stocks remained unchanged.

WorldCall Telecom was the volume leader with 57.981 million shares however lost Rs 0.15 to close at Rs 2.54 followed by Telecard Limited that gained Rs 0.66 to close at Rs 19.26 with 36.993 million shares. Unilever Foods and Rafhan Maize were the top gainers increasing by Rs 200.00 and Rs 125.00 respectively to close at Rs 19200.00 and Rs 10925.00 while Colgate Palmolive and Khyber Tobacco were the top losers declining by Rs 99.95 and Rs 16.84 respectively to close at Rs 2350.05 and Rs 318.30.

BR Automobile Assembler Index lost 9.94 points or 0.12 percent to close at 8,587.36 points with total turnover of 1.339 million shares. BR Cement Index increased by 146.18 points or 2.67 percent to close at 5,624.06 points with 40.315 million shares.

BR Commercial Banks Index gained 64.45 points or 0.69 percent to close at 9,353.55 points with 18.324 million shares.

BR Power Generation and Distribution Index decreased by 7.57 points or 0.14 percent to close at 5,476.93 points with 3.954 million shares. BR Oil and Gas Index closed at 3,739.71 points, down 4.64 points or 0.12 percent with 6.448 million shares.

BR Tech. & Comm. Index inched up by 41.12 points or 0.88 percent to close at 4,707.27 points with 117.923 million shares. Neelam Naz at JS Global Capital said that the KSE-100 Index made another attempt to cross the 45,000 level through a recovery in cyclical sectors. However, selling pressure soon kicked in and the market slid from its intraday high of 44,947 and closed at 44,586 level, up 213 points.

The increase in cut-off yields in the auction of three and six month T-bills papers dampened investors’ confidence as it hinted at further monetary tightening.

Top contributors to total volume of 296 million shares were WTL (down 5.6 percent), TELE (up 3.5 percent), TREET (up 7.5 percent), UNITY (up 2.1 percent) and JSCL (up 4.5 percent).