- Closes positive after late value buying
The Pakistan Stock Exchange (PSX) experienced a topsy-turvy ride on the final session of the week and the benchmark KSE-100 Index registered a gain of 0.18% owing to late value buying.
Moreover, the market remained in anticipation of the Financial Action Task Force's (FATF) decision over Pakistan's grey-list status, set to be announced later on Friday.
By the end of the session, the KSE-100 Index gained 76.44 points or 0.18% to close at 42,213.4.
Investors adopted a cautious approach as trading activity remained subdued during the first half of the trading session. It then fell to the day’s low of 41,790.65, losing 346.39 points. On a weekly basis, the benchmark index gained 0.63%.
“Market opened on a negative note in the second half of trading session on news that the Election Commission of Pakistan (ECP) has disqualified Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan for making ‘false statements and incorrect declaration,’ triggering protests in various cities,” said Topline Securities in a report.
“However, value buying came in closing hours of the trade as index managed to close in the green zone,” it added.
Capital Stake, in its report, stated that PSX ended last trading session of the week flat.
“Indices swayed in both directions declining sharply in the beginning of second half, subsequent to news regarding disqualification of Imran Khan, till finally closing flat,” said the brokerage house.
On the economic front, Fitch Ratings on Friday downgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'B-'.
Giving rationale behind the downgrade, the agency flagged worsening liquidity and policy risks.
Pakistan’s rupee finally ended its seven-session depreciation run against the US dollar, and registered a marginal appreciation of 0.05% or Re0.11 to close at 220.84.
Sectors dragging the benchmark KSE-100 Index upwards included oil and gas exploration sector (47.58 points), power generation and distribution sector (20.38 points) and refinery sector (15.84 points).
Volume on the all-share index inched up to 289.6 million from 267.6 million on Thursday. Similarly, the value of shares traded improved to Rs7.9 billion from Rs6.3 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 30.6 million shares, followed by Pak Refinery with 21 million shares and Nishat PowerXD with 14.8 million shares
Shares of 338 companies were traded on Friday, of which 136 registered an increase, 176 recorded a fall, and 26 remained unchanged.