Benchmark index increases 72.07 points to settle at 43,065.09. PHOTO: AFP
The KSE-100 index opened on a positive note but tumbled soon after and hit an intra-day low of 42,805.73 points. However, recovery was quick as the index managed to power past the 43,000 mark.
Political uncertainty marred the overall trading environment and kept investors' sentiment subdued. The signing of a phase one trade deal between the US and China to ease the ongoing trade war also failed to spark any enthusiasm at the bourse.
At close, the benchmark KSE 100-share Index recorded an increase of 72.07 points, or 0.17%, to settle at 43,065.09.
JS Global analyst Maaz Mulla said the Pakistan Stock Exchange (PSX) moved in both directions, touching intra-day high of 212 points and falling to a low of 187 points, before finally closing at 43,065.
Major movers of the day were Fauji Fertiliser Company (+1.1%), Meezan Bank (+2.3%), MCB Bank (+0.8%), Dawood Hercules (-1.5%), Oil and Gas Development Company (-0.7%) and Engro (-0.5%).
Moreover, an upward trend was witnessed in the cement sector where Dewan Cement (+3.3%), Power Cement (+3.1%), Cherat Cement (+2.5%), DG Khan Cement (+2%) and Kohat Cement (+1.4%) were the major movers.
"Moving ahead, as the corporate result season is going to start next week, the market is likely to trade sideways but the overall bullish momentum continues to remain intact," he added.
Topline Securities, in its report, stated that trading remained largely muted despite the US-China trade deal to ease their trade dispute.
"Ghani Value Glass Limited (GVGL) closed positive by 4.59% after its announcement of merger with Ghani Automobile Industries Limited (GAIL). GAIL closed positive by 15.07%," it added.
Overall, trading volumes jumped to 229.9 million shares compared with Wednesday's tally of 171.3 million. The value of shares traded during the day was Rs6.5 billion.
Shares of 354 companies were traded. At the end of the day, 200 stocks closed higher, 137 declined and 17 remained unchanged.
The Bank of Punjab was the volume leader with 60.4 million shares, gaining Rs0.63 to close at Rs14.13. It was followed by WorldCall Telecom with 11.7 million shares, losing Rs0.04 to close at Rs1.30 and TRG Pakistan with 9.1 million shares, losing Rs0.1 to close at Rs28.32.
Foreign institutional investors were net sellers of Rs202.1 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
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