KARACHI: The Pakistan Stock Exchange (PSX) continued its positive trend on Thursday with the benchmark KSE-100 index gaining 173 points to close at 43,681 points.
The benchmark index touched the day’s low of 43,459 mid-session but came back hit the day’s high of 43,731 points. Over 117.5 million shares worth Rs6.5 billion were shared at the exchange. Of the 313 traded scrips, 177 advanced, 119 declined and 17 remained unchanged.
The KSE-100 Index rose for a second consecutive session amid a sharp plunge in rupee’s value against the dollar in intra-day trading in open and inter-bank markets.
The positive finish at the stock market came just before long Eid holidays as investors voiced hope that the rally would continue at the resumption of trading on Tuesday next week.
The day kicked off on a volatile note that pushed the index below 43,500 points for a brief period. However, cherry-picking by investors helped the market recover later which closed just below 43,700.
Heavyweight exploration and production, cement, automobile and chemical stocks rose which aided the advance in the benchmark index. On the other hand, financial and fertiliser stocks dropped with major names closing in the red.
The bourse will be closed from Friday to Monday for Eidul Fitr. Cement and energy stocks jacked up the index whereas financial stocks remained in the red.
Habib Bank (-1.25%), United Bank (-0.38%) and MCB Bank (-0.77%) were major laggards in the financial sector.
Major heavyweights Oil and Gas Development Company (+0.91%), Pakistan Petroleum (+1.81%), Engro (+1.43%), Pakistan Oilfields (+1.17%) and Hubco (+0.70%) cumulatively contributed +113 points.
Traded volumes improved slightly by 5% to 118 million shares while traded value increased to $53 million. Top volume stocks were The Bank of Punjab (+1.29%), Bank Alfalah (-0.16%) and TRG Pakistan (+2.20%).
Ladhani expected the market to remain volatile and choppy with flows from local and foreign institutions guiding direction.
The Bank of Punjab was the volume leader with 15.7 million shares, gaining Rs0.17 to close at Rs13.32. It was followed by Summit Bank with 5.1 million shares, losing Rs0.14 to close at Rs2.22 and Bank Alfalah with 5.04 million shares, losing Rs0.09 to close at Rs55.81.
Foreign institutional investors were net buyers of Rs146.7 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
