PSX snaps losing streak with 157 points gain

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KARACHI
Pakistan Stock Exchange (PSX) snapped a two-day losing streak on Friday, with the benchmark KSE-100 Index gaining 157.11 points (+0.38 percent) to close at 41,599.18 points.
The market opened on a positive note and surged by 150 points within minutes. However, this positiveness of the market proved short-lived amid profit-taking activity, which kept the index in the reds at least for the next half an hour. However, the market recouped all the intra-day losses and remained in the greens for the rest of the session.
The KSE-100 Index moved in a range of 274.45 points, showing an intraday high of 41,628.78 and a low of 41,354.33. Among other indices, the KSE All Share Index gained 202.36 points (+0.73 percent) to close at 27,644.46 points, while KMI All Share Islamic Index gained 165.50 points (+0.83 percent) to close at 19,931.26 points.
The overall market volumes increased by 19.05 million to 120.37 million shares against 101.32 million shares a session earlier. Total volumes traded for the KSE-100 Index remained 54.45 million against 49.25 million a session earlier, showing an increase of 5.2 million shares.
A total of 314 companies traded shares in the stock exchange as compared to 301 a session earlier. Out of traded companies, shares of 172 closed up, shares of 114 closed down while shares of 28 companies remained unchanged. A total of 97 companies traded shares in the KSE-100 Index against 91 a session earlier, out of which shares of 57 companies closed up, 35 closed down and five remained unchanged.
The number of total trades decreased by 579 to 66,187 against 66,766 a session earlier, while the value traded increased by Rs0.3 billion to Rs3.29 billion.
Among scrips, WTL topped the volumes with 19.98 million shares, followed by AIRLINK (6.1 million) and SEARL (4.86 million). Stocks that contributed significantly to the volumes included WTL, AIRLINK, SEARL, UNITY and PPL, which formed over 33 percent of total volumes.
In terms of rupee, UPFL remained the top gainer and witnessed an increase of Rs1,000 (+4.81 percent) per share, closing at Rs21,800. The runner-up remained NESTLE, the share price of which climbed up by Rs166.25 (+2.66 percent) to Rs6,416.25. RMPL remained the top loser in terms of rupee and witnessed a decrease of Rs349.99 (-4.19 percent) per share, closing at Rs8,000, followed by KHYT, the share price of which fell by Rs57.75 (-7.5 percent) to close at Rs712.25 per share.
The sectors taking the index towards north were oil and gas exploration and production companies (57.85 points), miscellaneous (23.03 points), and cement (18.82 points).
The sectors taking the index towards south were commercial banks (-10.97 points), power generation & distribution (-9.72 points) and technology & communication (-7.9 points).