The Pakistan Stock Exchange (PSX) witnessed a positive session on Friday, as its benchmark KSE-100 Index added another 219 points on some level of clarity on the political front after the electoral watchdog announced election week.
The KSE-100 largely traded in the positive zone during the session. At close, it settled at 46,421.15, up by 219.02 points or 0.47%.
On Thursday, after back to back dull sessions, the KSE-100 saw a brief rally towards the end of trading, as investors weighed an announcement by the Election Commission of Pakistan (ECP) that general elections in the country would take place in last week of January 2024.
During trading on Friday, major positive contribution to the index came from HUBC, PPL, FFC, DAWH and UNITY, as they cumulatively contributed 138 points. Whereas, SYS, ENGRO, MTL, NESTLE and TRG lost value to weigh down on the index by -60 points, brokerage house Topline Securities stated in its post-market report.
On week-on-week basis, the KSE-100 gained 1.5%.
“This recovery in market can be attributed to appreciation of rupee against US dollar, Election Commission of Pakistan’s statement that general elections will be held by end of January 2024, and partly to statement by Barrick Gold Corp CEO were he highlighted newfound interest by multinational mining firms to develop $7 billion Reko Diq gold and copper mine in Balochistan,” the brokerage house said.
Meanwhile, the Pakistani rupee maintained its momentum for the 13th consecutive session against the US dollar, gaining another 0.35% in the inter-bank market on Friday. As per the State Bank of Pakistan (SBP), the rupee settled at 291.76 after an increase of Rs1.02 in the inter-bank market.
Volume on the all-share index increased marginally to 172.9 million from 172.1 million on Thursday.
The value of shares rose to Rs6.27 billion from Rs5.345 billion in the previous session.
Cnergyico PK remained the volume leader with 10.56 million shares, followed by WorldCall Telecom with 10.06 million shares and Unity Foods Ltd with 9.13 million shares.
Shares of 323 companies were traded on Friday, of which 197 registered an increase, 99 recorded a fall, and 27 remained unchanged.
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