KARACHI: Bulls controlled the Pakistan Stock Exchange (PSX) once again on Friday, as the indices remained in the green zone throughout the session amid healthy volumes. Foreign investors turned out to be net sellers on Thursday with a net outflow of $1.90 million.
On the economic front, remittances received from overseas Pakistanis grew by 17.56pc in September 2019, as compared to the same month last year. Over 80pc of the remittances were received from five countries, namely Saudi Arabia (24pc), UAE (21pc), USA (16pc), UK (15pc) and Malaysia (7pc).
The KSE-100 Index gained 1,442.37 points or 4.37pc during the week, closing at 34,475.69 (+447 points on Friday). The KMI-30 Index appreciated by 1.57pc to end at 55,326.86, while the KSE All Share Index accumulated 220.01 points, ending at 24,794.59. Out of the total traded shares, 210 advanced, 141 declined while the value of 17 remained unchanged.
The overall market volumes improved significantly during the week, averaging at around 284 million. Volumes on Friday were recorded at 287.03 million.
Worldcall Telecom (WTL 0.00pc), Lotte Chemical Pakistan Limited (LOTCHEM +0.37pc) and TRG Pakistan Limited (TRG +4.42pc) dominated the volume chart, with 30.82 million shares, 19.11 million shares and 18.79 million shares exchanging hands respectively.
Sectors that helped the KSE-100 Index stay in the green zone included banking (+169.75 points), oil and gas exploration (+88.52 points) and fertiliser (+39.33 points). Among the companies, Habib Bank Limited (HBL +75.13 points), Oil and Gas Development Company Limited (OGDC +36.21 points) and Hub Power Company Limited (HUBC +32.72 points) remained the top contributors to the index.
The cement sector added 1.25pc in its cumulative market capitalization. Lucky Cement Limited (LUCK +2.75pc), Cherat Cement Company Limited (CHCC +2.54pc) Attock Cement (Pakistan) Limited (ACPL +1.65pc) managed to close with decent gains.
