Bullish momentum persisted at the Pakistan Stock Exchange (PSX) on account of slightly improved economic indicators and strong corporate results, which helped the benchmark KSE-100 gain nearly 1% during trading on Friday.
The KSE-100 witnessed range-bound trading during the first half. However, the second half saw a buying spree that helped the index gain ground.
At close, the benchmark index settled at 63,002.92, up by 609.18 points or 0.98%.
A mixed trend was witnessed at the bourse among index-heavy sectors with automobile assemblers, cement, commercial banks, pharmaceutical and technology trading in the green, while energy sectors including oil and gas exploration companies, OMCs in the red.
At close on Thursday, strong corporate results helped stocks stage a final-hour rally, pushing the benchmark KSE-100 to settle at 62,393.73, an increase of 414.55 points or 0.67%.
In a key development, Pakistan’s trade deficit shrank 38.79% to $12.24 billion in 7MFY24 on account of a considerable reduction in imports, a result of administratively controlled measures, and a marked increase in exports.
Meanwhile, it was also reported that the country’s interim administration is making binding plans for a new government to sell loss-making Pakistan International Airlines (PIA), the minister in charge of the process and other officials told Reuters.
Last year in June, Pakistan agreed to overhaul loss-making state-owned enterprises under a deal with the International Monetary Fund (IMF) for a $3-billion bailout.
Globally, Asian shares were buoyed by a late bounce in US tech on Friday as results from Meta and Amazon beat expectations, while investors are bracing for US jobs figures, which could hasten bets for rate cuts if they come in below forecast.
Both quarterly results from Meta Platforms and Amazon.com impressed investors, with their shares surging 15% and 7% in after-hour trading, respectively, adding a combined $280 billion in stock market value on Thursday.
The MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.1% and was up 0.6% on the week.
Meanwhile, the Pakistani rupee registered marginal improvement as it appreciated a marginal 0.03% against the US dollar in the inter-bank market on Friday. At close, the local unit settled at 279.41 after a gain of Re0.07 against the greenback, as per the State Bank of Pakistan.
Volume on the all-share index decreased to 263.5 million from 270.5 million a session before.
The value of shares declined to Rs10.73 billion from Rs11.62 billion in the previous session.
K-Electric Ltd was the volume leader with 26.6 million shares, followed by P.I.A.C.(A) with 26 million shares, and Pak Petroleum at 18.5 million shares.
Shares of 336 companies were traded on Friday, of which 217 registered an increase, 92 recorded a fall, while 27 remained unchanged.
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