The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed higher by over 1% on Friday as bulls dominated at the index despite profit-taking witnessed during the session.
At close, the benchmark index settled at 66,130.02, up by 679.83 points or 1.04%.
Sectors that contributed positive included E&P, fertiliser, banking, power, auto, OMC, chemical, pharma, and technology.
On Thursday, the KSE-100 Index had closed higher after back-and-forth trading and settled at 65,450.19, up by 170.03 points or 0.26%.
Experts said that the momentum comes amid renewed interest from international companies in the country, raising hopes of increased foreign exchange inflows.
Moreover, market remains confident amid an expected release of funds by the International Monetary Fund (IMF) next month, said experts.
The IMF’s executive board will meet on January 11 to consider the final approval to disburse the $700 million tranche from its current loan programme with Pakistan.
In a positive development, Aramco, one of the world’s leading integrated energy and chemicals companies, signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”).
Meanwhile, the Pakistani rupee maintained an upward trend against the US dollar for the fourth successive session as it appreciated 0.09% in the inter-bank market on Friday. As per the State Bank of Pakistan, the local unit settled at 283.26 after an increase of Re0.25 against the greenback.
Volume on the all-share index jumped to 1,741.3 million from 981.2 million a session before.
The value of shares also rose to Rs29.9 billion from Rs23.7 billion in the previous session.
K-Electric Ltd remained the volume leader with 385.3 million shares, followed by WorldCall Telecom with 195.5 million shares and Cnergyico PK with 185.8 million shares.
Shares of 392 companies were traded on Friday, of which 261 registered an increase, 115 recorded a fall, while 16 remained unchanged.
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