Pakistan Stock Exchange witnessed a buoyant trend on the back of healthy buying on attractive low levels in various sectors.
Sources say that BRIndex100 gained 104 points or 3.79 percent to close at 2,849.59 points. BRIndex100 touched intraday high of 2,868.38 and intraday low of 2,731.05 points. Volumes stood at 160.342 million shares.
BRIndex30 increased by 499.36 points or 3.72 percent to close at 13,927.75 points with daily turnover of 125.543 million shares.
The KSE-100 Index surged by 842.37 points or 3.09 percent to close above 28,000 psychological level at 28,109.57 points. However, trading activity remained low as daily volumes on the ready counter decreased to 169.438 million shares as compared to 186.745 million shares traded Thursday.
The market capitalization increased by Rs 118 billion to Rs 5.474 trillion. Out of total 304 active scrips, 228 closed in positive, only 56 in negative while the value of 20 stocks remained unchanged.
K-Electric was the volume leader with 41.173 million shares. However, it lost Re 0.04 to close at Rs 2.71 followed by Unity Foods that gained Re 0.48 to close at Rs 8.87 with 11.264 million shares. Pak Tobacco and Rafhan Maize were the top gainers with Rs 50.92 and Rs 50.00, respectively to close at Rs 1,699.98 and Rs 6,400.00. Sapphire Textile and Bhanero Textile were the top losers with Rs 54.28 and Rs 44.00, respectively to close at Rs 670.00 and Rs 671.00.
BR Automobile Assembler Index gained 68.78 points or 1.69 percent to close at 4,137.01 points with total turnover of 968,280 shares.
BR Cement Index increased by 171.1 points or 6.35 percent to close at 2,863.91 points with 27.750 million shares.
BR Commercial Banks Index inched up by 160 points or 2.55 percent to close at 6,432.55 points with 18.718 million shares.
BR Power Generation and Distribution Index surged by 213.64 points or 6.2 percent to close at 3,660.47 points with 44.788 million shares.
BR Oil and Gas Index closed at 2,666.63 points, up 31.26 points or 1.19 percent with 20.899 million shares.
BR Tech. & Comm. Index gained 34.48 points or 5.67 percent to close at 643.07 points with 11.421 million shares.
Maaz Mulla at JS Global Capital said that the PSX saw some daylight in the trading session where the market made an intraday high of up 1,006 points to close at 28,109 level, up 842 points.
Positive sentiment in the market can be attributed to attractive valuations of the KSE-100 Index. Though the US dollar appreciated against the rupee in the intra-day currency market, it closed below Thursday’s level.
The cement sector enjoyed the upward rally where DGKC (up 6.9 percent), LUCK (up 6.8 percent), MLCF (up 7.5 percent), PIOC (up 7.5 percent), FCCL (up 7.8 percent) and CHCC (up 7.4 percent) closed near to their respective upper circuits.
The banking space witnessed heavy participation where UBL (up 6.9 percent), MCB (up 6.4 percent), BAFL (up 2.5 percent) and BOP (up 1.7 percent) closed in the green zone while HBL (down 1.8 percent) closed in the red.
Ahsan Mehanti at Arif Habib Corporation said that the stocks closed bullish led by scrips across the board as investor weigh recovery in Asian stocks and positive outcome of economic relief package amid SBP reduced stock margins and cut in SBP key policy rate. He said midsession pressure was witnessed on concerns over the rupee instability and prevailing economic uncertainty.
He said higher crude oil prices and speculations on likely approval of $1.4bn IMF loan for economic relief played a catalyst role in bullish close.