The KSE-100 index surged by 62.61 points to close at 39,306.50 points. Trading activity also improved as daily volumes on the ready counter increased to 155.001 million shares as compared to 104.483 million shares traded Thursday. The market capitalization increased by Rs 15 billion to Rs 7.926 trillion. Out of total 335 active scrips, 185 closed in positive, 129 in negative while the value of 21 stocks remained unchanged.
K-Electric was the volume leader with 55.918 million shares. It gained Re 0.31 to close at Rs 6.45 followed by TRG Pak that inched up by Re 0.35 to close at Rs 24.81 with 8.132 million shares. Unilever Foods and Rafhan Maize were the top gainers with Rs 189.00 and Rs 90.00, respectively to close at Rs 7,289.00 and Rs 6,800.00. Nestle Pakistan and Colgate Palmolive were the top losers with Rs 200.00 and Rs 10.00, respectively to close at Rs 7,900.00 and Rs 2,000.00.
BR Commercial Banks Index lost 13.36 points or 0.16 percent to close at 8,346.97 points with total turnover of 8.251 million shares. BR Cement Index decreased by 26.97 points or 0.65 percent to close at 4,125.39 points with 6.155 million shares.
BR Oil and Gas Index inched up by 2.72 points or 0.06 percent to close at 4,863.09 points with 11.658 million shares. BR Tech. & Comm. Index gained 6.9 points or 0.68 percent to close at 1,016.24 points with 13.096 million shares.
BR Power Generation and Distribution Index increased by 153.2 points or 2.52 percent to close at 6,238.45 points with 56.650 million shares.
An analyst at Arif Habib Limited said that the market opened on a positive note and the volume improved in the first session that crossed 70 million. The index oscillated between minus152 points and plus 147 points during the day. Significant volumes were seen in KEL with a total volume of 55.9 million shares (36 percent of the total traded volume), on the expectation of deal conclusion with Shanghai Electric. Selling pressure was mainly observed in E&P, Banking, Cement and O&GMCs sector. Market largely performed on the expected changes in the upcoming mini-budget that is likely to offer good news for some sectors.
Sectors contributing to the performance include Fertilizer (up 45 points), Power (up 29 points), Chemical (up 11 points), Insurance (up 5 points), Banks (down 20 points) and Cement (down 19 points).
Stocks that contributed positively include FFC (up 29 points), KEL (up 18 points), EPCL (up 11 points), FFBL (up 11 points) and HUBC (up 10 points). Stocks that contributed negatively include HBL (down 20 points), UBL (down 11 points), NESTLE (down 9 points), PPL (down 9 points) and LUCK (down 8 points).