KARACHI: Pakistan Stock Exchange (PSX) closed higher on the last trading day of the week on likely release of the IMF next tranche of EFF programme.
The benchmark KSE-100 Index gained 77 points to settle at 47,296 points on Friday up from 47,219.18 points on Thursday. Share trading activity reduced to 469.86 million shares from 562 million shares.
On Friday, BRIndex100 closed at 4,969.01 points, which was 17.12 points or 0.35 percent higher than previous close of 4,951.89 points. It touched an intraday high of 5,003.93 points and an intraday low of 4,955.47 points. Total volume at BRIndex100 was 396.304 million shared and WorldCall was the most traded company with a volume of 41.9 million shares.
BRIndex30 opened at 22,268.93 points and finally closed at 22,212.57 points, down by 56.36 points. It touched an intraday high of 22,540.79 points and an intraday low of 22,148.22 points with 269.265 million shares volume.
Ahsan Mehanti of Arif Habib Corp said that stocks closed higher on speculations on likely release of the IMF next tranche, strong data on oil sales surging by 17 percent and exports by 17.5 percent in October. Rupee stability, surging FX reserves and record financial results in banking, fertilizers and oil sector played a catalyst role in bullish close, he added.
Overall market capitalization increased by Rs 8 billion to Rs 8.096 trillion. Out of total 363 active scrips, 180 closed in positive and 164 in negative while the value of 19 stocks remained unchanged.
World Call Telecom was the volume leader with 41.91 million shares and it closed at Rs 2.69 followed by Ghani Glo Hal that closed at Rs 35.80 with 36.44 million shares. Telecard Limited ranked third with 24.22 million shares and its share prices closed at Rs 18.63.
Wyeth Pak and Sapphire Tex were the top gainers and increased by Rs 64.03 and Rs 61.01 respectively to close at Rs 1,500.00 and Rs 901.00 respectively. Nestle Pakistan and Colgate Palm were the top losers declining by Rs 125.98 and Rs 17.90 respectively to close at Rs 5,870.00 and Rs 2,632.00.
According to Topline review, KSE 100 index opened on a positive note and gained to make an intraday high of 389 points, however profit taking was observed during the latter hours of the trade as index declined to close at 47,296 level, up by 77 points.
Major contribution to the index came from UBL, HBL, MCB, OGDC and PIOC, as they cumulatively contributed 102 points to the index, whereas on the other hand FFC, TRG, SYS, POL and THAL lost value to weigh down on the index by 124 points.
BR Automobile Assembler Index gained 8.68 points to close at 8,856.03 points with a total turnover of 6,534,160. BR Cement Index closed at 6,437.35 with a net positive change of 71.18 points or a percentage change of 1.12 and a total turnover of 36,782,874.
BR Commercial Banks Index surged by 76.5 points to close at 10,264.98 points with a total turnover of 18,334,986 shares. BR Power Generation and Distribution Index closed at 5,516.65 with a net negative change of -10.23 points or a percentage change of -0.19 and a total turnover of 5,241,756.
BR Oil and Gas Index closed at 3,928.56, up by 14.23 points or a 0.36 percent on total turnover of 35,249,320 shares. BR Tech. & Comm. Index closed at 4,641.30 with a net negative change of -38.98 points or a percentage change of -0.83 and a total turnover of 104,846,178 shares.
Analysts at JS said that with the announcement by government to increase petroleum product prices by Rs8/liter, market preempted that nearby agreement with the IMF would materialize soon.
Copyright Business Recorder, 2021