KARACHI: Bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Friday, with the indices accumulating decent gains amid soaring volumes.
Equity markets around the world displayed a mixed trend, whereas crude oil prices inched up from the previous close; WTI crude price increasing 0.52pc to $52.62 while Brent crude price rising 0.89pc to $55.59 (as at 5:08pm PST).
“The market piled up almost 500 points during the session, but profit booking in the later half limited the profits to around 220 points. Cement sector fared well today, mainly on expectations of better results in the outgoing quarter as well as growth in monthly despatches. Power sector saw K-Electric leading the volumes after reports regarding resolution of dispute between SSGC and KEL. Among OMCs, PSO led the pack despite deferment of ECC’s decision on dealers’ margins. Overall, expectation of quarterly results largely drove the sentiments on the last day of the rollover week,” a report issued by Arif Habib Ltd read.
The benchmark KSE-100 Index remained in the green zone throughout the day, registering its intraday high at 46,656.98 after accumulating 490.93 points. It settled higher by 219.49 points at 46,385.54. The benchmark index recorded a weekly return of 1.13pc, and a monthly return of 6.01pc.
Among other indices, the KMI-30 Index surged 604.85 points to end at 74,222.76, while the KSE All Share Index added 147.41 points, closing at 32,061.53.
The overall market volumes fell from 843.98 million shares in the previous session to 839.46 million shares (-0.4pc). Average traded value, however, increased by 24pc, from $ 163.8 million to $203.6 million. K-Electric Ltd (KEL +7.33pc), Silk Bank Ltd (SILK +5.84pc) and Pakistan Refinery Ltd (PRL +7.47pc) led the volume chart, exchanging 141.58 million, 80.67 million shares and 62.90 million shares, respectively.
Sectors that drove the benchmark index north included technology & communication (+65.83 points), cement (+57.61 points) and power generation & distribution (+31.10 points). Among the companies, TRG Pakistan Ltd (TRG +73.57 points), DG Khan Cement Company Ltd (DGKC +25.55 points) and Dawood Hercules Corporation Ltd (DAWH +22.25 points) remained the top contributors.
Adding 4.66pc to its cumulative market capitalization, the Refinery sector ended as the session’s top performer, with Attock Refinery Ltd (ATRL +7.50pc), Pakistan Refinery Ltd (PRL +7.47pc) and National Refinery Ltd (NRL +7.50pc) posting significant gains.