PSX maintains winning streak with 148 more points

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KARACHI
Pakistan Stock Exchange (PSX) witnessed another positive session on Friday, with the benchmark KSE-100 Index gaining 148.18 points (+0.35 percent) to close at 42,241.98 points.
The market opened on a negative note and hit the day low in the early trading, falling below the psychological level of 42,000 points. The market remained in the red during the first 90 minutes; however, bulls brought the market back in the green. Still the benchmark index failed to touch Thursday’s intraday high of 42,336.44 points.
The KSE-100 Index moved in a range of 360.39 points, showing an intraday high of 42,323.29 and a low of 41,962.90 points. Among other indices, the KSE All Share Index gained 50.88 points (+0.18 percent) to close at 27,876.27 points, while KMI All Share Islamic Index gained 56.84 points (+0.28 percent) to close at 20,208.75 points.
A total of 361 companies traded shares in the stock exchange as compared to 372 a day earlier. Out of traded companies, shares of 155 closed up, shares of 174 closed down while shares of 32 companies remained unchanged. A total of 96 companies traded shares in the KSE-100 Index, out of which 42 closed up, 47 closed down and seven remained unchanged.
The overall market volumes remained 178.16 million against 256.22 million shares a day earlier. Total volumes traded for the KSE-100 Index remained around 100 million against 147.37 million shares a day earlier. The volumes remained relatively lower; however, the main factor behind low volumes was that it was the last working day. The number of total trades decreased by 32,698 to 86,308, while the value traded decreased to Rs5.77 billion from Rs9.3 billion a day earlier.
Among scrips, WTL topped the volumes with 17.01 million shares, followed by SNGP (13.67 million) and TPLP (9.69 million). Stocks that contributed significantly to the volumes included WTL, SNGP, TPLP, BAFL and AIRLINK, which formed around 32 percent of total volumes. SNGP is likely to enjoy a significant surge in net profits during the next fiscal year, increasing by around 60 percent on a year-on-year basis, according to the projections put forth by Arif Habib Limited on Friday. The surge may be attributed to a significant surge in the weighted average cost of capital (WACC) for the company due to a breach in the guaranteed fixed return agreement set by the Oil and Gas Regulatory Authority, the report added.
In terms of rupee, NESTLE remained the top gainer and witnessed an increase of Rs208.62 (+3.67 percent) per share, closing at Rs5,890. The runner-up remained BHAT, the share price of which climbed up by Rs79.74 (+7.5 percent) to Rs1,143.5. RMPL remained the top loser in terms of rupee and witnessed a decrease of Rs192.5 (-2.27 percent) per share, closing at Rs8,300, followed by PAKT, the share price of which fell by Rs24.3 (-3.55 percent) to close at Rs660.7 per share.