KARACHI: Bulls return to the stock market which gained 178 points on Friday ending a 4-day losing streak. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 44,114 points against 43,936 points showing an increase of 178.4 points.
Analysts at Arif Habib Limited said that the battle between bulls and bears was conquered by the bulls in the last trading hour.
The market opened with positive momentum as investors perceived that the last leg of the foreign selling spree was completed on the last trading day.
The forecast of investors failed as foreign selling continued and led the market back to red territory.
Activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks.
On the flip-side, In the second session, institutional buyers started fetching value stocks due to attractive multiples which led the market to close in the green zone.
Sectors contributing to the performance include Commercial Banks (+74 points), Power (+53 points), Fertilizer (+48 points), Cement (+34 points), and Pharmaceuticals (+15 points).
Volumes increased from 195.2 million shares to 289.8 million shares (+48.5 per cent DoD). Traded value also increased by 22.4 per cent to reach US$ 58.5 million as against US$ 47.8 million.
Stocks that contributed significantly to the volumes include WTL, TPLP, BYCO, HUMNL and MODAMR.