Stocks continues to gain on foreign inflow expectations

KARACHI: Pakistan stocks continued to make gain on Friday on the reports of foreign inflows from China and Saudi Arabia.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 43,093 points from previous day’s closing of 42,901 points, showing an increase of 192 points.

Analysts at Arif Habib Limited said yet another positive day was witnessed at the PSX during the day.

The market opened in the positive territory although lackluster activity was noticed which led the index to lose 96.39 points at the close of the opening trading session.

However, the benchmark KSE-100 did rebound once the trading resumed as investors resurfaced following the Finance Minister’s announcement of a $13 billion package from China and Saudi Arabia.

Volumes were stable overall, while healthy activity was observed in the Oil & Exploration Companies.

Sectors contributing to the performance include E&P’s (+129.3 points), Technology & Communication (+98.4 points), OMC’s (+22.8 points), Tobacco (+13.1 points) and Food & Personal Care Products (+12.8 points).

Volumes decreased from 293.9 million shares to 232.8 million shares (-20.8 per cent DoD). The average traded value also decreased by -25.4 per cent to USD 34.4 million as against USD 46.1 million.

Stocks that contributed significantly to the volumes are CNERGY, WTL, TPLP, PRL and OGDC.