KSE-100 index gains 180 points amid profit-taking

KSE-100 index gains 180 points amid profit-taking

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gained 180 points on Friday amid profit-taking observed on the last trading day of the week.

The index closed at 44,596 points as against last day’s closing of 44,416 points, showing an increase of 180 points.

READ MORE: Stocks gain 156 points ahead of mini-budget

Analysts at Arif Habib Limited said that the market continued to remain subdued even after the approval of the mini-budget by the cabinet.

The market opened on a positive note due to a rally in cement stocks as international coal prices dropped for the second consecutive session.

In the second session, profit-taking was witnessed across the board. Activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include E&P (+73 points), Commercial Banks (+64 points), Fertilizer (+50 points) Cement (+36 points) and Food and Personal Care (+20 points).

Volumes increased from 243.1 million shares to 317.6 million shares (+30.7 per cent DoD). Traded value increased by 4.7 per cent to reach US$ 61.4 million as against US$ 58.6 million.

Stocks that contributed significantly to the volumes include WTL, CNERGY, TRG, PRL and KEL.

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