Benchmark
KSE-100 index
rises 197.23 points.
The heavyweight oil and gas sector had already started gaining on the back of attractive valuations, but Friday’s increase in global crude prices was a further push.
At close on Friday, the Pakistan Stock Exchange (PSX) benchmark-100 index rose 0.64% or 197.23 points to end at 30,949.03.
JS Global analyst Ahmed Saeed Khan said posiitve momentum prevailed in the market as index rallied to close at 30,949.
“Exploration and production (E&P) sector gained as crude touched $31 per barrel during the trading session.
“Honda Atlas (HCAR) gained as the company announced its results which were better than the market expectations.
“Going forward, we expect the market to remain volatile and hence advise investors to remain cautious.”
Trade volumes fell to 131 million shares compared with Thursday’s tally of 136 million shares.
Shares of 314 companies were traded on Friday. At the end of the day, 203 stocks closed higher, 95 declined while 16 remained unchanged. The value of shares traded during the day was Rs6.5 billion.
P.I.A.C.(A) was the volume leader with 25 million shares, gaining Rs1.00 to finish at Rs8.48. It was followed by TRG Pakistan with 20.5 million shares, gaining Rs1.19 to close at Rs26.68 and Byco Petroleum with 7.3 million shares, gaining Rs0.90 to close at Rs17.27.
Foreign institutional investors were net sellers of Rs467 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, January 23rd, 2016.
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