KARACHI: The share market gained 220 points on Friday as investors were remained positive on the economy.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,386 points as against previous day’s closing 46,166 points showing an increase of 220 points.
Analysts at Arif Habib Limited said that the market ramped another 491 points during the session, closing +220 points.
Profit booking during the later half of the session brought the index down however, investor sentiment remained bullish.
Cement sector performed well today, which was on the back of anticipation of better results in the outgoing quarter as well as growth in dispatches.
Power sector saw KEL leading the volumes with the hint of resolution of dispute between SSGC and KEL.
Among OMCs, PSO led the pack despite deferment of ECC decision on OMC dealer margins. Expectation of quarterly results largely drove the sentiments today, which was the last day of the rollover week as well.
Among scrips, KEL topped the volumes with 141.5 million shares, followed by SILK (80.5 million) and PRL (62.8 million).
Sectors contributing to the performance include Technology (+67 points), Cement (+61 points), Power (+32 points), Inv Banks (+25 points) and Pharma (+25 points).
Volumes maintained a plateau as yesterday by posting 840 million shares as against 844 million (-0.4 percent DoD).
Average traded value however, increased by 24 percent DoD to reach US$ 203.6 million as against US$ 163.8 million.
Stocks that contributed significantly to the volumes include KEL, SILK, PRL, UNITY and BYCO, which formed 42 percent of total volumes.
Stocks that contributed positively to the index include TRG (+75 points), DGKC (+26 points), DAWH (+24 points), PAKT (+20 points) and INIL (+20 points). Stocks that contributed negatively include MCB (-24 points), FFC (-21 points), HMB (-14 points), UBL (-13 points) and POL (-11 points).