LAHORE: The Supreme Court verdict brought some respite for investors as the selling spree came to a halt. The turbulent week came to a positive end as leader of the opposition party got saved from disqualification while his close associate got disqualified. The case against Jahanghir Tareen pertained to insider trading.
On the economic front, Pakistan’s Prime Minister Shahid Khaqan Abbasi said his administration has “no plan” to weaken the rupee further after the central bank started devaluing the currency last week.
The KSE 100 index surged to 38,924.25 with a gain of 700.70 points and settled Friday higher by 422.35 points at 38,645.90. The KMI 30 index gathered 1.30 per cent to reach 66,325.05 while the KSE All Share Index inched up 133.61 points. The advancers to decliners ratio for the day stood at 208 to 100.
The fertilizer sector was top gainer as it accumulated 3.19 per cent in its market cap. Dawood Hercules Corporation Limited (DAWH +4.99 per cent) hit the upper circuit breaker while Arif Habib Corporation Limited (AHCL) was up 4.44 per cent.
The market volumes weren’t as encouraging as the green on the index. KSE All Share Index recorded volume of 139.72 million with TRG Pakistan Limited (TRG +1.09 per cent) in the lead again. The script had 17.95 million shares exchanged on the day followed by Pakistan Elektron Limited (PAEL +3.53 per cent) where 11.33 million was put on the table. Engro Corporation Limited (ENGRO +3.77 per cent) was third on the volume ladder as 7.26 million shares got traded.
Nishat Mills Limited (NML +2.05 per cent) announced the ground-breaking ceremony of Hyundai Nishat Motor (Private) Limited (HNMPL), December 20, 2017, at M-3, Industrial City, Sahianwala, FIEDMC, Faisalabad.
