PSX ends week on positive note, KSE-100 inches up 0.25%

Another positive session was observed at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index managed to end the week with a gain of 0.25%.

During the day, the index swayed both ways in search of direction as it gathered 301 points, recording an intraday high of 46,785.34.

At close, the KSE-100 Index settled at 46,601.54, a gain of 117.11 points or 0.25%. The benchmark index gained 4.85% on a weekly basis, “posting the highest growth rate in two years,” said Topline Securities.

“We expect the relief rally to continue, with prospects of the KSE-100 reaching 48,000 - 50,000 points in the near term,” said Intermarket Securities Limited.

Positivity returns, KSE-100 jumps 319 points

On the economic front, Pakistan’s total liquid foreign exchange reserves declined by $449 million (level last seen on June 19, 2020) on WoW basis, shared SBP. Net reserves with the central bank fell by $470 million on WoW basis.

On the corporate front, building materials manufacturer Dadex informed the bourse that Abu Talib H.K Dada has been appointed as chairman of the Dadex Eternit Limited with effect from April 14, 2022, in place of Sikander Dada.

Sectors driving the benchmark index upwards included fertilizer (57.83 points), banking (41.33 points) and oil and gas exploration (29.32 points).

Volume on the all-share index decreased to 365.79 million from 494.94 million on Thursday. However, the value of shares declined to Rs9.13 billion from Rs11.68 billion recorded in the previous session.

Cnergyico PK was the volume leader with 71.32 million shares, followed by WorldCall Telecom Limited with 31.66 million shares, and Ghani Global Holdings with 24.97 million shares.

Shares of 335 companies were traded on Friday, of which 161 registered an increase, 155 recorded a fall, and 19 remained unchanged.