Market watch: KSE-100 snaps losing streak, gains 120 points

Benchmark KSE-100 index inches up 0.24%

KARACHI: The KSE-100 Index snapped its six-day losing streak, ending positive on Friday as investors cheered World Bank’s loan of $450 million and took renewed interest in index-heavy stocks.

A positive open, which saw the index gain over 420 points, was followed by selling pressure after the morning session, but a recovery within the last 15 minutes helped the positive finish.

At close, the Pakistan Stock Exchange’s (PSX) KSE 100-share Index recorded a rise of 119.69 points or 0.25% to finish at 48,409.35.



Elixir Securities analyst Ali Raza said equities closed in the green after most of the first session's gains that pushed benchmark KSE-100 index higher over 48,700 level were erased on profit-booking in second session.

“Wider market carried the momentum from late trading on Thursday and steadily increased in the AM session, pushing Index as high as 0.8%,” said Raza.

“The final thirty minutes of trading, however, took participants on a roller coaster ride where notable names such as Hub Power (HUBC,+3.3%), Oil & Gas Development Company (-3.5%), Mari Petroleum (MARI,-4.5%) witnessed not only heightened volatility but significant spike in participation reportedly from foreign institutional investors.”

JS Global analyst Arhum Ghous said the market opened on a positive note as the index traded at intraday high of +438 points to finally close at 48,409 level (up 120 points).

“OGDC (-3.41%) and Pakistan Petroleum Limited (-3.04%) in the exploration and production sector closed in the red, as oil prices in the international market dipped.”

Moreover, confidence was recouped in the banking sector where buying was witnessed in the bigger banks, said Ghous.



Overall, trading volumes rose to 212 million shares compared with Thursday’s tally of 180 million.

Shares of 387 companies were traded. At the end of the day, 215 stocks closed higher, 155 declined while 17 remained unchanged. The value of shares traded during the day was Rs16.5 billion.

Bank of Punjab was the volume leader with 30.6 million shares, gaining Rs0.40 to close at Rs16.11. It was followed by Habib Bank Limited with 15.5 million shares, gaining Rs1.54 to close at Rs285.40 and Fauji Cement with 9.4 million shares, losing Rs0.18 to close at Rs43.02.

Foreign institutional investors were net sellers of Rs523 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.