KARACHI: The Pakistan Stock Exchange on Friday continued to close positive as the benchmark KSE 100-share Index recorded an increase of 448.02 points or 1.18% to settle at 38,430.27.
The bourse soared past 38,400 points with partial recovery in stocks from the hefty decline in the past few sessions due to tensions on the political front and lack of clarity on how to tackle economic challenges.
Earlier, the trading began on a positive note, but selling pressure soon gripped the market, which resulted in a fall of 210 points in the index.
The first half of the trading session was marked by a lacklustre activity and dull trading. However, in the second half, the index exhibited an exceptional recovery, backed by positive investor sentiments. It erased all the losses of the first half.
Index-heavy stocks from automobile, chemical and cement sectors closed in the black. Exploration and production stocks, however, succumbed to the selling pressure and the entire sector closed in the red.
The chemical sector recorded the highest trading volume with Lotte Chemical, Engro Polymer and Nimir Resins being top three volume leaders and all of them traded at their upper price limits. Engro result failed to impress the investors and its stock fell Rs4.5.
Overall, trading volumes increased to 231.2 million shares compared with Thursday’s tally of 223.4 million. The value of shares traded during the day was Rs7.6 billion.
Shares of 388 companies were traded. At the end of the day, 309 stocks closed higher, 61 declined and 18 remained unchanged.
Lotte Chemical was the volume leader with 20.7 million shares, gaining one rupee to close at Rs16.22. It was followed by Engro Polymer with 13.1 million shares, gaining Rs1.46 to close at Rs33.22 and Nimir Resins with 12.4 million shares, gaining one rupee to close at Rs8.99.
