Bullish momentum returned at Pakistan Stock Exchange (PSX) on Friday as investors breathed a sigh of relief on easing political tensions and reduced selling pressure from foreign investors.
On Friday, the benchmark kse-100 index clocked at 45,914.98 index level, after gaining 340.19 points by the closing bell. The index touched an intraday high of 45,948.15 and a low of 45,551.40.
Market participants closely followed the political developments, and cheered resolution of disputes between the members of the ruling party.
Moreover, anticipation of tax incentives for the industries in the upcoming budget helped the Kse-100 index to recover some earlier losses. Meanwhile, last minute news of deferral of Oil & Gas Development Company Limited and Pakistan Petroleum Limited for consideration of privatization resulted in a rebound in stock prices of both stocks.
Market sentiments were also driven by upward revision of an estimated provisional GDP growth for the 2020/21 financial year at 3.94per cent, almost double the IMF and World Bank’s forecasts.
During the session Market Capital increased by Rs.72.70 billion, while total value traded decreased by 1.17 billion to Rs.19.66 billion.
The volume at kse-100 stood at 295.8 million shares, whereas the all-share volume clocked at about $710 million shares.
The volume chart was led by Worldcall Telecom limited, followed by Byco petroleum and Hascol petroleum limited. The scrips exchanged 99.48 million, 67.67 million and 48.49 million shares respectively. According to the National Clearing Company of Pakistan Limited (NCCPL) foreign investors were net sellers of about $4000 worth of equities.
Among local investors, the selling chart was led by Brokers and Companies, offloading $3 million and $2.5 million worth of equities. While, Mutual Funds Individuals led the buying chart, mopping up $2.4 million and $1.4 million worth of equities.
During the session, sectors which lifted the index were Commercial Banks with 116 points, Oil & Gas Exploration Companies with 68 points, Cement with 31 points, Oil & Gas Marketing Companies with 29 points and Automobile Assembler with 29 points. AMong the scrips, the most points added to the index was by Habib Bank Limited which contributed 32 points followed by Pakistan Petroleum Limited with 31 points, Oil & Gas Development Company Limited with 28 points, United Bank Limited with 25 points and Pakistan State Oil with 20 points.
However, sectors which dented the index were Investment Banks with 7 points, Transport with 6 points, Tobacco with 3 points, Synthetic & Rayon with 3 points and Leather & Tanneries with 1 point. Among the scrips, the most points taken off the index was by Hascol Petroleum Limited which stripped the index of 8 points followed by Pakistan International Bulk Terminal with 6 points, Colgate Pakistan with 4 points, TRG pakistan with 4 points and PSX with 4 points.