Market watch: KSE-100 increases another 965 points

Share prices continue to rise after Panama cloud drifts

KARACHI: Jubilant investors breathed a sigh of relief as the two-month long gloom of the Panamagate scandal finally lifted.

The KSE-100 Index registered an increase of another 965.09 points or 1.98% to end at 49,708.65 on Friday, inching closer to its record level after retreating from it in January.

Stocks experienced a dramatic previous session when a timeframe of 10 minutes saw the KSE-100 Index jump over 1,200 points for one of the fastest increases ever posted by the Pakistan Stock Exchange (PSX).



The last session of the week witnessed similar enthusiasm with the index rising from the word go. Despite a short recess in the middle, the bourse maintained its hike, inching closer to the coveted 50,000-point level.

Overall, trading volumes fell slightly to 395 million shares compared with Thursday's tally of 408 million.

 

Shares of 410 companies were traded. At the end of the day, 321 stocks closed higher, 76 declined while 13 remained unchanged. The value of shares traded during the day was Rs24.13 billion.



Engro Polymer was the volume leader with 37.7 million shares, gaining Rs1.30 to close at Rs27.43. It was followed by TRG Pakistan Limited with 32.4 million shares, gaining Rs2.64 to close at Rs55.47 and Azgard Nine with 18.12 million shares, gaining Rs1.00 to close at Rs13.13.