Optimism grips PSX, KSE-100 rises 0.38%
- Lack of progress on resumption of IMF programme, however, keeps participation thin
Optimism gripped the Pakistan Stock Exchange (PSX) on Friday and the KSE-100 Index inched up 0.38% amid low investor participation.
Lack of progress on resumption of the International Monetary Fund (IMF) programme kept investors on the sidelines.
By the end of the day, the KSE-100 Index settled with an increase of 152.48 points or 0.38% to close at 40,000.83 points.
KSE-100 ends jittery session on a flat note
Trading began with a jump but the market began declining and hit intra-day low by noon. At this point, the KSE-100 Index saw renewed buying activity that helped it close in the green.
Index-heavy cement, chemical, banking and oil spaces closed with modest gains while automobile sector closed in the red. On the other hand, fertiliser sector ended the day on a mixed note.
A report from Capital Stake stated that investors of the PSX witnessed a tug-of-war between bulls and bears on Friday, where the former turned out as winners. Indices swayed in both directions while volumes surged from last close, it added.
A report from Arif Habib Limited (AHL) stated that PSX closed the business week with a range-bound trading session.
“The market started in the green and went on to trade both ways as bulls and bears battled for control of the bourse throughout the day,” it said. “The continuing political turmoil and the delay in signing the SLA for the IMF’s Extended Fund Facility kept investors at bay.”
However, fresh buying was seen across the board during the last trading hour, as the index ended in the green.
Main board volumes remained dull while 3rd tier stocks led the volume board, AHL said.
On the economic front, foreign exchange reserves held by the State Bank of Pakistan (SBP) fell $354 million, clocking in at $4.2 billion as of March 24.
Sectors driving the benchmark KSE-100 Index north included banking (39.41 points), cement (28.12 points) and fertiliser (19.86 points).
Volume on the all-share index rose to 112.2 million from 88.7 million on Thursday while the value of shares traded inched down to Rs3.93 billion from Rs3.98 billion recorded in the previous session.
Pakistan International Bulk Terminal was the volume leader with 12.12 million shares followed by Pak Elektron with 6.52 million shares and Hascol with 4.87 million shares.
Shares of 294 companies were traded on Friday, of which 155 registered an increase, 110 recorded a fall and 29 remained unchanged.
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