KARACHI: Pakistan stocks gained 245 points on Friday amid inflation and political concerns. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 40,077 points from previous day’s closing of 39,832 points.
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Analysts at Arif Habib Limited said that the market witnessed a bearish momentum during the first session due to inflationary and political concerns.
However, the bulls made a comeback in the second session for value hunting across the board as the benchmark KSE-100 closed in the green zone.
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Main board volumes continued to remain dull although decent volumes were observed in the 3rd tier stocks.
Sectors contributing to the performance include Fertilizer (+83.2 points), Technology (+70.5 points), Chemical (+30.2 points), E&P’s (+27.6 points) and Cement (+26.9 points).
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Volumes increased from 158.0 million shares to 171.2 million shares (+8.4 per cent DoD). Average traded value also increased by 10.5 per cent to reach US$ 20.7 million as against US$ 18.8 million.
Stocks that contributed significantly to the volumes are WTL, UNITY, TPLP, FFBL and CNERGY.
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