Market watch: KSE-100 recovers to end positive as foreign investors turn buyers
Benchmark index increases 14.52 points to settle at 38,251.04
Benchmark index increases 14.52 points to settle at 38,251.04. PHOTO: AFP
KARACHI:
The Pakistan Stock Exchange (PSX) made a comeback on Friday and recovered from the intra-day drop of 390 points, closing up by 15 points.
Many investors chose to remain on the sidelines earlier in the day as there was no positive trigger to support sentiments and steer the market.
In the morning, the bourse opened down and fell steadily before investors started cherry-picking, which helped the benchmark index recover from lows. Despite that, the market ended first session of the day below 38,000 points.
The start of the second session saw robust buying on the back of news that the United Arab Emirates (UAE) would provide assistance of $3 billion to Pakistan to bridge the financing gap. The index staged a smart recovery and climbed over 500 points, but volatility still prevailed and dragged it down, wiping off almost all of the gains made in the session.
Market watch: Three-day bearish spell ends, bourse rises 173 points
At the end of trading, the benchmark KSE 100-share Index recorded an increase of just 14.52 points or 0.04% to settle at 38,251.04.
JS Global analyst Mubashir Anis said the benchmark index rose by only 15 points, recovering from its intra-day low of 391 points on news that the UAE was depositing $3 billion with the State Bank of Pakistan to support Pakistan's foreign exchange reserves.
"The crown prince of Saudi Arabia is also expected to arrive in Pakistan early next year," he added.
Volumes in Friday's trading session decreased 5% to 130 million shares while traded value increased to $48 million given strong participation from financial institutions and FTSE rebalancing.
Top volume leaders of the day were K-Electric (+0.5%), Pak Elektron (+0.4%), Engro Polymer (+0.03%), The Bank of Punjab (+0.4%) and Lotte Chemical (-0.1%).
"(We) expect the market to react to political and economic news flow," the analyst added.
Market watch: KSE-100 ends lower amid economic concerns
Overall, trading volumes decreased to 130.4 million shares compared with Thursday's tally of 136.7 million. The value of shares traded during the day was Rs6.7 billion.
Shares of 314 companies were traded. At the end of the day, 151 stocks closed higher, 139 declined and 24 remained unchanged.
K-Electric was the volume leader with 17.35 million shares, gaining Rs0.03 to close at Rs6.02. It was followed by Pak Elektron with 14.4 million shares, gaining Rs0.11 to close at Rs27 and Engro Polymer with 8.1 million shares, gaining Rs0.01 to close at Rs39.21.
Foreign institutional investors were net buyers of Rs251.34 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
The Pakistan Stock Exchange (PSX) made a comeback on Friday and recovered from the intra-day drop of 390 points, closing up by 15 points.
Many investors chose to remain on the sidelines earlier in the day as there was no positive trigger to support sentiments and steer the market.
In the morning, the bourse opened down and fell steadily before investors started cherry-picking, which helped the benchmark index recover from lows. Despite that, the market ended first session of the day below 38,000 points.
The start of the second session saw robust buying on the back of news that the United Arab Emirates (UAE) would provide assistance of $3 billion to Pakistan to bridge the financing gap. The index staged a smart recovery and climbed over 500 points, but volatility still prevailed and dragged it down, wiping off almost all of the gains made in the session.
Market watch: Three-day bearish spell ends, bourse rises 173 points
At the end of trading, the benchmark KSE 100-share Index recorded an increase of just 14.52 points or 0.04% to settle at 38,251.04.
JS Global analyst Mubashir Anis said the benchmark index rose by only 15 points, recovering from its intra-day low of 391 points on news that the UAE was depositing $3 billion with the State Bank of Pakistan to support Pakistan's foreign exchange reserves.
"The crown prince of Saudi Arabia is also expected to arrive in Pakistan early next year," he added.
Volumes in Friday's trading session decreased 5% to 130 million shares while traded value increased to $48 million given strong participation from financial institutions and FTSE rebalancing.
Top volume leaders of the day were K-Electric (+0.5%), Pak Elektron (+0.4%), Engro Polymer (+0.03%), The Bank of Punjab (+0.4%) and Lotte Chemical (-0.1%).
"(We) expect the market to react to political and economic news flow," the analyst added.
Market watch: KSE-100 ends lower amid economic concerns
Overall, trading volumes decreased to 130.4 million shares compared with Thursday's tally of 136.7 million. The value of shares traded during the day was Rs6.7 billion.
Shares of 314 companies were traded. At the end of the day, 151 stocks closed higher, 139 declined and 24 remained unchanged.
K-Electric was the volume leader with 17.35 million shares, gaining Rs0.03 to close at Rs6.02. It was followed by Pak Elektron with 14.4 million shares, gaining Rs0.11 to close at Rs27 and Engro Polymer with 8.1 million shares, gaining Rs0.01 to close at Rs39.21.
Foreign institutional investors were net buyers of Rs251.34 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.