PHOTO: FILE
KARACHI:
Driven by value buying, the KSE-100 Index gained 532.77 points for an increase of 1.13%, a welcome sign for stock market participants who had been sidelined due to political noise, broker defaults and terror incidents in the country.
The KSE-100, which hit a record high at the end of January before retreating close to 6% over the next two months, finished at 47,889.37 on Friday.
Market watch: Banking sector takes the hit as KSE-100 plunges
Elixir Securities analyst Faisal Bilwani said Pakistan equities closed the week positive with bounce covering some of the recent losses albeit on thin volumes.
“Despite gains in broader market, turnover on recovery remained dismal with most activity in the post morning session, reportedly from institutional investors,” said Bilwani.
“Oil stocks that pushed market higher at open also closed the day in green as investors cheered recent gains in global crude while select industrials and midcaps traded directionless in absence of any major participation from local players including retail investors.”
JS Global analyst Nabeel Haroon said the market finally broke its bearish streak as index rebounded to close at 47,899 level (up 533 points), however, volumes stood low at 152 million shares.
“Banking and exploration and production sector led the gains in the market,” said Haroon.
“Major contribution to the index came from heavy weights HBL (+2.95%) and UBL (+3.68%) in the banking sector.”
“Surge in crude oil prices came as a reaction to US air strike on Syrian airbase as it raised concerns to oil supplies disruption in the region. OGDC (+0.85%) and Pakistan Petroleum Limited (+2.19%) were the major index movers from the aforementioned sector.”
Haroon added that SSGC gained to close on its upper circuit for the second consecutive day on the back the news that company's Board of Directors has conceptually approved a capital intensive project of worth Rs65 billion for the development of additional 1.2 BCFD capacity pipeline.
Market watch: KSE-100 index closes at three-month low
Friday’s trading volume amounted to 152 million shares compared with Thursday's tally of 146.3 million.
Shares of 376 companies were traded. At the end of the day, 246 stocks closed higher, 103 declined while 27 remained unchanged. The value of shares traded during the day was Rs7.2 billion.
Dewan Cement was the volume leader with 21.3 million shares, gaining Rs1.04 to close at Rs21.99. It was followed by Aisha Steel Mill with 10.6 million shares, gaining Rs0.54 to close at Rs24.61 and TRG Pakistan with 8.3 million shares, gaining Rs1.80 to close at Rs49.30.
Foreign institutional investors were net sellers of Rs92 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
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