KARACHI: After a negative session on Thursday the Pakistan Stock Exchange (PSX) was back on track on Friday, ending the last session of the week in green settling higher by 96.39 points at 38649.34..
Indices closed positive after oscillating in both directions. Foreign investors closed as net buyers on Thursday with a net inflow of US$ 2.12 million.
Pakistan is expected to secure a bailout package from the International Monetary Fund (IMF) of between $6 billion and $12 billion by mid of May as reported by the Finance Minister Asad Umar in a recent interview.
The KSE 100 index fell by 69.49 points touching its intraday low of 38,483.46. The index then recovered its losses and reached its intraday high of 38,733.37 after gathering 180.42 points. It settled higher by 96.39 points at 38,649.34. Gaining 301.84 points the KMI 30 index closed at 63,313.99. Whereas the KSE All Share Index managed to accumulate 112.12 points ending the session at 28,279.32. The advancers to decliner ratio stood at 166 to 119.
Trading volumes improved from 132.15 million in preceding session to 137.73 million. Unity Foods Limited’s Right Shares (UNITYR1 +13.50 per cent) was the most traded stock with a volume of 25.27 million. The Bank of Punjab (BOP +0.93 per cent) and K-Electric Limited (KEL +1.82 per cent) were next in line. The scripts had 9.53 million shares and 7.67 million shares exchanged respectively.
Avanceon Limited (AVN +2.11 per cent) declared its financial performance for FY18. The company also announced 40 per cent bonus shares. Sales increased by 2.9 per cent YoY. While, the company’s earnings per share also enhanced from Rs 3.50 in previous year to Rs 4.24 in current year.
Highnoon Laboratories Limited (HINOON +3.86 per cent) also released its financial performance for the year ended December 31, 2018. A final cash dividend of Rs13 was also declared by the company along with 10 per cent bonus shares. Sales jumped by 26 per cent YoY. While, earnings per share improved from Rs21.90 in FY17 to Rs 25.37 in current year.
The oil and gas marketing sector gained 1.88 per cent in its cumulative market capitalization as global oil prices took a dip. Furthermore, oil prices are expected to increase by 12.8 per cent for the next month as recommended by Oil and Gas Regulatory Authority (OGRA). Shell Pakistan Limited (SHEL +4.51 per cent), Sui Northern Gas Pipe Line Limited (SNGP +3.00 per cent), Sui Southern Gas Company Limited (SSGC +2.29 per cent) and Pakistan State Oil Company Limited (PSO +1.19 per cent) all closed with decent gains.
