KARACHI: The Pakistan stocks showed recovery in the earnings season rally on Friday as the investor weighed the strong data of $271 million foreign direct investment (FDIs) in June 2022.
Ahsan Mehanti at Arif Habib Corp said that post International Monetary Fund (IMF) staff level agreement to release the tranche next month, reports of a surge in the textile exports during fiscal year 2022 and a slump in the global crude oil prices likely reducing economic crises played a catalyst role in the bullish close.
The Pakistan Stock Exchange KSE-100 shares Index gained 0.62 per cent, or 255.45 points, to close at 40,077.30 points. The KSE-30 shares Index gained 0.59 per cent, or 89.44 points, to close at 15,211.16 points.
An analyst at Arif Habib Limited said that the market witnessed a bearish momentum during the first session due to inflationary and political concerns.
“However, the bulls made a comeback in the second session for value hunting across the board as the benchmark KSE-100 Index closed in the green zone. The main board volumes continued to remain dull although decent volumes were observed in the third tier stocks,” he added.
As many as 317 scrips were active of which 226 advanced, 72 declined and 19 remained unchanged.
The ready market volumes stood at 171.27 million shares, compared with the turnover of 157.99 million shares in the last trading session.
An analyst at Topline Securities said that a range bound session was observed at the exchange as the Index traded between an intraday high of 349 points and intraday low of 291 points to finally close at 40,077 points.
The companies which reflected the highest gains included Allawasaya Textile up Rs218.95 to close at Rs3,138.32/share, Rafhan Maize up Rs500 to close at Rs10,450/share.
The companies which reflected the most losses included Mehmood Textile down Rs35.09 to close at Rs570.01/share, and Sunrays Textile down Rs16.26 to close at Rs200.63/share.
The highest volumes were witnessed in WorldCall Telecom with a turnover of 19.98 million shares. The scrip shed 1 paisa at Rs1.20/share, followed by Unity Foods Limited with a turnover of 18.96 million shares. It gained Rs1.05 to close at Rs17.77/share. TPL Properties remained the third with a turnover of 16.81 million shares. It gained 62 paisas to finish at Rs16.87/share.
