The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed in the green on Friday, extending gains for the fifth consecutive session and finishing the week 2.73% stronger.
The KSE-100 started the Friday session positive, hitting an intra-day high of 47,619.26, However, profit-taking in the latter part of the day curbed the gains.
At close, the benchmark index settled at 47,493.57, up by 41.19 points or 0.09%.
“Continuing its momentum, the market largely traded in the positive zone during the trading session. Investor interest was observed in the automobile sector, which can be attributed to recent appreciation of PKR against USD,” brokerage house Topline Securities stated in its post-market report.
Major positive contribution to the index came from HUBC, MTL, DAWH, SYS and MEBL, as they cumulatively contributed 102 points to the index. On the flip side, OGDC, HBL, PSEL, PPL and POL lost value to weigh down on the index by 77 points, the brokerage house said.
On Thursday, the KSE-100 had extended gains for the fourth straight session, adding another 372 points during the day on cement and banking sectors’ strength.
“This positivity in market can be attributed to decline in international crude oil prices, appreciation of PKR against USD on the back of ongoing action against speculation/hoarding and the Ministry of Finance instruction to ministries to implement all the commitments made with the IMF,” Topline Securities said.
Major developments during the week included Pakistan’s headline inflation for September clocking in at 31.4% year-on-year (YoY) as compared to 27.4% in August 2023, trade deficit for the month declining by 31% month-on-month (MoM) and 48% YoY to $1.5 billion, and T-Bill auction in which the government raised Rs557 billion.
Meanwhile, the Pakistani rupee maintained its positive momentum against the US dollar, gaining 0.33% in the inter-bank market on Friday. As per the State Bank of Pakistan, the local unit settled at 282.69 after an increase of Re0.93 in the inter-bank market.
This was the rupee’s 22nd consecutive increase against the greenback.
Volumes on the all-share index decreased to 246.4 million from 462.8 million on Thursday.
The value of shares declined to Rs7.2 billion from Rs8.9 billion in the previous session.
WorldCall Telecom remained the volume leader with 41.3 million shares, followed by K-Electric Ltd. with 28.1 million shares and Telecard Limited with 11.7 million shares.
Shares of 351 companies were traded on Friday, of which 190 registered an increase, 139 recorded a fall, and 22 remained unchanged.
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