Daily Times

After posting its greatest day of the year on Thursday, the KSE-100 extended its surge on Friday, gaining 1.1 percent or 488 points.

Market confidence has been strengthened by expectations of successful discussions with the International Monetary Funds (IMF).

The index began positively but momentarily swung to the downside before recovering to reach an intra-day high of 44,834.83.

At Friday’s end, the KSE-100 Index had gained 487.85 points, or 1.10 percent, to 44,821.53. The benchmark index ended the week with a weekly gain of 0.77 percent.

The central bank’s report revealed that total liquid foreign exchange reserves fell by a tepid $31 million on a weekly basis.

According to Interloop Ltd (ILP), its 1QFY22 earnings came in at Rs2,690 million, up 95pc YoY and 59pc QoQ from Rs1,382 million and Rs1.58 per share during the same period the previous year.

Oil and gas exploration (137.99 points), fertilizer (78.66 points), and cement were some of the main drivers of the benchmark KSE-100 index higher on Friday (58.42 points).

From Thursday to Friday, the index’s total trading volume shrank by 38.6 percent to 334.3 million shares traded in the market The value of shares traded also decreased to Rs11.79 billion from Rs13.09 billion on Thursday, resulting in a loss.

Service Fabrics had the most shares, followed by Unity Foods Limited and WorldCall Telecom with 34.26 million and 26.47 million, respectively.