KARACHI: The Pakistan Stock Exchange (PSX) bounced back on Friday as the benchmark 100-index gained 255 points to reach 39039 level in early trading.
Yesterday, the stocks saw a bloodbath and the benchmark KSE 100-index plunged by 1,123 points. Bears opened the floodgates yesterday where KSE 100-index fell below the 39,000-point level to close at 17-month low of 38,785 points. The KSE-100 index was 38,368 points on July 11, 2016, dealers said.
Investors showed interest at lower range of the prices. Major dampeners were commercial banks, fertilizer, oil & gas, E&P, cement and power sectors that contributed 772 points to the index decline, market participants said.
Top 10 index point decliners were HBL (down 3.9%), UBL (4.8%), ENGRO (3.4%), OGDC (2.2%), PSO (5%), POL (3.2%), FFC (3.8%), HUBC (3.1%), MCB (2.3%) & LUCK (2.3%); withholding 523 points from the index, while 8 stocks closed in the green, adding just 18 points to the index.
Volumes increased 9% d/d while value traded soared 58%. Stocks leading the volumes included KEL, WTL, DCL, BOP and TRG, contributing 54m shares, reflecting 33% share of the total volumes.
