The stock market ended the week on a positive note, as the benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 148 points to close at 42,242 points on Friday.
The increase in the index was due to bullish activity from investors, who added value to their portfolios by cherry-picking strong fundamental stocks. Cements and banks remained in the limelight.
READ MORE: Pakistan stocks end firmer to close at 42,094 points
Analysts at Arif Habib Limited said that the business week finished on a high note at the PSX during the day.
The market opened in the green, but investor engagement remained low due to weekend, making the index fluctuate in both directions. However, as the second session resumed, bulls became active in the market by pushing the bourse to reach an intraday high of 229.49 points, increasing volumes significantly, as investor added value to the portfolio by cherry picking strong fundamental stocks. Cements and banks remained in the limelight.
READ MORE: Pakistan stocks see positive session; add 160 points
Sectors contributing to the performance include Commercial Banks (+56.6 points), Power Generation & Distribution (+56.0 points), Fertilizer (+28.0 points), E&P’s (+24.7 points), and OMC’s (+18.9 points).
Volumes decreased from 255.3 million shares to 178.2 million shares (-30.2 percent DoD). The average traded value also decreased by -37.7 percent to USD 20.3 million as against USD 32.6 million.
READ MORE: Pakistan stocks gain 347 points amid buyback of shares
Stocks that contributed significantly to the volumes are WTL, SNGP, TPLP, BAFL, AIRLINK and FABL.
