Benchmark KSE-100 index gains 374.03 points.
Value of shares traded during the day touched the Rs13.8-billion mark as index-heavy oil stocks led the charge in the positive.
Stocks opened positive with global crude prices providing the impetus to investors.
At close on Friday, the benchmark 100-share index recorded a rise of 1.12% or 374.03 points to end at 33,843.18.
Elixir Securities, in its report, said stocks opened positive as participants tracked regional markets, which surged on the rising possibility of a delay in the planned rate hike by US Federal Reserve.
“Index-heavy Exploration and Production (E&Ps) led the show from the word go as global crude rebounded to $50 per barrel; while cements and select financials also attracted interest from institutions and high net worth individuals,” it said.
“In terms of contribution, Oil and Gas Development Company (OGDC PA 4.20%) added most points to the index, followed by Pakistan Petroleum (PPL PA +4.42%) and United Bank (UBL PA 2.61%).
“We see the market to settle above 34,000, while broader market may see further improvement in volumes as quarterly earnings season kicks off next week,” they added.
Meanwhile, JS Global analyst Saeed Ahmad Khan said the overwhelming response in Amreli Steels book-building process meant the steel sector was in the limelight.
“Cement sector remained strong due to optimistic expectation in upcoming quarterly financial result as Maple Leaf Cement Factory (MLCF), Fauji Cement Company Limited (FCCL) and Dera Ghazi Khan Cement (DGKC) closed up 3.06%, 2.66% and 0.23%, respectively,” he said.
Trade volumes rose to 248 million shares compared with Thursday’s tally of 179 million.
Shares of 399 companies were traded on Friday. At the end of the day, 263 stocks closed higher, 110 declined while 26 remained unchanged. The value of shares traded during the day was Rs13.8 billion.
Fauji Cement XD was the volume leader with 18.7 million shares, gaining Rs0.95 to finish at Rs36.72. It was followed by Maple Leaf Cement with 16.8 million shares, gaining Rs2.18 to close at Rs73.51 and TRG Pakistan Limited with 15.6 million shares, gaining Rs0.49 to close at Rs35.47.
Foreign institutional investors were net sellers of Rs466 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, October 10th, 2015.
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