Benchmark index increases 1.16% to settle at 42,446.62. PHOTO: FILE
The day started on a positive note as the index climbed over 400 points in the initial hour, crossing the 42,000 barrier with ease. Investors' sentiments improved as the day progressed with gains registered across all index-heavy sectors.
At close, the benchmark KSE 100-share Index recorded an increase of 485.82 points or 1.16% to settle at 42,446.62.
JS Global's Danish Ladhani said stocks recovered as the index made an intraday high of 592 points, but closed with trimmed gains.
"Cements pushed the market skywards after news came in that a Chinese company has agreed to extend support in Diamer-Bhasha Dam's construction," said Ladhani.
Market watch: KSE-100 extends losing streak amid unimpressive earnings outlook
"On the economic front, Pakistan's total liquid foreign exchange reserves slipped below $17 billion. The country's total liquid forex reserves declined by $292 million to $16.713 billion compared to $17.005 billion in the previous week.
"Furthermore, ratings agency Fitch has shown concerns that the new incoming government of Pakistan Tehreek-e-Insaf may face tough economic tasks due to deterioration in external finances and fiscal challenges. DG Khan Cement (+5%) closed at its upper limit whereas Bestway Cement (+4.09%) and Fauji Cement (+4.91%) closed near their respective upper limits.
"Moreover, in the financials, mixed sentiments were seen where HBL (-0.14%) closed in the red, however MCB (+0.89%), and UBL (+2.36%) closed positive. BOP (+6.04%) announced 1H2018 consolidated EPS of Rs.1.46. Today's major heavyweights namely, PPL (+0.55%), OGDC (+0.61%), ENGRO (+1.09%), MCB (+0.89%), UBL (+2.36%), LUCK (+2.17%) and FFC (+0.24%) cumulatively contributed +137 points.
"Traded volumes marginally increased by 37% day-on-day to 194 million shares while value traded increased to $65 million. Top volume stocks were BOP (+6.04%), UNITY (+4.98%) and EPCL (+2.53%).
Market watch: KSE-100 falls despite emergence of political clarity
"Moving forward, we expect the market to remain in the green zone on further clarity over the political front," the analyst said.
Overall, trading volumes increased to 194.2 million shares compared with Thursday's tally of 142.2 million. The value of shares traded during the day was Rs8.1 billion.
Shares of 376 companies were traded. At the end of the day, 266 stocks closed higher, 91 declined while 19 remained unchanged.
The Bank of Punjab was the volume leader with 39 million shares, gaining Rs0.68 to close at Rs11.94. It was followed by Worldcall Telecom with 8.4 million shares, gaining Rs0.09 to close at Rs2 and Unity Foods with 7.4 million shares, gaining Rs1.91 to close at Rs40.3.
Foreign institutional investors were net sellers of Rs360.6 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
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