Daily Times

Pakistan equities closed Friday on a positive note with the benchmark KSE 100 Index adding 127 points, closing at the 33,901 level, up 0.4 percent.

The local bourse made a low of -365 points but in the latter hours came in positive territory to touch a high of +162 points.

Mixed sentiment was seen in the financials where big banks HBL (-1.0%) and NBP (-2.5%) closed negative while ABL (+2.5%) and MCB (+0.3%) closed in the green. International oil prices were held steady ahead of key meetings of OPEC in coming week. PPL (-1.0%), OGDC (-0.7%) and POL (-0.9%) from the E&P sector closed in the red zone.

A rally was witnessed in the cement sector where CHCC (+4.2%) closed near upper circuit and LUCK (+2.0%), DGKC (+2.6%) and FCCL (+3.9%) closed in the green zone on the back of news that cement players might increase and pass on the price Rs 20-25 per bag due to FED.

Traded value stood at $36 million, up 42 percent, as volumes increased by 58 percent to 214 million shares.

Furthermore, major contribution to total market volume came from SILK (+20%), KEL (+4.8%), BOP (+1.0%) and FFBL (+1.1%). Maaz Mulla, an equity analyst, expects the market to remain volatile on the economic and political front. Furthermore, International Monetary Fund (IMF) Executive Board is scheduled to meet in Washington on July 3, 2019 to consider three-year extended fund facility of $6 billion for Pakistan.