KEY POINTS
- The benchmark KSE-100 Index gains 3,238 points.
- Buying returns to the market.
- As many as 459 companies transacted their shares in the stock market.
ISLAMABAD: Bulls took charge at the Pakistan Stock Exchange (PSX) on Friday as the KSE-100 witnessed a rise of 3,238 points to reach an intraday high of 109,513.14.
Buying was observed in key sectors including cement, commercial banks fertilizer and oil and gas exploration companies. Index-heavy stocks including MCB, MEBL, NBP, UBL, OGDC, PPL and HUBCO traded in the green.
“The recent market pullback has opened up valuations, creating attractive entry points for investors looking to capitalize on the dip in equities,” said Intermarket Securities in a note on Friday.
Similar sentiments were expressed by Arif Habib Limited (AHL), which attributed the earlier decline to “profit-taking combined with redemptions in mutual funds”.
On Friday a total of 754,917,969 shares were entertained at the PSX during the day as compared to 1,167,361,955 shares the last working day, whereas the price of shares stood at Rs 39.424 billion against Rs 56.797 billion on the previous trading day.
As many as 459 companies transacted their shares in the stock market, 281 of them registered gains and 119 met losses, whereas the share price of 59 companies remained unchanged.
The three top trading companies were WorldCall Telecom with 99,942,750 shares at Rs 1.60 per share followed by Pace (Pak) Limited with 43,280,462 shares at Rs 7.19 per share whereas K-Electric Limited settled with 40,644,312 shares at Rs.5.32 per share.
Unilever Pakistan Foods Limited recorded a maximum increase of Rs. 774.38 per share price, closing at Rs 21,399.80, whereas the Nestle Pakistan Limited was the runner-up with Rs 70.28 rise in its per share price to Rs 7,311.65.
Rafhan Maize Products Company Limited witnessed a maximum decline of Rs 60.45 per share closing at Rs 9,190.13 followed by Shahmurad Sugar Mills Limited with a fall of Rs 45.65 to close at Rs435.87.
On Thursday, massive selling was observed at the PSX, as equities entered a correction phase, with the benchmark KSE-100 Index closing around 106,200 after a historic single-day loss of 4,795 points.
