Daily Times

Bulls returned to the Pakistan Stock Exchange on the last trading day of the week, following previous session’s correction, lifting benchmark kse-100 index to nearly 4-year high to cross 47,000 level.

On Friday the index clocked at 47,126 points after gaining around 335 points by the closing bell, as the Index remained in a positive territory throughout the session, showing an intraday high of 47,248.28 and a low of 46,700.37.

Right after the opening bell the index bulls and bears kept on wrestling to gain ascendancy at the bourse. The uptrend accelerated after trading resumed in the second session.

Irfan Saeed, Senior Vice President, BMA Capital Management Limited, said that Market witnessed strong momentum owing to positive economic indicators across the board including favourable balance of payment and about 4 percent GDP growth data,defying all the odds.

According to the closing note by Arif Habib Ltd, the macro news flow on Pakistan’s green bond helped to lift investor sentiment, which was further supplemented by inching up of international crude oil prices. During the session, exploration and production, oil and gas marketing, banking and fertiliser sectors performed well despite a major sell-off in the exploration and production sector in the previou session due to MSCI rebalancing.

During the session Market Capital increased by Rs.64.56 Billion, while total value traded decreased by 20.09 Billion to Rs.22.75 Billion.

The volume at kse-100 receded from 512.47 million shares recorded in the previous session to 223.7 million shares, while all shares index also receded from all-time high of over 2 billion shares to 959.8 million shares.

During the session, sectors which lifted the index were Commercial Banks with 98 points, Oil & Gas Exploration Companies with 96 points, Oil & Gas Marketing Companies with 53 points, Fertilizer with 39 points and Automobile Assembler with 22 points.

Among the scrips, the most points added to the index was by Bank Al Habib Limited which contributed 47 points followed by Systems Limited with 46 points, Pakistan Petroleum Limited with 46 points, Habib Bank Limited with 39 points and Oil & Gas Development Company Limited with 35 points.

However, sectors which dented the index were Chemical with 11 points, Insurance with 7 points, Automobile Parts & Accessories with 5 points, Technology & Communication with 4 points and Pharmaceuticals with 3 points.

Among the scrips, the most points taken off the index was by TRG Pakistan which stripped the index of 48 points followed by Adamjee Insurance Company Limited with 11 points, DG Khan Cement with 8 points, Colgate Pakistan with 7 points and The Searl company with 5 points.