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PSX gains 530pts to cross 42,000 level

PSX gains 530pts to cross 42,000 level

KARACHI: The Pakistan Stock Exchange (PSX) witnessed another bullish day as the benchmark KSE-100 gained huge 529.82 points to take the tally to 42087.89 level on Friday.

The stocks recorded the highest trading level of 42155.72 points and lowest level of 41471.24 points, with the volume of 261.22 million shares and value of about Rs13 billion. As many as 364 companies were active; of which 246 advanced, 101 declined and 17 remained unchanged.

Engro Polymer was the volume leader with 20.71 million shares, adding Rs1.01 to reach Rs36.99. It was followed by Azgard Nine with 17.64 million shares, adding Re1 to end at Rs13.83 and TRG Pak Ltd with 15.90 million shares, gaining Rs1.67 to close at Rs36.39.

The top three gainers were Colgate Palmolive with price per share of 2225 (75), Sanofi-Aventis with price per share of 1623.81 (70.44) and Khyber Tobacco of 1307.25 (56.33).

The top three losers were Nestle Pakistan with price per share of 12425 (-145.37), Siemens Pak with price per share of 720 (-14) and Faisal Spinning share of 256 (-12.53).

Earlier, the stocks opened positive and gained 86 points to reach 41644 points level. The Pakistan Stock Exchange remained bullish till midday as the benchmark 100-index added another 83.54 points to reach 41641.61 points level.

On Thursday, bulls bounced back at the stock market, pushing the benchmark KSE 100-index up by 825 points to 41,558 points. The KSE-100 made an intra-day high of 41,614 points given improved investor sentiments across the board coupled with sufficient liquidity available with local investors.

Market witnessed recovery in yesterday’s trading session as value investors availed the opportunity to buy stocks at attractive prices. Increase in heavy weight stocks including ENGRO (up 4.55%), PPL (2.74%), HBL (1.68%) and PSO (up 3.77%) steered the market.

Average daily volumes were massively up by 68% DoD to 232m shares. Likewise, average daily value traded significantly increased by 85% DoD to settle at Rs11.5b/USD109m. Volume leaders during the day were KEL, EPCL, DSL, TRG and EFERT which cumulatively contributed 37% to total volumes. Scrips of total 384 active companies participated in the session of which 301 concluded in advance, 70 in decline while 13 remained unchanged.