PSX snaps losing streak with 178 points gain

Benchmark KSE-100 Index gained 178.41 points (+0.4 percent) to close at 44,114.16 points

KARACHI: The Pakistan Stock Exchange (PSX) snapped the four-day losing streak on Friday, with the benchmark KSE-100 Index gaining 178.41 points (+0.4 percent) to close at 44,114.16 points.

Overall, the market shed 2,375.25 points during the rollover week, mainly due to lack of triggers, concerns over continuous foreign selling amid Pakistan’s reclassification from MSCI emerging markets to frontier markets index due next week, and upcoming mini-budget.

The market opened on a positive note and remained positive for the next two hours when the profit-taking activity gripped the market. However, the index turned again towards north during the last one hour trading, closing the session on a positive note above the psychological level of 44,000 points.

The KSE-100 Index moved in a range of 578 points, showing an intraday high of 44,333.71 points and a low of 43,735.71 points. Among other indices, the KSE All Share Index gained 53 points (+0.17 percent) to close at 30,302.34 points, while KMI All Share Islamic gained 35.32 points (+0.16 percent) to close at 21,509.37 points.

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A total of 353 companies traded shares in the stock exchange, out of them shares of 178 closed up, shares of 156 closed down while shares of19 companies remained unchanged. Out of 90 traded companies in the KSE-100 Index, 45 closed up, 43 closed down and two remained unchanged.

The overall market volumes increased by 94.15 million to 289.68 million shares. Total volumes traded for the KSE-100 Index increased by 19.63 million shares to 116.97 million shares. The number of total trades increased by 22,996 to 113,249, while the value traded increased by Rs1.88 billion to Rs10.27 billion.

Among scrips, WTL topped the volumes with 34.18 million shares, followed by TPLP (17.21 million) and BYCO (15.03 million). Stocks that contributed significantly to the volumes include WTL, TPLP, BYCO, HUMNL, and MODAMR, which formed around 32 percent of total volumes.

The major sectors taking the index towards north were cement with 513 points, automobile assemblers with 290 points, cable and electrical goods with 229 points, fertilizers and technology with 159 points each, and commercial banks with 100 points. The major sectors taking the index toward south were food & personal care products with 436 points, textile with 404 points, oil and gas exploration with 139 points, and investment banks/ investment companies/ securities companies with 99 points.

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