KARACHI: A bullish momentum continued on Pakistan Stock Exchange (PSX) Tuesday on improved trade numbers and appreciation of Pak rupee against the dollar.
The benchmark KSE-100 Index gained 138 points to close at 47,113 points up from 46,975 points on Monday. However, overall activity remained dull as share trading volumes decreased from 430 million to 306.2 million shares.
BRIndex100 settled at 4,918.51 points, which was 23.65 points or 0.48 percent higher than previous close. It touched an intraday high of 4,951.94 points and an intraday low of 4,904.32 points. Total volume at BRIndex100 was 254.179 million shares and Byco Petroleum was the most traded company with a volume of 19.268 million shares.
BRIndex30 opened at 21,286.96 points and finally closed at 21,384.21 points, increased by 97.25 points. It touched an intraday high of 21,696.49 points and an intraday low of 21,309.42 points with total volume of 151.982 million shares.
Analysts at Arif Habib Corp said that stocks closed higher as investor weigh strong data on oil sales surging by 17 percent and exports by 17.5 percent near to $2.47 billion in Oct 21. Speculations ahead of the IMF deal, rupee recovery and higher global crude oil prices played a catalyst role in bullish close, they added.
Market capitalization increased by Rs 15 billion to Rs 8.078 trillion. Out of total 361 active scrips, 174 closed in positive and 171 in negative while the value of 16 stocks remained unchanged.
Byco Petroleum was the volume leader with 19.26 million shares and it closed at Rs 7.50 followed by Telecard Limited that closed at Rs 17.11 with 14.41 million shares. F. Nat. Equities ranked third with 10.8 million shares and its share prices closed at Rs 8.80.
Allawasaya Tex and Nestle Pakistan were the top gainers and increased by Rs 149.91 and Rs 100.00 respectively to close at Rs 2,449.90 and Rs 6,000.00 respectively. Unilever Foods and Rafhan Maize were the top losers declining by Rs 500.00 and Rs 200.00 respectively to close at Rs 20,500.00 and Rs 9,700.00.
Analysts at Topline said that bullish momentum continued at PSX on the second consecutive day as well in the backdrop of improved trade deficit numbers on monthly basis, significant decline in international coal prices and anticipation of agreement between IMF and Government of Pakistan in the prevailing week as announced by finance minister.
Market opened on a positive note and made an intraday high at 47,315 level before closing at 47,113 level. Initially, cement sector led the show to celebrate substantial reduction of over 35 percent in global coal prices but witnessed profit taking in the later half. Technology and Banking sector stocks also provided support by adding 156 points cumulatively.
BR Automobile Assembler Index closed at 8,876.22 with a net positive change of 31.17 points or a percentage change of 0.35 and a total turnover of 4,690,660. BR Cement Index Closed at 6,551.14 with a net negative change of -45.92 points or a percentage change of -0.7 and a total turnover of 42,104,035.
BR Commercial Banks Index Closed at 10,277.41 with a net positive change of 51.46 points or a percentage change of 0.5 and a total turnover of 18,284,130. BR Power Generation and Distribution Index closed at 5,534.73 with a net negative change of -15.91 points or a percentage change of -0.29 and a total turnover of 4,291,654.
BR Oil and Gas Index closed at 3,937.35 with a net negative change of -7.78 points or a percentage change of -0.2 and a total turnover of 18,942,823. BR Tech. & Comm. Index closed at 4,335.13 with a net positive change of 131.07 points or a percentage change of 3.12 and a total turnover of 64,648,362.
Analysts at AHL said that market opened on a positive note due to strengthening Pak rupee and downturn of commodities price cycle. Institutional investors’ buying was witnessed in the cement and steel sector. Later on, mixed sentiment was witnessed in the market as investors opted for profit booking specially in cement sector in expectation of interest rate hike by the SBP in the upcoming monetary policy.
Sectors contributing to the performance include Technology (+120pts), Banks (+57pts), Engineering (+16pts), Leather (+15pts) and Refinery (+14pts). Stocks that contributed significantly to the volumes include BYCO, TELE, FNEL, HUMNL and WTL.