KARACHI: The Pakistan Stock Exchange benchmark KSE-100 index gained 175 points in range-bound trading on Friday, driven by exploration and production and financial stocks.
In the morning, the market kicked off on a negative note and fell over 200 points in initial trading. However, heavy buying by investors in selective stocks pushed the benchmark index above 42,500 points. There were occasional dips that made some stocks attractive for investors.
At close, the benchmark KSE 100-share Index recorded an increase of 174.73 points or 0.41% to settle at 42,505.05
Key sectors including exploration and production and financial drove the market whereas the cement sector showed some respite at the bottom.
Lucky Cement (-0.86%), DG Khan Cement (-0.45%) and Fauji Cement (-0.28%) were in the red. On the flip side, MCB Bank (+1.40%), United Bank (+0.04%) and Bank AL Habib (+0.10%) remained in the positive zone.
Major heavyweights namely Oil and Gas Development Company (+0.66%), Engro (+2.17%), MCB Bank (+1.40%), United Bank (+0.04%) and Fauji Fertilizer Company (+2.93%) cumulatively contributed +125 points.
Traded volumes dipped 29% to 203 million shares while the traded value fell to $75 million.
Top volume stocks were Engro Polymer and Chemicals (-0.96%), Unity Foods (+4.54%), TRG Pakistan (+1.50%), Pak Elektron (-0.58%) and Pakistan International Bulk Terminal (-4.44%).
Engro Foods (+2.57%), was in the green zone as it announced 1H2018 earnings per share of Rs0.67 with no dividend.
Overall, trading volumes decreased to 203 million shares compared with Thursday’s tally of 284.5 million. The value of shares traded during the day was Rs9.4 billion.
Shares of 375 companies were traded. At the end of the day, 198 stocks closed higher, 158 declined while 19 remained unchanged.
Engro Polymer was the volume leader with 25 million shares, losing Rs0.34 to close at Rs35.20. It was followed by DS Industries with 17.9 million shares, losing Rs1 to close at Rs4.51 and Unity Foods with 13.6 million shares, gaining Rs1.47 to close at Rs33.83.
Foreign institutional investors were net sellers of Rs446.2 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
