Friday , May 25 2018
Breaking News
Home / Markets / PSX gains almost 1000pts to close near 50,000 mark
PSX gains almost 1000pts to close near 50,000 mark

PSX gains almost 1000pts to close near 50,000 mark

KARACHI: A day after the Supreme Court’s verdict on the Panamagate case, the Pakistan Stock Exchange saw the bulls rally on Friday to pull the index to 49,743 points level after gaining mammoth 965 points.

The stocks recorded the highest trading level of 49743.43 points and lowest level of 48743.56 points, with the volume of over 395.82 million shares and value of Rs24.13 billion. As many as 398 companies were active; of which 299 advanced, 86 declined and 13 remained unchanged.

Engro Polymer was the volume leader with 37.65 million shares, adding Rs 1.30 to finish at Rs 27.48. It was followed by TRG Pak Ltd with 32.43 million shares, adding Rs 2.64 to end at Rs 55.47 and Azgard Nine with 18.12 million shares, gaining Rs 1.00 to close at Rs 13.13.

The top three gainers were Wyeth Pak Ltd with price per share of 2488.23 (118.48), Sanofi-Aventis with price per share of 2087.03 (95.03) and Millat Tractors share of 1385.07 (65.91).

The top three losers were Nestle Pakistan with price per share of 9200 (-251), Rafhan Maize with price per share of 7000 (-125) and Khyber Tobacco per share of 870.01 (-29.99).

Earlier, the PSX witnessed a cheerful morning day after the Panamagate verdict as the benchmark 100-index added huge 780 points to take the tally to 49524 points level in early trading. The upward rally continued at the PSX as it gained another 590 points to reach 49334 points level till midday.

On Thursday, soon after the judgment of Panama Leaks case revealed, the KSE-100 index surged to an intraday high of 49,509 points (up 1905 points or (3.85%). In point terms, up 1905 points is the largest-ever single day upside move. Once the initial euphoria settled, some participants opted to book profits, resulting in the market receding from its highs to close at 48,744 points by gaining 1,140 points or (up 2.4%).

The market participation witnessed a huge activity with volume surging 54% d/d to 408 million shares, while traded value exploded 68% to Rs25.7 billion/$245 million. HBL reported EPS of Rs6.1. ASTL reported EPS of Rs1.1 (-9% YoY), and the result was above market expectations.