BRIndex100 extends gains

RECORDER REPORT

KARACHI: Pakistan Stock Exchange (PSX) Thursday closed higher on reports of positive conclusion of IMF review and resumption of Extended Fund Facility (EFF) programme for Pakistan. BRIndex100 gained 25.63 points or 0.54 percent to close at 4,765.47 points on Thursday compared to 4,739.84 points on Wednesday. It touched an intraday high of 4,815.95 points and an intraday low of 4,731.09 points. Total volume at BRIndex 100 was 288.505 million and Bank of Punjab was the most traded company with a volume of 25.569 million.

BRIndex30 closed at 20,650.28 points which was 347.38 points or 1.65 percent lower than previous close of 20,997.66 points. It touched an intraday high of 21,139.50 points and an intraday low of 20,618.79 points with a volume of 185.792 million shares.

The benchmark KSE100 index increased by 322 points to close at 45,821 points on Thursday as against 45,499 points on Wednesday. Share trading volumes on ready counter surged to 338 million up from 308 million a day earlier.

The market capitalization rose by Rs 39 billion to Rs 7.897 trillion. Out of total 359 active scrips, 158 closed in positive and 185 in negative while the value of 16 stocks remained unchanged.

Ahsan Mehanti of Arif Habib Corp has said that Stocks closed higher on reports of Pak-IMF staff level agreement over resumption of EFF.  He said that SBP Governor hints over possible good news for the nation on reaching IMF agreement, strong financial results in the banking sector and higher global crude oil prices played a catalyst role in bullish close.

Bank of Punjab was the volume leader with 25.569 million shares and closed at Rs 8.91 followed by Telecard Limited that closed at Rs 17.13 with 24.33 million shares. Hum News Network ranked third with 23.88 million shares and it closed at Rs 6.55. Philips Morris Pak and Mari Petroleum were the top gainers increasing by Rs 58 and Rs 47.54 respectively to close at Rs 833.00 and Rs 1,773.93 respectively. Wyeth Pak and Rafhan Maize were the top losers declining by Rs 126.35 and Rs 100.00 respectively to close at Rs 1,558.65 and Rs 10,289.99.

BR Automobile Assembler Index closed at 8,478.51 points with a net negative change of -44.24 points or a percentage change of 0.52 with total turnover of 1.55 million shares. BR Cement Index increased by 34.47 points to close at 5,833.13 points and a total turnover of 21.063 million.

BR Commercial Banks Index closed at 10,173.79 points with a net positive change of 205.38 points or a percentage change of 2.06 and a total turnover of 70,008,949. BR Power Generation and Distribution Index closed at 5,502.18 with a net negative change of -13.45 points or a percentage change of -0.24 and a total turnover of 8,080,209.

BR Oil and Gas Index gained 56.66 points or a percentage change of 1.45 closed at 3,951.49 points with total turnover of 9,782,702. BR Tech. & Comm. Index closed at 4,235.71 points with a net negative change of -60.58 points or a percentage change of -1.41 and a total turnover of 90.312 million shares.

Analysts said that a clear signal of concluding IMF review and resumption of IMF Package by Shaukat Tarin swayed the index to add more points. Bank and E&P stocks contributed the most, whereas selling pressure was witnessed in Technology and Cyclical (Cement and Steel) sectors.

After making an intra-day high, investors resorted to profit booking that brought the net gains to reach 322 points at the end of session. Anticipation of interest rate hike by SBP in the coming monetary policy helped the banking sector stocks to stage a rally, and E&P stocks inched up on the prospects of US$100/bbl for international crude oil price.

Sectors contributing to the performance include Banks (+220pts), E&P (+97pts), Fertilizer (+80pts), Cement (+31pts) and Chemical (+29pts). Stocks that contributed significantly to the volumes include BOP, TELE, HUMNL, WTL and UNITY, which formed 34% of total volumes.