KARACHI: Bulls triumphed in the trading session at the Pakistan bourse on Friday as investors opted for value buying which helped the market to close on a positive note.
An analyst at Arif Habib Limited said that in the first trading session, the KSE-100 Index remained in the green zone as value buying was witnessed across the board.
“In the second session, investors gained confidence due to positive news flows regarding the International Monetary Fund (IMF) programme resumption, where rupee further appreciated against the dollar,” he added.
Additionally, positive results announcements triggered the investor participation, whereas the refinery and cement sectors remained in the limelight, he added.
The Pakistan Stock Exchange KSE-100 shares Index gained 1.62 per cent, or 670.87 points, to close at 42,096.24 points. The KSE-30 shares Index gained 1.42 per cent, or 222.68 points, to close at 15,882.78 points.
An analyst at Topline Securities said that the equity market witnessed positive sentiments on the back of easing global energy prices where global oil and coal prices witnessed some correction.
“The decline in the global commodity prices assisted the market to continue yesterday’s buying sentiment by putting cyclical sector’s stock on the investors’ radar and helped the benchmark KSE-100 Index to close the day at 42,096 level,” he added.
As many as 345 scrips were active of which 264 advanced, 58 declined and 23 remained unchanged.
The ready market volumes stood at 406.68 million shares, compared with the turnover of 275.43 million shares in the last trading session.
An analyst at JS Global said that the KSE-100 Index breached the physiological resistance of 41,680 and closed at 42,096 gaining 671 points on a daily basis.
“The market opened positive and hit an intraday high level of 42,168 points. Investor interest was witnessed across the board as the market recorded volume of 407 million shares. Going forward, we recommend investors to avail any downside as an opportunity to buy cements, steel and textile stocks,” he added.
The companies which reflected the highest gains included Allawasaya Textile up Rs271.95 to close at Rs3,898.45/share, Nestle Pakistan(XD) up Rs190.10 to close at Rs6,185/share.
The companies which reflected the most losses included Bata (Pak) down Rs154.89 to close at Rs1,945.11/share, and Sanofi-Aventis down Rs50 to close at Rs1,220/share.
The highest volumes were witnessed in Cnergyico PK with a turnover of 64.34 million shares. The scrip gained 51 paisas to close at Rs5.51/share, followed by Pak Refinery with a turnover of 29.93 million shares. It gained Rs1.17 to close at Rs18.01/share. WorldCall Telecom remained the third with a turnover of 20.36 million shares. It gained 7 paisas to finish at Rs1.30/share.
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