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PSX adds another 84pts till midday

PSX adds another 84pts till midday

KARACHI: The positive note continued at the Pakistan Stock Exchange (PSX) till midday as the benchmark added another 84 points to reach 38307 level on Friday.

Earlier, the stocks tried to recoup some losses in early trading and added 140 points to reach 38364 level in early trading.

On Thursday, the stocks fell sharply amid concerns over political uncertainty. The benchmark KSE 100-index remained under pressure throughout the day and lost 596 points to close at 38,223 points.

Top index point decliners were HUBC (down 2.6%), DGKC (5%), MCB (1.6%), PSO (3.3%) & ENGRO (1.7%), withholding 150 points from the index while stocks including ABOT (up 3.1%), INDU (1.7%), COLG (2.4%), SHFA (3.9%) & CSAP (5%) added 32 points to the index.

On the sector front, cement, commercial banks, and E&P sector cumulatively took away 248 points from the index. On the flip side, chemical and miscellaneous sectors added a total of 10 points to the index.

Dealer at JS Global believe the decline was mainly due to the ongoing political situation in the country. Moreover, PKR weakened to a record low amidst expected pressure on the balance of payments of the country. Market volumes also dropped below 100m mark to reach 92.9m shares as compared to 117.7m shares of the previous day (-21% DoD). Average traded value also dropped by 24% DoD to end at USD 37.3m as against USD 48.9m. Stocks that contributed significantly to the volumes included TRG, KEL, PAEL, DCL and DFML, contributing a total of 32m shares, reflecting 35% share of total volumes.