KARACHI: The bearish prevailed at the Pakistan Stock Exchange (PSX) as the benchmark 100-index dropped 164 point to reach 41626 points level till midday on Friday.
Earlier, the stocks again opened bearish and shed 142 points in early trading to reach 41648 points level.
Yesterday, the bullish activity continued at the PSX on investors’ interest in scrips across the board amid speculations on higher global crude prices and upbeat cement, oil and fertilizer sale. Resultantly, the KSE 100-index went up by 531 points and closed at 41,790 points.
E&P sector led the gains at the local bourse as crude oil edged higher. PPL (up 2.62%) and OGDC (up 1.22%) were the major gainers of the mentioned sector. Auto sector continued its upward trend for third consecutive day where HCAR (up 5%), MTL (1.35%), DFML (4.87%) and PSMC (0.93%) gained to close positive, said dealer at JS Global.
Index point leaders were HBL (up 2.7%), ENGRO (3.5%), PPL (2.6%), DAWH (4.5%) & OGDC (1.2%), adding 240 points to the index; while POL (down 1.1%), MCB (0.6%), PAKT (2.8%), PMPK (5%) & BAHL (0.9%), withheld 100 points from the index.
Market volumes improved to 162m from 97m, showing an increase of 66% DoD. Similarly, average traded value increased from $54m to $97m (up 79.3% DoD).
Sector wise, fertilizer added 107 points amid improving sector dynamic whereas commercial banks added 103 points. Tobacco sector however withheld 18 points from the index.
