Pakistan stocks gain 411 points in bull-run

Pakistan stocks gain 411 points in bull-run

KARACHI: Pakistan stocks gained 411 points on Friday as bulls dominated the market on expectation of positive reports from the Financial Action Task Force (FATF).

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,141 points as compared with last day’s closing of 41,730 points, showing a gain of 411 points.

READ MORE: Pakistan stocks up 291 points on fiscal consolidation

Analysts at Arif Habib Limited said that the bulls dominated the market throughout the day as Pakistan hopes to come off FATF grey list today.

The FATF, a global watchdog for combatting money laundering and terrorist financing, is expected to announce today whether Pakistan will be removed or retained on its increased monitoring list, also known as the “grey list”, according to the analysts.

READ MORE: Pakistan stocks up 384 points ahead FATF decision

Investors opted for across the board buying as hefty volumes were witnessed in the main board along with side board stocks.

Sectors contributing to the performance include E&P (+88.9 points), Banks (+82.7 points), Cement (+45.8 points), Chemical (+32.1 points) and Engineering (+29.6 points).

READ MORE: Pakistan stocks recover 175 points

Volumes increased from 162.2 million shares to 283.9 million shares (+75.1 per cent DoD). Average traded value also increased by 89.5 per cent to reach US$ 43.4 million as against US$ 22.9 million.

Stocks that contributed significantly to the volumes are CNERGY, HUMNL, PRL, OBOYR1 and TPLP.

READ MORE: Stocks plunge 1,135 points on adverse budget measures

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