PSX ends 129 points higher amid positive sentiment

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KARACHI: Bullish sentiments prevailed at the Pakistan Stock Exchange (PSX) on the last trading session of the week.

Foreign investors were once again the net sellers in the previous session with a net outflow of $1.02 million.

As per reports, Qatari Emir Sheikh Tamim Bin Hamad Al Thani would visit Pakistan on June 22-23, 2019. A high-level delegation, comprising key ministers and senior officials, would accompany the Emir. According to details, Qatar has also announced to invest $22 billion in different sectors of Pakistan.

On the economic front, the foreign exchange reserves held by the central bank dropped by 2.60pc on a weekly basis and now stand at $7.60 billion. The decline in reserves was owed to external debt servicing and other official payments.

Gathering 211.68 points, the KSE-100 Index touched its intraday high of 35,207.59. The index ended higher by 129.34 points at 35,125.25. The KMI-30 Index was up by 482.71 points to settle at 56,706.21, while the KSE All Share Index appreciated by 101.94 points, ending at 25,622.70.

The trading volumes were recorded at 129.31 million (down by 21pc). Summit Bank Limited (SMBL +1.54pc), Worldcall Telecom (WTL +0.00pc) and K-Electric Limited (KEL +2.66pc) were the top picks of the day. The scripts had exchanged 19.15 million shares, 15.89 million shares and 12.18 million shares respectively.

The oil and gas explorations sector added 1.35pc to its cumulative market capitalization. Pakistan Oilfields Limited (POL) was up by +3.06pc and Oil and Gas Development Company Limited (OGDC) by +1.84pc. Mari Petroleum Company Limited (MARI +0.50pc) and Pak Petroleum Limited (PPL +0.29pc) also closed in the green.

According to experts, the (stock) market found a foothold during the middle of the outgoing week, which can potentially continue going forward. Valuations are attractive but the index needs a string of positive news flow so that investor confidence could be rebuilt, they added.

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