The Pakistan Stock Market (PSX) on Friday bounced back strongly and gained more than 950 points a day after it witnessed heavy losses on the back of significant redemptions from local mutual funds and year-end profit-taking, reported 24NewsHD TV channel.
During the opening session, the PSX’s benchmark KSE-100 index gained 1,213.37 points or 1.09% to reach 111,636.69 points as compared to previous day’s close of 110,423.32 points.
Of the 413 companies traded so far, prices of 274 went up while prices of 132 went down, with seven unchanged.
Friday’s opening hours trading underscored the strength of Pakistan’s macroeconomic fundamentals, with declining inflation, expectations of significant monetary easing, and robust economic activity which driving early gains. However, the pullback reflects consolidation, as traders lock in profits after the index’s remarkable ascent.
On Thursday, the KSE-100 index had closed in a red zone amid year end and law and order concerns which are affecting investors’ sentiments.
KSE-100 index shed 1,991.49 points, or -1.77 percent to settle at 110,423.32 points.
A total of 628 million shares were traded during the day as compared to 880.6 million shares the previous trading day.
The price of shares stood at Rs33.58 billion as compared with Rs54.46 billion on the last trading day at the Pakistan Stock Exchange.
Analysts said the benchmark index experienced a decline, closing the session at 110,423 points, down by 1,991 points or 1.77%. They said that the market has been influenced by increased leverage and the expiry of December contracts, furthermore, the ongoing security concerns at the borders are affecting investor sentiment.
Fauji Foods Ltd remained the top-trading company with 93.34 million shares at Rs16.39 per share, followed by WorldCall Telecom with 49.88 million shares at Rs1.72 per share. TRG Pak Ltd remained the third with 46.91 million shares to settle at Rs70.45 per share at the closing of the PSX.
Reporter: Ayaz Rana