KARACHI: The Pakistan Stock Exchange Thursday closed the penultimate trading session before Eid holidays firmly in the green zone as the benchmark KSE-100 index gained 857.85 points, or 1.89pc, by the close of trading to reach 46,332.31 level.
The stocks recorded the highest trading level of 46464.38 points and lowest level of 45474.46 points, with the volume of about 295 million shares and value of Rs13.33 billion. As many as 377 companies were active; of which 257 advanced, 102 declined and 18 remained unchanged.
“Stocks showed major recovery at PSX led by selected scrips across the board on strong earnings outlook and strong FDI data for Jul-May’17,” said analyst Ahsan Mehanti.
“Foreign inflows, government development commitments in federal budgets and subdued noise over the JIT Panamagate case ahead of Eid holidays played a catalyst role in major recovery at PSX ignoring slump in global crude prices on oversupply,” he added.
“Market next week will be guided by multiple factors, including direction of foreign investment flows and global crude performance, while politics will remain a drag with investors closely following developments on the Panamagate case investigation against the premier’s family,” said a note issued by Elixir Securities.
K-Electric was the volume leader with 68.23 million shares, adding Rs0.15 to reach Rs68.23. It was followed by TRG Pak Ltd with 15.76 million shares, dropping Rs0.65 to end at Rs15.76 and BoP with 14.88 million shares, losing Rs0.01 to close at Rs0.05.
The top three gainers were Millat Tractors with price per share of 1399.07 (63.03), Hinopak Motor with price per share of 1370.83 (49.58) and Exide (PAK) of 1020 (40.11).
The top three losers were Rafhan Maize with price per share of 6850 (-250), Honda Atlas Cars with price per share of 827.66 (-31.46) and Wyeth Pak Ltd share of 2015.64 (-23.11).
Earlier, the stocks opened bullish adding 384 points to reach 45858 points level in early trading. The Pakistan Stock Exchange continued its upward journey as the benchmark 100-index gained huge 987 points to take the tally to 46461 points level till midday.
On Wednesday, the stocks showed recovery led by oversold banking, fertilizers and oil scrips on strong valuations in late session institutional buying. . The benchmark index fluctuated between low of 1,088 points and high of 851 points and finally closed up 560 points up at 45474.46 points. Market participation rose further as volumes gained 17% to 346m shares, while traded value rose 27% to Rs16.6b/$159m.
