- Market oscillates between red and green zones to end with gain
The Pakistan Stock Exchange (PSX) reversed its trajectory on Friday and the KSE-100 Index rose 0.28% in a tumultuous session.
The market oscillated between red and green zones throughout the session to ultimately end on a positive note.
As a result, the KSE-100 Index finished the day with an increase of 114.82 points or 0.28% to close at 41,128.67.
Trading in first session began with a fall and the KSE-100 Index hit intra-day low in the initial minutes. The market staged a modest recovery and closed flat the first half flat. The second session began with a spike however the market tanked later on.
A buying spree, emerging in the final hour, lifted the index upward and made it close in the green.
Oil and banking sectors ended the session with gains however automobile space saw major sell-off.
A report from Capital Stake stated that the PSX ended a volatile session on Friday in green.
“Indices swung in both ways whereas volumes increased from last close,” it said.
A report from Arif Habib Limited stated that the market remained under pressure all day long as investors participated left and right.
“The PSX remained sluggish during the opening half but got active in the second trading session,” it added. “Investors maintained a strategic distance due to political and economic instability, however due to rollover week, hefty volumes were witnessed in the future contracts that led the index close in the green.”
On economic front, the State Bank of Pakistan (SBP) held foreign exchange reserves fell another $341 million clocking in at an alarming level of $8 billion.
Moreover, rupee maintained the winning streak and appreciated Rs1.18 or 0.51% against the US dollar ending the session at Rs228.45.
Sectors lifting the benchmark KSE-100 Index higher included technology and communication (80.38 points), oil and gas exploration (35.63 points) and fertiliser (24.44 points).
Volume on the all-share index rose to 205.7 million from 127.5 million on Thursday. On the other hand, the value of shares traded soared to Rs9.5 billion from Rs5.5 billion recorded in the previous session.
TRG Pakistan was the volume leader with 30.2 million shares, followed by TPL properties with 18.7 million shares and K-Electric with 15.7 million shares
Shares of 324 companies were traded on Thursday, of which 145 registered an increase, 154 recorded a fall, and 25 remained unchanged.