Pakistan Stock Exchange (PSX) showed a sharp unexpected change and closed with good profits after a week of turmoil on the back of fresh buying on attractive low levels.
News sources say that BRIndex100 gained 63.76 points or 2.08 percent to close at 3,125.44 points. BRIndex100 touched intraday high of 3,165.15 and intraday low of 3,037.14 points. Volumes stood at 226.191 million shares.
BRIndex30 increased by 367.25 points or 2.44 percent to close at 15,439.11 points with a turnover of 178.134 million shares. The KSE-100 Index surged by 537.58 points or 1.78 percent to close at 30,667.41 points. However, trading activity remained low as daily turnover decreased to 244.998 million shares as compared to 308.346 million shares traded Thursday.
Foreign investors, however, remained net sellers of shares worth $6.6 million. The market capitalization increased by Rs 108 billion to Rs 5.907 trillion. Out of a total of 344 active scrips, 179 closed in positive, 152 is negative while the value of 13 stocks remained unchanged.
K-Electric was the volume leader with 23.415 million shares. However, it lost Re 0.05 to close at Rs 2.99 followed by Maple Leaf that closed at Rs 20.21, down Rs 1.48 with 16.626 million shares.
Pak Tobacco and Sapphire Fiber were the top gainers with Rs 126.05 and Rs 54.00, respectively to close at Rs 1,824.00 and Rs 783.00. Philip Morris Pak and Sapphire Textile were the top losers with Rs 157.35 and Rs 47.63, respectively to close at Rs 1,940.65 and Rs 776.64.
BR Automobile Assembler Index inched up by 8.59 points or 0.19 percent to close at 4,639.34 points with a total turnover of 1.084 million shares. BR Cement Index decreased by 65.59 points or 2.0 percent to close at 3,217.51 points with 58.737 million shares.
BR Commercial Banks Index surged by 186.39 points or 2.7 percent to close at 7,092.90 points with 31.167 million shares. BR Power Generation and Distribution Index increased by 109.87 points or 2.93 percent to close at 3,858.62 points with 28.643 million shares. BR Oil and Gas Index closed at 3,020.81 points, up 152.73 points or 5.33 percent with 31.911 million shares.
BR Tech. & Comm. The index lost 21.35 points or 3.0 percent to close at 689.44 points with 20.113 million shares.
Maaz Mulla at JS Global Capital said that bears were defeated in the session as the market witnessed recovery. The KSE-100 Index opened positive and touched a high of plus 798 points as institutional participation was witnessed mainly in the mainboard stocks. The market remained mostly green throughout the day and closed at 30,667, up 537 points level. Positive sentiments in the market can be attributed to attractive valuations of the KSE-100 Index stocks.
PPL (up 7.5 percent), POL (up 7.5 percent) and OGDC (up 7.5 percent) from the E&P sector closed on their respective upper circuit as crude oil prices recovered in the international market. The banking sector also enjoyed the upward rally where HBL (up 6.1 percent), MCB (up 0.1 percent), UBL (up 1.4 percent), BAHL (up 1.7 percent) and BAFL (up 6.2 percent) closed higher than their previous closing.
Selling pressure was witnessed in cement stocks where DGKC (down 3.7 percent), MLCF (down 6.8 percent), CHCC (down 7.5 percent), PIOC (down 7.5 percent) and KOHC (down 7.5 percent) closed in the red trajectory.