LAHORE
A handful of investors took a leap of faith in the Pakistan Stock Exchange (PSX) and helped the market recover losses at end of the turbulent week. The week turned the exchange from one of the top performing markets to the cheapest market globally, as quoted by international media reports.
The JIT submitting its report to the Supreme Court with findings against the first family had dented confidence of investors. The court is scheduled to hear the case on Monday of the coming week. The benchmark index is now down 17 per cent from peak of the year.
On Friday, the KSE 100 index dropped to low of 87.67 points and jumped to intraday high of 44,466.38 up 682.83 points resting with a gain of about 554 points.
The KMI 30 index surged to intraday high after appreciation by 2.04 per cent and down 0.28 per cent. With assistance of the cement sector, the index landed up 1,159.46 points to 75,083.91. The KSE All Share Index gained 278087 points with 231 advancers and 86 decliners.
The market volumes dried up to 112.14 million with 56.17 million shares exchanged in the KSE 100 index scripts. Silk Bank Limited (SILK +3.47 per cent) led the chart with 8.31 million shares traded followed by Power Cement Limited (POWER +1.76 per cent), volume 8.21 million and K-Electric Limited (KEL -2.95 per cent), volume 8.16 million.
The refinery sector topped up its market capitalization by 2.55 per cent. National Refinery Limited (NRL +4.06 per cent) was the top gainer, Attock Refinery Limited (ATRL) was higher by 2.05 per cent, Pakistan Refinery Limited (PRL) increased by 0.47 per cent and Byco Petroleum Pakistan Limited (BYCO) rose by 0.76 per cent.
The cement sector expanded its market capitalization by 1.99 per cent. Maple Leaf Cement Factory Limited (MLCF +4.45 per cent), Pioneer Cement Limited (PIOC +4.69 per cent) and Javedan Corporation Limited (JVDC +4.99 per cent) were at their upper circuit breaker at the time of close.
